Archive for the ‘Money and Pricing Strategies’ Category

Picture this…

You’ve just had a great meeting with a potential client and you’re ready to reveal your fee. You smile and tell them your rate; you go cold waiting for their response.

While you’re anxiously waiting their reply, crazy thoughts are running through your head like a steamroller.

Will she hire me?

Will she think I priced my services too high?

You hear “You’re hired!” and a wave of other thoughts begin to flood your mind… now you begin to second-guess your pricing!

Did I low-ball it in order to get the job?

Should I have gone higher?

You know what I’m talking about; you’ve been there and you know what’s coming next. The project always takes more time than you realize and you end up feeling overworked, undervalued and underpaid.

So what is a business woman to do who knows that she’s worth so much more but isn’t sure about how to price her services? Follow these tips for better fee setting.

1. Know What You’re Worth

When you’re pricing your service, how do you go about landing on a fee? Do you throw darts and hope for the best? Pick a price out of a hat? Or worse yet do you look to your competition to see what they’re charging?

None of those methods are going to give a price point that addresses YOUR worth.

If you bill hourly, remember that many factors go into determining your price point.  So many entrepreneurs fail to consider all the factors so remember the following:

• First figure out how much you want to be making a year
• What are your subcontractor expenses (if you have any)
• What are your other expenses
• How much profit do you want to make
• All these factors make up your “required revenue”
• Divide your “required revenue” by number of billable hours and you have your rate

Don’t forget that your total number of billable hours is never 40 hours a week.

Is this rate acceptable?  If not raise your fees.

2.  Give Them Results

Clients are paying for results. Technically they’re paying for a service but in reality they’re buying a solution.  It’s your job to make sure that you communicate those results clearly so that people know what to expect.

Will she get more clients? Streamline her processes? Be more confident when having a selling conversation? Know the benefits and communicate them effectively!

3. Create A Haggle-Free Mindset

Don’t haggle with clients about money. You’re not selling junk at a yard sale — you’re selling yourself and you have a lot of value! When you engage in haggling, it immediately lowers your perceived worth and once that happens you’re sunk!  When you haggle, you set yourself up for a continuous relationship by which your clients will nit pick you to death over everything… and NO ONE wants that kind of client interaction.  Heck, truth be told, no one wants that kind of client!

4.  Not Everyone Is Your Client

There will be times when you will have to walk away; when a potential client will not be willing to pay your fee. That’s OK; they were not meant to be your client. The right client who IS willing to pay your rate is just around the corner.

Pricing your services is one of the most difficult tasks a business owner will ever undertake. Be a smart and savvy businesswoman and be prepared by reviewing the project and price. It will save you a ton of heartache in the long run.

Everyday we hear about gas prices soaring, food and clothing going up 6-10% and I know many of us wonder how we will continue to stretch our dollars.  Well, I am happy to announce a special event!

How to Shop for Free

Coupon Class for DARE To Be Phenomenal Members

with

Kathy Spencer

Author of the book

How to Shop for Free:  Shopping Secrets for Smart Women Who Love to Get Something for Nothing

Learn How to find the best savings and combine them with store promotions, coupons, rewards programs, and store credit to get almost everything on your shopping list for free!

Tickets are $25.00 and include light refreshments!

Book sales  will also be available before and after the event. The cost of the books are $14.99 and a book signing will take place after the class.

**All Sales Final

When:

Tuesday, April 5^th at Connie Doto Realty Group

119 Pleasant St, Methuen, MA

Visit the site below to register!  Only 20 seats are available so don’t wait too long to register for this event!

http://www.meetup.com/Dare-To-Be-Phenomenal-North-of-Boston-Chapter-Meetup/events/16767468/

Well, 2011 has already hit a snag! My mother fell the day of the storm and broke her arm so I am back to juggling work between the hospital and home.

That’s the beauty of being an entrepreneur; the ability to take care of whatever needs to happen in your business and still attend to your family. One of the ways that I accomplish this is by delegating tasks to my team.

Lisa, my VA, is the primary person that takes care of issues for me like sending out this newsletter. But my web designer is hard at work right now creating a new website too. Hiring and delegating to a high performance team is one of the topics I will be covering in my BRAND NEW 2011 Money, Marketing and Mindset Mastermind.

Are you sitting there reading this thinking, “Boy, do I wish I knew how to hire the right people to support me in my business?”

Then I URGE You to Consider Joining My 2011 New Money and Mindset Mastermind Program…”How To Bust Through Your Money Roadblocks and Solve Your Biggest Pricing Challenges… Easily… So That You Can Transform Your Business and Daringly Charge What You Want and Get It! This PROVEN Program is Designed to Help You Make 2011 A Financial Success!

What you need to know is that the MMMP is offered ONE TIME ONLY in 2011. These spots are strictly limited (I’m only working with 8 women and 2 spots are already taken!) and are not for the faint of heart! This program is only for serious business women who are ready to get rid of all their old money beliefs they’ve been holding onto and are finally ready to tackle all the money and mindset issues that have been plaguing them for so long and stopping them from making the money they desire. Once we’re sold out of this program, that will be it for 2011 so now is the perfect time to consider if this program is what you’ve been looking for, agreed?

