Setting prices for your services or products can be challenging. If you are like me, you probably spend a lot of time researching and checking out what other businesses offer.
With your processes in place for client onboarding and prices set, you’re ready to rock, and you get an enquiry, exciting!
You have a great conversation with a potential client on how you can help them and then the conversation turns to the cost. At this point, you can either state your price or say that you will put a package or quote together and send it to them.
There are so many things to consider when setting prices in your business. I have my prices on my website, I decided to do this right at the beginning and I thought it would take away the awkwardness when it came to discussing prices. Some business owners prefer not to have prices on their website and rather have a discussion with potential customers. It is best to do what you feel is right for you.
Can I have a discount?
There have been occasions when I have had a conversation about potentially working with a new client and I have been asked if I would give a discount.
Now, you may have decided that you will offer discounts to get experience and confidence. Some business owners do offer discounts and some don’t.
There is no right or wrong answer, it is what is right for you and your business.
Know your worth
When I was newly set up as a new virtual assistant, I was asked to provide some admin support for a very low amount. It was less than half of what my hourly rate was at that time. They were charging their client my hourly rate, however, they wanted to keep the bulk of the money as they needed to make a profit…!
I did turn the work down and went through several emotions; I was insulted and frustrated that this person did not value me and my business. My confidence took a knock and I did feel that my abilities and knowledge were not appreciated.
I have provided work at a discount in the past but did not enjoy it. I soon realised that these clients were not my ideal clients.
I believe that it is entirely up to you whether you offer discounts in your business. You can offer discounts if new clients sign up for a block number of hours over a period of months. Or you can provide discounts if existing clients refer you.
The main thing to remember that it is your business and it is up to you how you run it.