Pricing continues to be the #1 question or struggle for small business owners.
True confession time…
Math was not my favorite subject.
Unless you are an accountant by training, it may be your least favorite or least fun thing about your business.
I get that. And I hear it a lot with my coaching clients. You are not alone!
But the simple fact of owning a business is that you have to know your numbers. And one important element concerning pricing involves some simple math formulas. By this I mean, knowing your costs involved in your services and products which will help you develop your pricing. We know the three primary revenue streams beyond the actual organizing are:
Are you charging enough?
Did you know that there is a pricing estimator or pricing spreadsheet in each of the studio forms sets in our digital shop? These forms were designed specifically to help you determine pricing and help you to factor in all your expenses and costs. It’s worth the time and investment in the proper tools to be sure you are developing a solid and profitable pricing structure.
Side note: Don’t forget that you also need to know if the hours you have available to work support your financial goals. Use our free interactive income calculator to get a clear, personal vision for how much you should charge – the comments below the calculator from fellow photo organizers are really helpful too!
But I don’t really want to talk about math today.
I want to talk about confidence.
I want to talk about how important it is to develop your confidence in your profession which is tied directly to how much you are charging.
I loved the transparency one of our readers shared in a comment on last week’s blog post…
“Hate to admit it but too often I panic and basically offer to give myself away if it’s a project that I really want to work on. This too often does not even work, and really does nothing to give a prospective client confidence in my professionalism!” —Jeanne Ashcraft
Oh Jeanne, you are not alone. So many people have made the same mistake. The lesson in the mistake is to not repeat it!
You must believe that you are worth it.
You must believe that people will pay you.
You must believe that not every lead is your ideal client.
The photo organizing profession is real and we can all thank Cathi Nelson and Lisa Kurtz of APPO for continuing to build a professional business association that is helping hundreds of thousands of people get their photos organized and find certified photo organizers who are worth hiring.
Now it’s up to you.
You have to be willing to walk away from those who cannot afford your services. You have to be willing to say no so that you can make room to say yes to the next ideal client who needs you and is ready to hire you!
Are you charging enough?
Sound off in the comments below – we’d love to hear if you think you are charging enough or how you can start charging enough so you can have your most successful year ever!