Get ALL the details here and lock in the Early Bird Savings before February 28th!

Questions about MMMP? Email me today and I’ll talk with you privately to see if this program is a fit for you.

Last year my mastermind participants learned the secrets of charging what their worth, the pricing strategies that ensure bigger sales, how to hire the best team to take their business to new heights, the secrets to great newsletters and so much more!  These systems and strategies are what smart business women everywhere use to grow six figure, multi-six figures and even million dollar businesses.

Are you sitting there reading this thinking, “Boy, do I wish I knew those proven systems to to help my business grow?”

Then I URGE You To Consider Joining My 2011 New Money and Mindset Mastermind Program…”How To Bust Through Your Money Roadblocks And Solve Your Biggest Pricing Challenges… Easily….So That You Can Transform Your Business and Daringly Charge What You Want and Get It!   This PROVEN Program is Designed To Help You Make 2011 A Financial Success!

Are you creative, driven and passionate about your business but are afraid to charge more, can’t close a sale or are unsure of how to package and price your services so that they are filled with what your clients want?  Well then you are going to LOVE the Money and Mindset Mastermind Program!

What you need to know is that the MMMP is offered ONE TIME ONLY in 2011. These spots are strictly limited and are not for the faint of heart!  This program is only for serious business women who are ready to get rid of all their old money beliefs they’ve been holding onto and are finally ready to tackle all the money and mindset issues that have been plaguing them for so long and stopping them from making the money they desire.  Once we’re sold out of this program that will be it for 2011 so now is the perfect time to consider if this program is what you’ve been looking for, agreed?

Contact Me for details and to receive an application. The special Early Bird incentive ENDS February 13th so hurry!

Questions about MMMP? Email me today and I’ll talk with you privately to see if this program is a fit for you.

Picture this…

You’ve just had a great meeting with a potential client and you’re ready to reveal your fee.  You smile and tell them your rate; you go cold waiting for their response.

While you are anxiously awaiting their response crazy thoughts are running through your head like a steam roller.

Will she hire me?

Will she think I priced my service too high?

You hear “Your hired!” and a wave of  other thoughts begin to flood your mind…now you begin to second guess your pricing!

Did I low ball it in order to get the job?

Should I have gone higher?

You know what I am talking about; you’ve been there and you know what’s coming next.  The project always takes more time than you realize and you end up feeling overworked, undervalued and underpaid.

So what is a phenomenal woman to do who knows that she is worth so much more but is not sure about setting her fees?  Follow these tips for better fee setting.

1.  Know What You Are Worth

When you are setting fees how do you go about landing on a price?  Do you throw darts and see where it lands?  Pick a price out of a hat?  Or worse yet do you look to your competition to see what they’re charging?

None of those methods are going to give a price point that addresses YOUR worth.

If you bill hourly remember that many factors go into determining your price point.  So many entrepreneurs fail to consider all the factors so remember the following:

• First figure out how much you want to be making a year
• What are your subcontractor expenses (if you have any)
• What are your other expenses
• How much profit do you want to make
• All these factors make up  your “required revenue”
• Divide your “required revenue” by number of billable hours and you have your rate.  Don’t forget that your total number of billable hours is never 40 hours a week.

Is this rate acceptable?  If not raise your fees.

2.  Give Them Results

Clients are paying you for results.  Technically they’re paying for a service but in reality they are buying a solution.   It’s your job to make sure that you communicate those results clearly so that people know what to expect.

Will she get more clients?  Streamline her processes?  Be more confident when having a selling conversation?  Know the benefits and communicate them effectively!

3. Create A Haggle Free Mindset

Don’t haggle with clients about money.  You’re not selling junk at a yard sale  you’re selling yourself and you have allot of value!  When you engage in haggling it immediately lowers your perceived worth and once that happens you are sunk!  When you haggle you set yourself up for a continuous relationship by which your clients will nit pick you to death over everything…and NO ONE wants that kind of client interaction.

4.  Not Everyone Is Your Client

There will be times when you will have to walk away; when a potential client will not be willing to pay your fee.  That’s OK; they were meant to be your client.  The right client who IS willing to pay your rate is just around the corner.

Pricing your services is one of the most difficult  tasks a business owner will ever undertake.  Be a smart and savvy businesswoman and be prepared by reviewing the project and price.  It will save you a ton of heartache in the long run.

When you enter into a contractual relationship with another person and then demand a refund when no refunds are clearly stipulated are you acting with integrity?

This just happened to a friend of mine.  She has a line in all her contracts that clearly state NO REFUNDS.  Yet she is often asked by people who either haven’t fully thought through the decision  for a refund or from others who feel that just because they ask they should get one.

So how should you handle this sticky money situation?

Before I answer that question I want you to remember one thing:  How someone does money is how they do everything!

Keep that in the back of  your mind as you read on.

