by Elisa Balabram
Something that many women struggle with is how to price their products and/or services. Here is a list of the top 6 Myths that may stop you from pricing your products and services well. If you are not an entrepreneur, read through the list and check if you have similar patterns and if it’s time to ask for a raise, or move on to a new and higher paying job.
- No one will buy from me if I increase my prices. This is a myth that people can’t afford higher prices. The reality is that most people associate price with quality and if you increase your prices, people will start valuing your products/services accordingly. I know of several business owners who increased their number of clients after they increased their prices. You may end up serving a slightly different audience, depending on your current prices, though. You would also serve as the example for your clients that it’s OK to value themselves and what they do as well.
- I can do it in my sleep and I can’t charge too much for it. This is the “good girl” syndrome. It comes to you so easily that you just do it for free any time you can. Then you feel drained, overwhelmed and having a hard time making ends meet. It is fine to charge for what you love doing, you are expanding your energy by serving others, and you can receive monetary compensation in addition to the personal satisfaction of helping others.
- I can’t possibly charge as much as her. We can always find someone else doing similar things that we think is allowed to charge more than us, due to their experience, their looks, or their celebrity approach. Stop comparing yourself to others! You are unique and your clients appreciate what you have to offer, it is time that you appreciate it and give it the value it deserves.
- I will seem greedy. Many people grew up with certain ways of thinking about money, and that having a lot of money is negative, and you are not sure if people will like you if you do become fully prosperous. Ask yourself if this is really true, and how you can shift your thinking and tell yourself that it’s fine to charge well for your products/services.
- I couldn't afford to buy my services or products if I charged more. Of course you can’t afford it! You are charging so little for what you are offering that yes, you can’t afford to spend that much money. If you do charge a higher fee, you will be able to have more money to invest in your own personal and professional growth and it’s a win-win situation.
- I’m not worth it. This is a huge myth. And it may take more than reading this article to get over it. I suggest that you write down a list of all you accomplished, all that you invested in self-development and career development, and your experiences, and take a closer look at your value. Even without reading your list, I can tell you right now that yes, you are worth it, and the sooner you start owning your worth the better you and everyone around you will feel.
Check out this blog where I share the basics of what you need to consider when determining the prices of your products and services.