The post Mom Entrepreneurs, It’s Time To Raise Your Prices! appeared first on The Founding Moms.
Being a mom entrepreneur is no small feat. On top of taking care of the house and family, you are also running a business. And if you’re like most mom entrepreneurs, you may be underpricing your services or products without even knowing it! Here’s why it’s time to start raising those prices and how you can do it.
The Benefits of Raising Your PricesRaising your prices will not only help you make more money, but it will also benefit your reputation as well. When customers see higher prices, they often assume that the quality is much better than lower-priced options—so they are more likely to purchase your product or service. Plus, when people feel like they’re getting a good deal, they’re more likely to tell their friends and family about it—which means free advertising for your brand!
Raising Your Prices The Right Way
Now that we know why it’s important to raise your prices, let’s talk about how to do it in the right way.
Choose a pricing structure that works best for you and stick with it. This can be per project, hourly, a monthly retainer- whatever fits your business and makes sense to you and your clients.
Try not to get caught up in price wars with other competitors because this can quickly become a race to the bottom—and no one wins! Instead, focus on providing high-quality services or products at competitive prices so that customers know exactly what they’re getting for their money. Sometimes this means charging slightly more than what other businesses are offering—but if customers see value in what you provide then they’ll be willing to pay for it.
Remember, even if someone else is offering similar goods or services, no two businesses are exactly the same. You have something unique to offer your customers, so lean into that.
Don’t let your compassion or need for a sale push you into offering discounts. If a potential customer asks for a discount or says something like “that’s more than I budgeted/I wasn’t expecting it to be so high” gently remind them of everything they’re getting with that price (which includes your expertise!) and be firm in the cost.
Reap the Benefits
Being a mom entrepreneur is hard work and an incredible juggling act. That said, don’t neglect one area of your business just because another needs attention—like pricing!
Raising your prices strategically is essential if you want to make more money while also staying competitive within the marketplace. So go ahead and give yourself permission to increase those prices; chances are your customers won’t mind as long as they’re getting great value out of what you offer!
Raise Those Rates! With Brad Farris
The post Mom Entrepreneurs, It’s Time To Raise Your Prices! appeared first on The Founding Moms.
* This article was originally published here
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