Pricing
Abig mistake many small business owners make is undercharging for their products and services. Many people seem to think because they don’t have large overheads their products and services should be cheaper than those of large organisations. What they forget to take into consideration is that often people are prepared to pay more for your experience and a quicker, more personalised service.
There’s also a perception in the marketplace that if you charge a lot your products and services must be high quality. This is particularly true if your products and services are unique. Think about your own attitude towards prices. If you get three quotes for a job, you may go with the middle one rather than the cheapest because you doubt the quality of products and services that are too cheap.
Many people I know who’ve raised their fees find they attract more work as a result. Some clients or customers may beat your price down—but they may also have done that to your previous price.
To determine a fair price for your products and services, look at what your competitors are charging, think about what you think your products or services are worth, and discuss your prices with colleagues, prospective buyers and your coach or advisory group.
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