How Much Should I Charge? Creating A Price Plan

Today’s post is actually an excerpt of my eBook: Plan to Profit, LaShanda’s Blueprint to Online Marketing Success

There comes a point that every entrepreneur has to figure out how much to charge for their product or service. For some people price picking is an easy process, while for others it is torture. I’ve noticed that for men in particular, even those just starting out a business venture, picking high prices is no problem. They start off with a confidence that no one questions, which quickly translates into profits. Women other hand often under-charge and devalue their services, and I am no exception to that rule.

To be quite honest, I have struggled with pricing my services for years. As a woman entrepreneur on a tight budget I have a particular soft spot for my customers because I often view them as I view myself, low on funds but high on need! With that thought in mind I always priced my services low, stating that I would rather make $1000 by selling my product for $10 to 100 people than to sell that product for $1000 to 1 person. Making my content accessible to a large audience was previously the only thing I thought about when I setup my pricing. And truth be told, low self esteem often factored into the price as well. I didn’t think what I was selling was worth more than a few dollars and that dictated my pricing decisions.

I spent years focusing on reaching more people and in denial about my own insecurities as a business person, which put a huge strain on all aspects of my life. I was seriously committed to building my business but I didn’t take my business seriously. I worked long hours on projects for little to no profit. I priced my services and even still price many of my services at prices way below the industry standard in the hopes of bringing in business, but again that doesn’t always translate into real profit. I quickly found myself beginning to hate the very thing I loved so much because I was working so hard and not seeing the financial reward.

It never occurred to me that part of my problem was my pricing until customers started telling me to ‘raise my prices’. … The price I paid for not having any formal business training is learning about pricing the hard way. Trial and error experiences have taught me that your business is not about being bashful. While it is important to give out discounts or offer select discounted services, it is more important to price your products at a value that is worth something to you. At the end of the day you want to know you are making a profit and feeling pleased with your work, rather than feeling like a slave to your next pay check.

Read all my Plan to Profit Strategies. Download my eBook: Plan to Profit, LaShanda’s Blueprint to Online Marketing Success, which is apart of my Black Business Starter Kit.