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Welcome to the Entrepreneurs Newsletter If you're a business owner that wants to stay up to date but doesn't have the time to search and sort through articles. This newsletter is for you.

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This week in the Entrepreneurs Newsletter

As business owners and entrepreneurs we're always working on some aspect of our business. This week I'm taking a closer look at how much the little things matter.

The devil is in the details and the details matter. It's the details that dictate cause and effect in the best and worse ways. So paying attention to the details and getting a handle on them can lead to successful projects and business endeavors.

Operate with strategy and purpose to get the results that you need for your business.

For those that like to skim for relevant articles of interest. Here is a list of what you can expect to see.

  • How to Set the Budget for Your Facebook Ad
  • TikTok Reminds Brands "Don't make ads, make TikToks"
  • How to Write Meta Descriptions for Store Locations
  • 10 Ways to Reach Customers Who Don’t Know They Need You
  • The Power of a Mini-Course
  • How to Create a Flexible Content Plan That Gets Results
  • Improve your content’s longevity and ROI with a predictable framework
  • How to Create a Winning Local SEO Strategy for Your Business

Featured in this week's "Questions Business Owners Are Asking".

Am I charging enough for my products and or services?

If you have questions or struggles that you'd like to see covered. Simply reply to the email and submit. I'll do my best to address them.

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Questions Business Owner Are Asking

Questions Business Owner Are Asking

Am I charging enough for my products and or services?

This is a question that can be simple and complicated to answer at the same time. More than not if you have to ask the question the answer is you aren't charging enough.

Let's take a look beyond the question to the reasons behind why business owners are asking it in the first place.

Bad customer experiences tend to top the list. One bad experience is enough to make you evaluate your whole mindset and process. This can be with good reason.

There are some clients whose expectations exceed their payments for goods and or services. While I'm a firm believer in I don't know what you had to do to make that money so it could have more meaning to you than the average person.

I've learned over the years that I have to accept responsibility for these situations. If or when I run into them with a client.

When you educate the prospect on your solution to the problem and the results that you can deliver. You create the value proposition.

It is important to convey the value of your expertise and experience. Pricing isn't just about how long it takes you to deliver results. It's about the time that you put into gaining that expertise and experience. Which allows you to deliver results with accuracy and consistency.

Another reason people question their pricing. They took on a project and it took more time and resources than they originally thought it would.

Once again I put the onus on myself in these situations. I didn't suss and scope out the project properly. My estimate may have been based on my expectations and not their experience.

When I scope out a project and document it properly. The expectations and timelines are set on both ends. It's less forecasting and more regimented phases to be completed.

Those are just two examples of things that can have you question your pricing. There are plenty more that choose from but it makes for a good sample of cause and effect.

Now let's circle back to the question are you charging enough. What are some good ways to determine your pricing?

There's market value to consider. What is the average rate being charged for the product and or service? There's wiggle room there thought. You can be above or below that mark.

The main acceptable difference is the process and experience provided with the sale and the delivery of the results. The other deciding factor being confidence. There are some business owners that set their pricing based on their own perceived value over whatever everyone else thinks.

Pricing is also established by the client. How important is the solution and result to them? Their perceived value is also going to dictate the going rate.

I've covered the people whose expectations exceed the payment. The flip side to that is the people who are willing to pay more just so that they don't have to stress over finding the solution or results.

These are your ideal clients. The golden goose if you will. People who prioritize results over bargain shopping. They will also pay more for the experience.

Clothing is a great example of paying more for the experience and perceived value. Luxury brands aren't always made better.

In some cases what you're paying for is the in-store experience of being pampered and that bag that grabs the attention and envy of the people that see you with it. Envy is the perceived value that makes it worth spending the extra money for that experience.

So let's wrap this up into a simple answer to a complicated question. Pricing is based on specific factors that are put in place both by the provider and the client.

  1. Perceived value.
  2. Expertise
  3. Experience
  4. The perceived importance of the solution and results

The person dictating the perception of these factors is setting the price. Ideally, this should be you as you are the expert.

Here is the reality of the situation.

You are the one who knows what goes into producing the results.

You are the one who can shape and mold the process in a way that is suitable for all involved.

This leaves you as the one establishing the importance of the solution and results through the experience that you can provide.

With that in mind. When you ask yourself if you're charging enough for your product and or services. The chances are the better the handle you have on these factors. The more you should be charging...

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