Pricing can feel arbitrary. Many businesses don't have a real plan of how much their services should cost and initially rely on a cobbled estimate based on Google, peer comparison, and what we think we would pay.
Kind of a "throw it at the wall and see what sticks" approach.
But as we are in business longer, we can better identify the value in what we do and price accordingly:
We have dollar data, which gives us insight as to how much providing services actually costs us.
We have testimonials from clients to articulate how what we do affects who we serve.
We see what kind of investments it takes in time and effort to deliver.
What that usually means is that we're cheaper at the start than we should be, and as we learn more, we charge more. That can be a hard mindset to overcome for some.
A while ago, I heard from a friend that she referred someone she knew to Little Fish Accounting for service and the response was, "I wish I had gotten to them when they were cheaper." And at first I took that personally.
If I set aside that this person might not have been able to afford services, I can sit in recognition that women - especially women of color - are notorious for underpricing ourselves.
And that makes it harder to run a business.
For us to make lives for ourselves, higher help, and avoid the burnout that hits us at higher rates than most other populations, we have to create service that is valuable and then charge accordingly.
We try really hard to make resources for free and available to those who can't afford service (e.g. weekly podcast, monthly newsletter), while also super-serving those that entrust us with their accounting and tax needs at an investment that meets the value AND takes care of our team financially. We currently have a team of 4 FT and 2 PT women, and I want to pay them well and give them rest. We can only do that if we get paid.
So no, we're not cheap. And you shouldn't be either. Raise your prices. Pay yourself. You are worth the money, the time, the effort that you put in to take care of your clients, but you have to take care of yourself too.
This article was first published on LinkedIn.
👋🏾 I’m Keila, a passionate advocate for growing businesses intentionally and achieving big results with small teams.
Feeling overwhelmed by the constant push for more? Join me on my podcast, Build To Enough, where we dive into creating sustainable, purpose-driven businesses that align with your lifestyle and values. Together, we can redefine success and find fulfillment beyond rapid expansion.
🎙 podcast | www.littlefishaccounting.com/podcast
📩 newsletter | bit.ly/4fkDGfu
Comments