1. Avoid The Remorse

Often times people will have buyer’s remorse after they have purchased a product, program or service.  Typically this remorse comes from fear. Fear that they just made a huge commitment either in themselves or their business.  And, it’s this fear of moving forward that wants to then jump ship.

The problem is that’s not a good enough reason to ask or get a refund.

The fact of the matter is that if someone asks for a refund they are  not honoring the commitment they made to themselves or to you.    If they cave into the fear they are feeling they are just playing small – real small. And that’s never good for anyone.

2.  If you give this refund are you standing in your power around money?

Probably not.  Truth be told most of us don’t want to deal with the hassle’s that come when someone starts asking or worse yet, demanding a refund.

Sometimes giving the refund just rids you of the negativity that comes when people start demanding refunds and the associated bad behaviors.

But if you have clear boundaries and have clearly stated no refunds, then what happens if you renege on your own policy?

I know this is a tough question for many of you to answer.  On the one hand you want to keep your customers happy but on the other hand you did clearly let them know that no refunds would be given.

3. Provide a Guarantee

Providing a guarantee is a great way to reassure your buyer.  If you don’t offer a guarantee of any kind than it makes it more difficult for the buyer to make the decision to buy.

But more importantly, with a guarantee you are clearly outlining under what circumstances a refund will be given.  It’s a great protection for your buyer and for you as well.

So back to the original question…do you give the refund?

Sorry, but that’s up to you to decide.

Last week I wrote a post and talked about how money is a reflection of what’s going on inside of you...a reflection of your own self worth.

Today I want to share with you the last two mirrors for you to reflect on.

1.  When developing your packages do you overload them with lots and lots of your  time, goodies, bonuses – so much so that in hindsight it’s way too much?  Do yo feel you HAVE to offer so much or no one will buy from you?

Maybe you don’t overload your packages but you make yourself available to your clients morning, noon and night – sound familiar?

Then after you have given and given you feel resentful because you think you’re clients don’t respect you? And worse yet, you attract the worst clients in the world.   They use and abuse you, demand your time and attention and are clients no one really wants.

If any of these scenarios sound like you then you are reflecting issues relating to what you feel you deserve. Your deservability is at stake here.

2. You make money, plenty of money.  The problem is…you still don’t have any!

No matter how you try you just can’t seem to hang on to money.  You secretly are ashamed of having more than you friends and possibly your parents.  You have rollercoaster months whereby one month you bring in a ton and the next nothing hits the checking account.

Approval is really important for you and your approval button  gets pushed alot when you money is reflected back at you in this way.

Now why am I telling you this?  Because you want a money breakthrough so you can rid yourself of these thoughts, feeling and behaviors – right?

If you are looking for a money breakthrough then I encourage you to contact me today to learn about my new 2010 – 2011 Mastermind Program forming right now!  The No Secrets, No BS:  The Nuts and Bolts To Increasing Revenue In This Economy was developed to help you achieve all the money breakthroughs you need so you can start attracting and making all the money you want in this economy.

I did it and so can you.  So call me at 978-794-4991 or email me at maureen@daretobephenomenal.com today to learn more.

“My clients won’t pay more!” Have you ever said that?

I did… A long time ago before I started working on my money mindset issues, I used to say it quite frequently when I would start to even consider charging more for my services.

The fact of the matter is we never really know what someone is willing to pay for our services and we definitely don’t have the right to assume anything about our clients. And truth be told most, not all, will pay more for your services.

Now this isn’t true in all industries but it does hold true for some. If you’re a coach, consultant, or other service-based entrepreneur it will hold true.

But that’s really not the point. The point of the matter is what you believe about money and your ability to make more is what’s at stake here.

Change your mindset and you change how much money will flow to you. It’s really that simple.

Fees are based on value, not on your time, which has no value to the client. You can always make another dollar, but you can’t make another minute ~ Alan Weiss

Charging what your worth is less complicated than one might think.  It boils down to two concepts.  First, know the value of the results you deliver and second, know what you’re worth.

But for so many entrepreneurs they find the task of  charging what their worth  daunting.  Why?  Because they are focused on the wrong thing.

Instead of focusing on value, they are focused on benefits.

So how do you switch the focus to the VALUE of the results you deliver and away from benefits?

Here is four simple but powerful questions you can ask your clients to  uncover  and reveal the value of the results.

1.  What will the outcome mean to you and your business/organization/family?

2.  What is this worth to you/organization/family on a annual basis?

3.  What is this costing you/family/organization in not getting help in achieving these results or in not taking care of this problem?

4.  What does this mean from a qualitative/quantitative perspective?

These questions are going to help you get the heart of the matter for your clients and help reveal to them the importance of solving the problem they are faced with.

When asking the questions remember to be patient and persistent.  You are looking for good, quality, detailed answers NOT answers full of fluff and air.

Asking these questions will make you look like a super star genius in the eyes of your clients as you uncover the truth behind their problem.  Ultimately, this makes getting to a “YES” decision that much easier.

Practice them, try them on for size and let me know if it’s helping you focus on the RIGHT thing!