Setting prices is seriously a struggle, am I right? You’re the business owner, so you get to pick your pricing. How do you prevent yourself from undercharging though? And are there some tips to help you figure out if your pricing is too low?
Undercharging in business, revisited
This episode answers all those questions–and more.
Back in 2018, I interviewed Hannah Martin of Talented Ladies Club. We talked for over an hour about lots of business-related topics, including the pricing struggle.
After careful consideration, I chose an impactful segment of that original podcast episode for your listening pleasure today. Seriously, if you’re a business owner looking for some tips on pricing in your business, have a listen to this mini-episode.
When you have more time, you can check out all the other amazing information in the full episode. Oh, and don’t forget to download this guide to help you figure out if you’re undercharging for your work.
tips to assess if your pricing is too low
It’s not always easy to know whether your pricing is too low. Hannah has some tips to help you determine whether or not you’re undercharging. These tips include asking these questions:
- Are you happy?
- Are your clients taking advantage of you?
- Do you have boundaries?
- Are you trying to guess what your client can afford?
- Are you people-pleasing?
Flip the script on pricing discounts
If you’ve determined your pricing is too low at this point, don’t worry. Hannah has some pure gold in the form of common sense wisdom to help you out. Plus, she gives us some solid advice on how to answer people who asks for discounts.
Her advice? Flip the script.
If someone asks you for free or discounted work, stop and consider how they would answer if you asked them to do work for you for free.
They’d probably say no, right? Well, so should you!
There are always extenuating circumstances but in general, your business can’t survive for long on pricing that’s too discounted. So don’t feel obligated to give away or undervalue your work.
speaking of pricing and discounts
Here’s where one of those extenuating circumstances comes in: the launch of a brand new product or service.
I’m talking more specifically about my new online course, Podcasting 101. It’s my way of helping you cut through the confusion of beginning a podcast, and I help you go from idea to launch.
Since it’s new, you have the opportunity to lock in a huge discount. But only if you sign up for the waitlist so you’ll be one of the first to try it out. (Do it now!)
more about pricing and undercharging
It’s hard to believe that so much helpful information is packed into this short episode, isn’t it? Head over to the show notes for the full-length episode for more helpful advice about pricing. It’ll blow your mind!