It’s almost a new year? Are you going to be putting up your prices?
When was the last time you put your business prices up?
One , two, three years ago?
Do you even know how much you should be charging?
All these questions are a challenge to a small business owner.
When I started my business, I charged what I thought people would pay. I did do some research understanding what it would cost me per hour and I did some comparisons with similar businesses in the same market. But I still remember feeling embarrassed telling people my hourly rate. I went through the pain of doing a like-for-like swap of services (which felt very unsatisfactory), giving away free time, and the torture of working out how to break the news of raising my prices to my clients.
For many people, anything financial is a difficult subject. It is wrapped up in our attitude about money, how we were bought up to handle it, how much we value ourselves and the services we offer through our businesses.
My turning point came when I took active steps to invest in myself and my business skills.
I joined a local business support group, the fabulous Can Do Coffee Club run by Gail Gibson. With Gail’s coaching and the Club’s support I could see the real value I bring to my clients and had the confidence to charge my real worth. With the help of my very supportive accountant, Karen Shergold from KFS Accountants, I also moved my accounts to an online package. This gave me a clear sight of what was happening financially in my business as well as making tax returns a breeze.
So is 2018 the year that you are going to take that big bold step and take control of the financial monster?
I would love to help you realise your worth and to tackle your financial fears. I’m running a ‘What is my Value?’ Can Do Coffee Club workshop for small business owners on 29th January 2018. For more details, please see my events page.