What to price your goods and services at is usually a very tricky topic that often makes new right-brain business owners squeamish, and can also affect the seasoned business owner. If you are offering something intangible like coaching or abstract like art, it can feel confusing to put a price tag on it. And, at the same time, if you know it is going to bring a lot of benefit to those who want it then you want to offer it at a price that reflects that. Let’s break this down and I will tell you why I think it’s best to charge the least you can rather than the most you can.
First, consider why you have a business at all and what money does to serve you. It provides for your needs and you probably started a business to provide for yourself in a way that felt more authentic. So, money that comes in is meant to cover the costs of living for you. Add up those costs. Add up all your bills, look at your account history. Get clear on the specific amount of money that you need each month to provide for yourself. This includes needs, wants, and luxuries that really allow you to operate at your best where you are now. This will change over time as you and your business evolve. I like to re-evaluate this each year.
Second, consider that in order to offer what you offer, you must have your needs met. Your value lies in what you share with others who want it. So, they are helping to provide for you so that you can offer it and they can get it. They are not paying for what your product or service is worth. For myself, I know that much of my work is invaluable to my clients. Their whole life may change from one session or program. And it’s impossible to put a price tag on that. But, I can offer it at a value that allows me to meet my financial needs and therefore feels worth it to offer it as well as doable and valuable for those who want it.
Get clear on the optimal amount of time you need to provide your service or offering. This will also change over time, so let it just be for now. For instance, you may know that you do best meeting with 3 clients a day, or with 2 hours of production time. Feel it out. Get to a specific number again. This will help you know that you have ____ hours a month to offer your service and you need to make ____ amount of money a month. Now you can figure out the LEAST amount that you can charge to offer what you offer. Trying to figure out the MOST you can charge is like trying to figure out how to eat the most food you can eat at a meal. That’s not what your body needs and it will create an unhealthy experience. But, when you tune in with what is the least you can get that is enough for your body, then you can feel healthy.
Monthly Money Needed \\ Monthly Time Needed = Price Tag
Ane Axford is a licensed psychotherapist, clinical hypnotist, and highly sensitive CEO of sensitive + thriving, Inc. She utilizes holistic lifestyle services to serve those who have the genetic trait of high sensitivity in thriving wherever they may be, from struggling to leading with sensitivity. Ane is of our licensed Right-Brain Business Plan® Facilitators.