Lifestyle and Marketing: Pricing and Gouging Notes
If you think you have to live big to attract business, think again. What attracts the business is a valuable offer delivered to the right prospect with trust, integrity, and consistency. On the other hand, it is nearly impossible to attract business when you are desperate for a job.
Your life choices can underline your commitment to an authentic and connected life, lived with awareness and respect for the well-being of others and the planet. Living these choices and letting them indicate how you present yourself to the world can be a compelling aspect of your personal marketing formula. They can distinguish the offer that is in the chosen market niche.
Insurance, Taxes, Pensions, And More!
Other considerations for self-employed people are medical, dental, life, and disability insurance. Additionally, you may need professional indemnity insurance, insurance for your equipment and records, and insurance to protect yourself in the event of an accident at your facility.
Self-employment taxes can take the unwary by surprise. Check with your accountant (you have one, right?) And find out what your tax liabilities are. How do you plan to finance your retirement? There may be tax benefit plans available for you as a small business owner. Again, check with your accountant. (Have you noticed that one of the expenses you will need to plan is accounting?)
It's easy to overlook hidden costs like depreciation. Think about the furniture and equipment you use and how often you will need to repair or replace them. Where will you get the money for these expenses? How will you pay for software updates or a technician to debug your computer?
The following chart can help you understand how to set your rates and why there is no one-size-fits-all formula.
How much do you want to take home? Net income versus gross income
Here is a partial list of the expenses you may incur in your business. Taxes
Profits
Health insurance
disability insurance
dental insurance
Retirement
Overheads
Depreciation (not theoretical!)
furniture replacement
replacement of equipment
Software update
General administration expenses
administrative help
Accounting
25-50% of your time managing and marketing your business
Vacation, vacation, and sick pay.
Where Does The Time Go?
Tip: Keep an up-to-date list of everything you do for thirty days. It is not a "to-do" list, but an "I did it" list. This will help you understand where your time is going.
Sales and Marketing
Service (email, phone, troubleshooting)
Proposals, perspectives
Telephone calls
dating
Administration (accounting, correspondence, contracts, reports)
Training
Variables that affect prices
Geography
Demography
Niche
Experience
Perceived value
Ability
Customer's ability to pay for / get value from their work
Cost of providing services
Taxes of competitors
Is it time to raise the rates? complete calendar
Reputation as a leader or expert
Refuse the job
Author or speaker recognized
Affiliations or prestigious awards
Advanced Training / Certification
Advanced services
cost increase
Strategies for raising prices
Incremental annual increases
Increase the business cycle
Increase the "current rate"
Make sure the current rate is set by the running businesses!
Do the current rates reflect your costs and services?
More work to justify rate hikes of more than 10%
Keep customers informed about how good you are
Training and skills development
Concern for your well-being
Service and capacity improvements
How did you save them time or money?
How did you earn them?
How did you solve the problems for them or for others?
what you are required
Create a frame of mind that supports your value statement
The body of trust
What customers want to know when you raise prices
What are the new rates?
When do they come into effect?
give reasonable notice
Consider giving current customers a grace period to comply
Why are they going up?
What value will the customer receive for the higher commissions? Adjust pricing to manage job type and workflow
Projects you really don't want
urgent work
Difficult customers
The gain is proportional to the risk (and dislike!)
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