Are you struggling to make ends meet? You spend your valuable time in the office instead of with your family in hopes to have the funds to pay this month’s bills. You want to increase your income, but you don’t know how. Stop missing out on what is most important. It is time to think about raising your rates.
^^ If you’re struggling to make ends meet each month or sacrificing your family time in favor of working IN your business – you’ve probably wondered something like, “Is this all there is?” or wished for the ‘magic bullet’ to turn things around.
I’m not one to jump on board with the newest, shiniest online marketing trend that promises ‘instant’ results — but what I can tell you is this: if you’re waiting around for that ‘magic bullet,’ you can grab it right this second and increase your income!
The underlying problem may not be a lack of customers or revenue, but that you are undercharging for the services you provide. Undercharging is the number one reason for entrepreneurial failure. Do not fall into the trap of undercharging.
Price increases are essential for long term success! After all, the price of living continues to go up year after year… as should your rates.
Here are 3 pricing secrets to help you change your bottom line and increase your income:
Reverse engineer pricing to guarantee freedom
Your first step is to reconsider how you price your products or services. Your product should satisfy a want, need, desire, or frustration in society.
First, decide how much you want to make a week and then price your product from there. You do not want to undercharge for your services and then struggle to make ends meet. If your product is great and you offer high quality services that deliver results, then people will pay a premium for it (this is why things like testimonials are so great – you just simply need to communicate the value and stand by your pricing).
Takeaway Tip: Your pricing positions you in the market. You get a reputation based on price. If someone’s prices are too low, then the potential customer will wonder why and assume there is something wrong with the product.
Packages, recurring revenue, and positioning
Do you find yourself constantly worrying about where your next source of income will be? Stop worrying and start creating packages! Creating packages will allow you to have recurring clients that will continue to pay for your services over a period of time.
Find corporate clients or local business and get a deal going with them. In most businesses, your overall goal is to help people and you can’t help people if you are broke! And remember, if someone does not have the funds to invest with you now they probably never will.
Repeat after me: Do not waste your time on clients who cannot afford your services.
Refocus your targeting
In order to move up the scale you may need to refocus your target. Aim high! Your target audience may need to have a higher income. Make sure to go after people that want and can afford what you offer.
If someone is giving you a pricing objection usually it is a concern about wasting their time or money. You have to sharpen your tools and skill sets and make the distinction between whether or not to count out a client.
Takeaway tip: Look for clients who buy based on value not price.
Call to Action:
Are you ready to start spending less time stressing about where your next source of income will be and spending more time on what really matters? Head to unstoppableentrepreneur.com/freedom for a free training that will teach you how to increase your income. You might even save enough money to go on your dream vacation!