Another unexamined money mantra that holds many holistic business owners back is “I Can’t Charge That Much!”
Ask The Tough Questions
If charging an amount that will allow you to live well sounds like “too much” then it’s time to ask yourself an extremely important question: Why are you trying to make a business out of it something you cannot charge enough to live well and thrive by doing?
When it comes to this issue of charging “too much” there’s another key question you’ll want to ask as well. What do you base your price on?
If the thought of raising your prices runs through you like a cold steel blade, but what you’re charging right now isn’t enough for you to thrive (or maybe even survive!), you’ve got to address this head-on. If you don’t, you’re just postponing the inevitable … burn-out at best, and eventually, business failure.
The Whole Package
The highly successful business coach Pamela Bruner understands what it means to provide life-changing service. She radically improved my understanding of pricing. Paraphrased here, Pamela said,
There will always be bargain shoppers. People looking for the cheapest or best deal. But there will also always be those who want to be fully and completely cared for — those who want to invest in the highest quality services and products.
These are people willing to pay for what I call comprehensive transformation or holistic transformation. They want the whole package. This is why every spa offers both a la carte services as well as deliciously bundled packages. There will be those who come to the spa with a budget for a 50-minute Swedish massage and those who want a full day extravaganza with massage and facial, sauna, steam bath, hot rocks, hot oil or whatever heavenly array of services the spa has to offer.
3 Steps To Pricing For Success
- Determine whether or not it makes sense for you to run a business if you can’t charge enough for your services to live well.
- If you do believe you have something of great value to offer, determine what you need to charge for the true value of the service and transformation you provide.
- Decide on whom you are basing your pricing— the budget or a la carte shopper, or the client looking for a full package.
You can charge that much! And it’s important that you do. Charging appropriately for the transformation you provide sends a message – to yourself and others – that you’re confident in your abilities to bring immense value to your customers.
Is your business set up like a spa with both a la carte and package options? Share your experience in the comments below.