After all, the economic roller coaster ride we’ve all been on has left some business owners scared, nauseated, and wary of taking anything that looks remotely like a chance.
Add to that the 24/7 media fear parade, and you end up with a hostile environment for the average mindset of the average self-employed human.
So, if business is down or if you’re just not bringing in enough cash…
…then yes, it would seem logical to respond to that outward assault by joining in the collective cowering, shrinking a little smaller, and keeping your prices way low.
Hey, you have to compete, right?
What better way to compete than by lowering your prices, right?
Well, actually, NOT right.
Wrong, in fact.
For at least three reasons…
Reason Number One…
(and here, I am stating the obvious, yet people seem to forget this one every day…)
… your business is SUPPOSED to make money.
Many solopreneurs got into business because they love what they do. They’d do it for free they love it so much.
And when the talk turns to money, all their “stuff” comes up.
So, pricing themselves low turns out not to be a competitive strategy at all.
Turns out their low prices are merely a convenient way for them to avoid their fear of charging what they’re worth.
If that rings true, here’s a reminder:
Regardless of your LIFE purpose (or passion) — the purpose of YOUR BUSINESS is to make money.
And unless there’s a very good strategy behind being the cheapest “X” in your industry, there’s NO good reason to be a commodity and go for cheap. You are not toothpaste or batteries or a tampon.
In many cases, bargain hunters make terrible clients.
Do you really want a client who went on a long search for the cheapest life coach she could possibly find? How invested do you think this client will be in her own long-term results?
Here’s what I mean…
Many years ago, I offered three-day personal growth retreats for women. (Yes, I was still on tour playing music a lot – but even back then, my passion was all about helping people Uplevel their lives.)
At first, I didn’t know what to charge so I went for “cheap.” I looked around at what other people charged for retreats, and I went lower.
Slight problem, though…
At each retreat, there were always several women who – in the middle of the activities on the second day – would leave to go shopping downtown.
They had no interest in doing any of the work I was teaching.
They just wanted new shoes.
While there’s nothing wrong with new shoes – this certainly wasn’t the kind of person I wanted at my retreats.
When I raised the prices of the retreats (significantly), I no longer attracted the day-shopper ladies. I only attracted the people who truly wanted to get results.
And I learned a huge truth about money…
Money is a channel for the most powerful thing on the planet:
If someone is not committed enough to her own growth, passion, fun, health, wealth or business to INVEST in it through working with you…
…then most likely, she will check out to go shoe shopping halfway through your work with her.
The third reason that cheap is wrong is that it’s just plain lazy thinking.
You are SO much smarter than that tired old solution of pricing yourself low.
Being the cheapest or having the very best deal?
That’s like your lizard brain just took over your marketing department.
Don’t let your lizard brain take over your marketing department.
Reclaim your marketing department and understand this:
If someone does not see the value of what you offer, then you simply haven’t shown her the value of what you offer.
And guess whose job it is to clearly communicate the value of what you offer?
(Long tense pause while you look around and say, “Me?”)
And what that means is that your income is directly connected to your clarity, your connection, your communication… in essence, your marketing.
And that brings me to some bad news…
If you insist on remaining in the fetal position and letting your fear dictate your pricing and your business, then you’ll miss out big time.
But there’s good news too…
I’m offering a free training right now. It’s the only time this year I’ll be delivering such a massive amount of content for no charge at all.
It’s called The Money Master Class.
I’ve designed this class explicitly for the solo-business owner who’s got passion out the wazoo but who still goes through up and down cycles month by month – (and KNOWS she doesn’t charge enough).
It doesn’t matter if you’re just getting started, or you’ve been hoofing away in your business for years…
… you will learn so much in this training that you’ll have no choice but to stop shrinking, fire your lizard brain, charge what your worth – and consistently double (or even triple) your income this year.
(Oh, and say good-bye to that horrible up and down cycle that you seem to think is “just how it is.”)
[Spoiler alert!]… Plus, I’ve got this REALLY hip “Money Map” to give you. The Money Map ALONE will reduce your lizard brain to the size of a lentil bean. (And it will just make you happy when you post it by your desk.)
Sound good? Good.
(I’m in there coaching away as you read this!)