I sat down with Nafisa Mark on her show the Marketing Pod to talk about pricing in the context of how to “price my course”. Her show helps new & established online business owners gain visibility and sell with ease… without the overwhelm.
In this episode we spoke more generally about the challenges solopreneurs face when it comes to pricing their courses.
Start at the beginning
We started at the beginning and so should you. Yes, when you begin your business you should begin with pricing early on. You need to know if your business model is feasible (i.e. if you can make the money that you need to). For that you need to do the math and the prices play a major role in determine revenue streams. In addition, setting prices will help you understand value and your customers better.
Why do solopreneurs get stuck in pricing
There are two major reasons. First, you don’t know how. Pricing isn’t something we are taught how to do. That makes it difficult to feel confident about what you’re doing and how much to ask for. Reach out and get some help so you can do it with confidence.
Second, comes down to mindset. We often have mental blocks related to money, success and worthiness that impact what we do (or even the fact that we don’t do it) around pricing. To make it worse much of the time this mindset challenges are happening at a subconscious level making it harder to know how to “price my course”.
Is having low prices the right thing to do
Nafisa and I also talked about our own experiences around the temptation to charge less when it’s really not necessary / doesn’t make sense. Almost all business owners feel a temptation to start with low prices – it’s an attempt to buy people into being your customer. But it feels icky, it usually doesn’t do your business any good and it destroys value. Better to start with the right prices and occasionally do something tactical.
Getting unstuck is a process
Moving beyond the “stuckness” begins with being aware that there’s an issue. We have to stop and challenge ourselves. Become aware of the stories we tell ourselves that keep us held back. You have to look at your thoughts and actions, question them and determine where you need to do something different.
Only then will you begin to be free and feel more confident in what you charge.
It’s all about the value
When it comes to how to price your course, value is what it’s all about. Customers determine value which means you have to be clear who you are targeting and what they really value. Only then can you start to determine what the best price is. Not only that it will determine what you offer and how.
I had a great time talking with Nafisa and discussing these topics. Here are some time stamps to get you started. Enjoy the conversation.
- 0:25 Intro to the Episode
- 3:48 Start with pricing early on
- 5:29 Applying corporate experience to small businesses
- 6:36 Why you get stuck in pricing
- 7:49 Valuing yourself
- 9:52 How to get unstuck
- 12:23 Shifting your mindset
- 16:54 Value-based Pricing
Here’s the link to the download mentioned in the conversation.
Want to discuss how I can help you with your pricing?