Changing Your Prices as a Business Owner

This article is for those business owners who work hard, are valuable, and are tired of living paycheck to paycheck.

I don’t know why, but I find pricing fascinating. Probably because “Sales” also known as “Revenue” is the most important number on any Company’s profit & loss. This number will literally “make or break you” in business.  It’s important to stay profitable by charging enough for your products and services that you cover all your expenses and have extra to put back into the business. The price that you charge is also a reflection of how much you value what you sell.

Here’s an interesting fact: Did you know that Kim Kardashian’s makeup artist charges $1,000 per hour? Do you think the makeup artist started at that rate, or that it took years of climbing the ladder of clients to get to that level of pricing?

It’s easy for business owners to fall into the trap of thinking that they can’t change their pricing when approaching a new client or dealing with an existing client. Give yourself permission to change your prices if needed. This is a common business practice.

Did you know that Amazon changes their pricing, too? The average product on Amazon changes price every 10 minutes! What about department store sales that have a sale going on for the weekend? (Example: Walmart) Did they adjust their prices up before the sale? Yes! They have very smart people who calculate how much to raise the price, and then put the product on sale, to still receive a nice profit.

Business Tip – Next time you have a sales call, push it a little bit and go with a price that will make your company a profit that doesn’t strain the business in the least. If the prospective client says no, try a couple of more times. If you get several “No’s”, then you can suggest a lower price, but try raising it first.

If your company has a competitive advantage, and you are the ‘Mercedes Benz’ of your Industry, don’t settle on clients that don’t value your services. I believe that if I’m afraid of hearing a “No”, then either my sales pipeline is not full enough, or I don’t believe in what I am selling.

I believe we have one the highest-quality CPA, bookkeeping, tax preparation, IRS Resolution firms around, so that gives me less fear when selling my services. ?