Are You Charging Enough In Your Business?
Have you wondered if you are pricing the right amount for what you offer in your business? Are you letting fear of what competitors are doing, or what customers might say if you raised your prices, stop you from charging what you should?
Chances are, you should be pricing higher and charging more for your services!
Host and microbusiness consultant Mary McCarthy says it’s the #1 thing she sees when she sits down with entrepreneurs and looks at their finances. Nearly 100% of the time, they are underpricing themselves.
McCarthy and Co-Host Sharon DeLay talk this week about how your pricing must change as you evolve your business, and the missed opportunities when you don’t.
“So if you don’t price correctly for it, you don’t have the opportunity to grow.. but if you want to market, you want to grow to a second location, you want to add another employee? If all you are doing is covering the costs and there is nothing left over, then you don’t have any money to grow. So you have to build in a growth opportunity.” ~ Mary McCarthy
Stop thinking small!
“We tend to undervalue our time. So as entrepreneurs, we do it all. We do the bookkeeping, we do the marketing, we do the business development. We do the management. And we just continue to add that on to ourselves and not give that a numerical value. As the business grows, I think that is where more people probably get into trouble than maybe starting out the gate underpriced.” ~ Sharon DeLay
What You Will Learn In This 15-Minute Podcast
- Why many entrepreneurs are underpricing and undervaluing what they do
- 3 ways to calculate what you should charge for your service, product, or business
- Factors service-based businesses must consider when determining their price
Thank you to podcast sponsor Pathways Financial Credit Union. They offer business loans with a competitive interest rate and flexible terms. They have locations in Columbus, Delaware, and Marysville, Ohio.
What is a microbusiness? It’s a small business with 20 or fewer employees, including the solopreneur.
About our Co-Host Sharon DeLay
- 4889 Sinclair Road, Suite 103
- Columbus, Ohio 43229
- (614) 473-0122
Sharon DeLay is the Founder and President of GO-HR, a full-service HR consulting business in Columbus. It works mainly with microbusinesses, doing everything from hiring to firing employees, and all Human Resource Management services that fall in between. You can’t “Go” without HR.
About our Host Mary McCarthy
- Host, The Successful Micropreneur Podcast
- CEO, YMT Consultants
- Co-Founder of the Women’s Small Business Accelerator, Inc.
Mary McCarthy is the President of YMT Consultants, an entrepreneurial consulting and training firm in the Columbus, Ohio area. It focuses on one-on-one work with microbusiness owners (businesses with 20 or fewer employees, including the solopreneur), assisting them to monetize and create systems for their small businesses.