Don’t worry if you feel overwhelmed by pricing in your business, many entrepreneurs feel the same way. Money topics are often riddled with core beliefs and emotions that don’t really help us. Pricing can bring out our insecurities around worth and value. However you know from last time that it’s important. You know profit (and therefore pricing) is critical to business growth.
One gift you can give yourself is to keep your pricing simple.
Why Does It Need to Be Easy
When something isn’t easy, we don’t like to do it. If it feels uncomfortable then we simple try to avoid it, spending a lot of time on ingenious ways procrastinate. Recently I’ve heard quite a few stories about how people try to avoid that discussion. Yes, doing things like online payment can be beneficial but for most small business owners there will come a time when you just can’t avoid the pricing discussion…more importantly you don’t want to. Pricing discussions are an opportunity to learn more about what your customer really wants and whether or not it’s a good fit. The solution to your discomfort is to be prepared.
Another reason is that the more discomfort we feel around a topic the harder it will be for us to speak about it with confidence. It’s like preparing for a presentation, if you don’t feel comfortable with the content it will come through in the presentation. However if you’re prepared you’re more likely to shine. Same thing with your prices. If you don’t feel good about them, then when asked you won’t be so great at talking about them. Customers will pick up on that for sure!
Also if the prices or scheme you’ve come up with for your pricing isn’t simple, it will be hard for you to explain. I’ve seen some pretty complicated pricing schemes out there, often times the person who designed it struggles to even explain it to me. Imagine how much harder it would be to explain in front of potential paying customers. So please…keep it simple so that you don’t confuse yourself or your customers.
How to Keep It Simple
The two best ways are to build systems and stop overthinking it.
If every time you set the price for something you first have to think about how, it’s going to be more complicated. Stop reinventing the wheel and set yourself up to make it simple. Create a simple system that you can follow each time you set your prices; this way you can just get right into it.
Don’t Overthink It
We want to get it right before we put it out there. I get it. However when it comes to pricing you can waste a lot of time over thinking whether it’s the right price or not. The worry creates a lot of stress and struggle none of which is actually helpful. When you find yourself in the cycle of overthinking, STOP and launch the price. You can always adjust it later.
Overwhelmed by Pricing
With a little bit of advanced preparation and catching yourself when you get caught in a cycle of worrying you can make avoid the overwhelm and make pricing easier on yourself. It needn’t be so difficult, so let it be simple.
Want some help getting started? Check out these ways to start working together.