If there’s one universal headache that all business owners struggle with it’s pricing.
Ahhh, pricing…that pesky, nerve-wracking decision about how much to charge for your product, service, or course.
It sounds simple enough, but when you actually have to assign a dollar amount to your offering you realize how complicated it can be.
It’s not just about the money—you’re also assessing the potential VALUE your offering can provide to your customer.
And in assessing that, you inevitably end up assessing the value that YOU have as the creator or distributor of that offering, and how much your time, skill, or experience is worth.
It can be a maelstrom of stalling, overthinking, and limiting beliefs—that’s for sure!
So much of the struggle comes down to your own personal money mindset.
Your money mindset is the way you think about money—the thoughts, feelings, and past experiences that have formed your beliefs about whether money is good, bad, or somewhere in between.
If your money mindset is weak or limiting, you’ll be way more apt to worry about what other people think about your prices, or quicker to assume that “no one will pay that much” for your product, service, or course.
If your money mindset is strong, you’ll have much greater confidence in the value of your offering, in YOUR value as the creator or distributor of it, and in your prospects ability to recognize that value and pay for it.
You can get a feel for which side of the spectrum your money mindset is on by considering how uncomfortable pricing makes you feel.
For instance, when you’re on a sales call or talking to someone about your business, do you avoid talking about price or over-explain your prices?
Or…do you confidently state your prices and calmly explain the value your product, service, or course provides?
Money mindset is one of those things that can only be fixed by being aware of it, so it’s important to tune into how pricing—and money in general—makes you feel.
If you’re the type of person who breaks out in a cold sweat when a prospect asks about your prices—or you catch yourself telling yet another person that “people in my field won’t spend a lot so I have to keep my prices low” — stop and really analyze why.
Was that a message you heard growing up? Did you acquire that belief because of a particular event that happened to you in your business or to someone else in your field?
Dig into your assumptions about price and find out what’s driving them, and then if they’re not working for you, replace them with positive beliefs.
Beliefs like: “It’s safe to align my prices with my true value” or “I honor my work and price it what it’s worth.”
With positive beliefs in place, pricing your offerings becomes a lot easier.
Then, all you have to do is take into account…
- your level of experience in your field
- the time and effort you spent creating or distributing your offer
- whether your offer is unique or different in the marketplace
- the value your client stands to gain from using it or experiencing it, and
- the price that feels satisfying to you
Name your price, then let go of all your limiting beliefs about whether someone else will be able to afford it. That’s none of your business!Name your price, then let go of all your limiting beliefs about whether someone else will be able to afford it. That’s none of your business! Read more: Click To Tweet
Turn your focus to the people who can afford it, who do see the value of your offerings, and who recognize value straight away. There are prospects like that in EVERY market and industry, and with the right money mindset and confident pricing, you’ll begin to attract them to you with ease.
So…go forth, price, and prosper!