Do you ever feel awkward or insecure about the price you charge for your services? Whether you have a business, are upping the prices on a current service, or are just starting out, you can sometimes feel unsure about the prices you charge.
“Am I charging too much?” you ask. Or “Am I charging too little?”
Especially when we haven’t build the confidence yet, we charge way less than our time and services are worth because we worry that others will think we’re too expensive. This can lead to feeling unfulfilled, dissatisfied, bitter, and, eventually, we burnout.
Other times, we are overly confident and charge too much for services. When nobody purchases our services or products, we also feel unfulfilled, resentful, and could also burn out.
So what is the sweet spot? How do you know what to charge for your services, and what is best?
This article will help you have confidence in what you charge for your services or products. Please take the time to honestly reflect on the questions posed here. Answering as honestly as possible will help boost your confidence, clarify what you can change, and give you perspective. You got this. Let’s jump right in!
Also… for legal purposes, this article is not financial advice. Ok, we got that out of the way so let’s go!
What is the standard or average for the services or products you offer?
You probably already did your research to determine the price. But this article wouldn’t be complete if I didn’t add this first crucial step!
If you want to have confidence in what you charge, do your due diligence and research before giving anything a price. Research what other people are charging for the product or service similar to yours, and use that to gauge your own prices.
A huge reason to have confidence in your prices is that you can compare it with similar services or products.
If you’re charging more, you can point out why or how your product differs from the others, validating the price you set. If you charge less, you should also have a solid reason.
Sometimes we charge too low for our services and it can be more detrimental than helpful. If you don’t see the value in what you do, how will others? Name your price as something that is fair and comparable to other prices in your field.
Would you pay the amount you’re charging for your services?
If you can say wholeheartedly that you would pay the price you’re charging for your product or services, then you’re good to go!
Having confidence in what you charge validates that if you were a customer or consumer, you would find value in your products… In fact, you’d find value enough to buy the thing at the price it is.
If you wouldn’t buy your product at the amount you’re charging, chances are others probably won’t either. Tough love, but you have to believe in the worth and value of your product enough to justify the price. We’ll talk more about that later…
Do you feel good about the prices you’ve set?
Sometimes we just have to listen to our gut… and that takes confidence.
A lot of people worry too much about what others will think. But what it really boils down to is you. You are the one selling, so you get to decide the final price.
People will have their opinions, especially if you’re insecure about your prices.
For example, I once had a photography business and charged a significantly cheap price for family photos. People would reach out and when they found out the price, they’d ghost me or say it was too expensive. I don’t know where else they’d go for cheaper photos, but it’s ok. I was ok with the price I set and felt good about it, and that’s what mattered.
You place value on whatever is valuable to you
Have you ever met someone selling something that doesn’t make sense to you?
There are plenty of collectible, homemade, crypto/technical, or even celebrity-made items that you would not ever pay a dime for. Yet, others would spend all their savings and heart on that item. Why is this?
We place value on whatever is valuable to us.
When someone says that something is valuable, and they truly believe it, then it will have value.
For example, look at the crypto world. Some people think it’s a hoax. Others are all for it.
Many people have paid hundreds of thousands of dollars on crypto currency, NFTs, and more because they find value in that.
So don’t get down on yourself or your products. If you find value in it, believe that others will too. Believe that the right people will come to you, ready and willing to purchase what you have to offer because they see the value in that too.
Also read: How to overcome imposter syndrome
People will complain, so don’t worry too much about it
If it’s a constant whining, and even your most trusted and loyal customers have commented on the price, it’s worth noting. However, if someone constantly pesters and annoys you about your prices, and they really don’t have your best interest in mind, let it go.
People will complain. It’s human nature to find the negative. You can have the most amazing, perfect, wonderful, help product or service in the world, and someone will find something negative about it.
Don’t let the downers and haters get you down. You know that you’re offering something of great value—and if others have validated that, really count on those honest words and testimonials to boost your confidence.
Also read: How to not care what people think
In conclusion
You should have confidence in the prices of your products or services if you can honestly answer these questions:
- Is the price comparable to others in your market or field?
- Would you pay the amount you’re charging?
- Do you feel good about the prices you set?
- Is what you’re offering valuable to you?
- Do you worry too much about what others think? Why?
I hope this article helps you have the confidence to charge the right price for what you’re offering. Having confidence in yourself, your products, and services, helps you in so many ways. When you charge something that’s fair for you and the customer, it’s a win-win. Always.
In the long term, you won’t burn out, you’ll feel validated, confident, and assured. So don’t cut yourself short. You got this friend!
What are your thoughts?
How do you price your products and service just right? Is there something you do to have confidence in your prices? Let us know in the comments below. We’d love to hear from you. Mahalo!