Determining the value of your products and services can often feel like an impossible task.
Here are 13 questions to ask yourself when you are determining pricepoint…
1) what are all the expenses that I must cover before I personally make any money?
2) how long have I been perfecting my craft?/ What was the extent of my training/designation?
3) what sets me apart?
4) how in demand are my products/services?
5) how desirable are my products/services?
6) how established/recognized is my brand?
7) what is my long term financial plan and how responsible is this business to provide that security?
8) how much time can I devote to each conversion/ what does each conversion take out of me to deliver?
9) how unique am I in my area?
10) what are the demographics of people in my area?
11) what is each sale taking me away from? (think other products/services you could be selling during that time and/or time in your personal life)
12) how will the price point I enlist now affect the future of my business?
13) Is there a standard already set for the industry in which I’m entering/ set by distributors etc
I truly believe that the reason many small businesses fail in their first 5 years is due to comparison of price point with that of an hourly wage or of how a neighbour in business has priced their products/services without conscious review.
Many 1-4 person small businesses have other revenue streams that are keeping things afloat, are approaching their business as a hobby, or have a completely different “pool” of clients in their pond. When you do seek out another business to price compare, make sure to look at how things are running from a full picture view and how relatable that is to your situation. At the end of the day, this business has to work for YOU!
I’m a small-town girl with big dreams and a passion for empowering women to create businesses that support the life they deserve. Pursuing your calling should never be an isolating endeavor, so I’m here to provide you with all the encouragement, guidance, tools and reassurance you desire on your path to success. From impactful biz tips and inspiring stories of success to favourite sweats to rock in the home office, I’m grateful for this SHE community, and invite you to join us!