Building a profitable brand can be hard especially when you are in a confused state of not knowing how to start charging customers what you truly deserve. This is especially true if you are transitioning from a hobby and giving your skills away for free to becoming a fully-fledged enterprise ready for business.
I once found myself in these shoes when I decided it was time for me to start monetizing my skills as a content creator, business strategist and mentor. It was hard for me to know how to charge customers what I truly deserve. I was caught between charging for-profit and charging such that prospects and customers alike would not be alienated. Does this sound like a familiar territory to you?
You are not alone. Many business owners especially those that are just starting out experience the same. In this article, I will walk you through the steps you need to take to start charging customers what you truly deserve.
Prior to setting your prices, the first thing you should understand is that your business will only remain a business as long as it makes a profit. A lot of entrepreneurs (especially new ones) only focus on sales. You know that moment when you’ve not sold anything in a long time and all of a sudden, someone appears from nowhere to buy something from you. In all your excitement, you sell but at the end of the day, there’s nothing left to show for it. This should not be.
[Read: Starting a New Business? Here are 6 Common Mistakes You Should Avoid]
If you continue to focus only on making a sale, it wouldn’t be long enough before your business will die a natural death.
Now, let’s discuss what you need to do to start charging what you truly deserve.
The first step is to present yourself as a business.
Many prospects and customers alike will not be inclined to pay you what you truly deserve if your business does not look the part. This is one of the areas where many entrepreneurs fail to take seriously. Once you step out there to start your business, it is no longer a casual thing. Your business as an entity must reflect your worth and people must be able to perceive your worth from a distance. In other words, how do people perceive your brand based on how you present it to them? Is your business registered? Do you have a payment system with an official business name? Do you have social media accounts for your business? Are you consistent with your colors, presentation and style? These are many more go a long way in determining whether you can truly charge customers what you truly deserve.[Read: How to Start and Launch an Online Business]
The next step you must take is giving your target audience the opportunity to experience you in action. It’s intriguing to find out that many entrepreneurs especially service-based ones think of getting without giving. Giving transcends money and in this context, giving simply means an experience, value or concept you can give to your target audience so they know how awesome you are.
Another thing you must do so you can truly charge what you deserve is to invest in yourself.
A lot of entrepreneurs go into business with the mindset of “I know it all” but this usually backfires because no one knows it all. Investing in yourself is an eye-opener and confidence booster because you begin to see possibilities rather than limitations.
Also, when you invest in yourself, not only will you start experiencing a mindset shift, even the way you run your business will change.
Investing in yourself will always yield multiple returns such that you cannot place a price tag on it.
For example, it will give you the opportunity to learn from others who have gone ahead of you – learn from their own mistakes, leverage on their connections and build the confidence you need to start charging what you truly deserve. Whatever industry you are, when you invest in yourself, you get the opportunity to interact with those that have gone ahead of you, those with whom you are on the same track and those who are coming behind you.[Read: How to Get More Referrals for Your Small Business]
Once you follow the steps, the next thing to do is to start charging. Is it that simple? Yes, it is very simple and you can only find out after you start it. The next time someone approaches you for your service, charge them for it. Whenever anyone request for your price list, send it to that person without blinking. Yes, it may feel awkward at first or your heart may start pounding fast but the truth is if you do not ask, the answer will always be NO. If you work so hard, you deserve to be paid. If you pay for the services others render to you, you also deserve to be duly paid for your own service. Start charging what you truly deserve, today!
Thank you for reading. What point struck you the most? Are you having difficulty charging what you truly deserve? How did you start charging what you truly deserve? Please leave a comment and remember to share this post with a friend