9 out of 10 clients that come to me for coaching need a total pricing overhaul for their business. Entrepreneurs and small business owners are notorious for undercharging and it causes big problems in their business and life.
Let me give you a few examples of the kind of havoc that undercharging wreaks:
- Working too many hours for too little income
- Strained personal and professional relationships because of financial stress and anxiety
- A loss of passion, focus and drive for your craft because you are burnt out and strained from being overworked and underpaid
Most entrepreneurs think that they can’t charge what they are worth because their clients can’t or won’t pay what they truly deserve. This couldn’t be further from the truth… unless of course you are targeting the WRONG people.
99% of people do not buy based on price. This means that the biggest thing
that’s causing all of this undercharging you YOU.
Here are some strategies to start recovering right away from undercharging in your business:
- Assess Who You Are Targeting: Can they afford your product or services? Are they a decision maker who can say yes and sign on the dotted line?
- Check Your Language: Time and again I find that the reason small business owners can’t get the pricing they deserve is that the way they describe their product or service doesn’t justify what they want to charge. The way you describe your offer has to speak to the bottom line result you deliver and by quantifying what they stand to gain, price is no longer the focal point of the conversation.
- Address the “What If’s”: Many times when you are getting price resistance, it’s not actually about the price. Usually, it is a fear of “what if” this doesn’t work for me, “what if” I don’t get results. Address the most common concerns, fears and questions people have up front to eliminate these concerns so your potential customer feels at ease and comfortable moving forward.
- Just do it! One of the absolute best things about being entrepreneurs is that we hold the power to make immediate, definitive changes in our business. You have the power to raise your prices NOW on your website, in your conversations and with each new client you take on. Yes, it is that simple. Give it a try. When you start to seeing results, you will do it again and again.
Remember, it all starts with believing you can and taking action to go after what you want!
Struggling with undercharging? Go to www.www.thebusinessadvisory.com/start to apply for a FREE 30 minute session with me to work on creating your next big income breakthrough by charging what you’re worth and getting it!
Want more business building strategies? Check out my podcast, Unstoppable Success Radio!
