How To Set Your Prices
Posted by Helen Dowling from Exceptional Thinking
on 05 March 2008
One of the things people have been asking me a lot about this month is how do you go about setting your prices for your business. It’s not an easy thing to do for any business and I can definitely see why people struggle with it. There tends to be two main reasons why people don’t increase their prices:
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They have looked at the competition and feel that if they price lower than the competition, they’ll get more business.
This, by the way is a complete myth. It’s more likely that people will question why your service is so much lower than the competition and think the quality of your product or service will also be lower.
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They don’t feel confident in asking what seems a lot of money to them for their products and services.
Let me explain. Suppose I was selling life coaching – the going rate for this is about £50 per hour for telephone coaching. If I thought that £50 per hour was a lot a money and that I couldn’t afford to pay this, chances are I’m going to struggle justifying why other people should pay £50 per hour.
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