Does pricing make you cry? Find out the steps to price for profit
Time Investment: 7 minutes
Suggested Product: BizRevamp®
So as many of you know we are a family of 5 – truly awesome. What isn’t so awesome is that I allowed myself to get out of shape during this.
Like many of you, I made a resolution to get fit to feel better and keep up with my kids. So I started a fitness program. This program is seriously intense but I figured for 25 minutes a day I could get my act together!
So I bought the videos. Got myself some new workout pants. Started working out. I was going to do this.
It was hard, then it was easy. Then the program changed up. Then it was hard. Then I found myself bawling my eyes out during a move yesterday.
“Big Baby” – you’re probably thinking, right?
Yes. Yes, I am. I am a baby because it hurts. Because I don’t know the form. Because I am mad at myself for not being able to accomplish this one move. But that is okay! Because I’m going to learn the form and correct foundation for maximum results.
Why does this matter to you?
As I laid on the floor unable to get up after the workout, the spinning ceiling fan revealed to me that business is so incredibly much like this. We decide on a plan; we get in the groove. It is hard. Then it gets easy. Then things change up, and a new obstacle comes along and we don’t have the appropriate form to accomplish it.
At the beginning of the year, all businesses are either drafting or implementing their new year business plan. But many times people are lost due to lack of knowledge of appropriate forms.
Pricing is a key foundational move for the exercise of your business.
Don’t let yourself get into the middle of a workout (business), get to a move (client, marketing, insert another aspect here), and be unable to hold your form….and cry. It is not productive.
The tears are wasted energy. Yes – take time to figure out why you’re crying. But why not prevent it in the first place?
The thing is, once you’re in the middle of a transaction IT IS TOO LATE. You have to suffer dealing with incorrect pricing and the headaches that come along with it. Sure you can change for future, but that doesn’t help then. This loss means potential loss of profits, word of mouth, and other customer service opportunities out of that client(s).
4 Quick Steps to Pricing Photography for Profit (IBBI)
- Identify what kind of business you want to have and how your pricing will help define that.
- Brainstorm pricing scenarios and how they can be profitable or unprofitable.
- Brainstorm pricing problems and create a game plan of how to overcome them (i.e. how to get rid of your excuses for not having a profitable pricing structure).
- Implement your new price list without freaking out YOURSELF and your clients.
Need more help?
BizRevamp® will teach you how to examine your costs and adjust them where necessary. It’ll help you identify your volume, range, and desired profit and teach you about client fees and pricing models. You will have 24/7 on-demand video access, transcripts, resources, bonuses, and an exclusive TLT Business Community for students only.