Are you a hard-working entrepreneur, putting in long hours but barely seeing the fruits of your labor in your bank account?
If so, you might be stuck in a hard place that many business owners fall into. The overworking versus pricing strategy for female entrepreneurs conundrum. But what if I told you, there’s a way to break this cycle and make your business more profitable?
Picture yourself running fast on a wheel, like a hamster. You run and run but never get to where you want to be. That’s the situation many second and third-year female entrepreneurs find themselves in. They work hard and love their business. But they work too much and don’t earn enough.
Now, imagine a different world. In this world, the hours you work match the money you make (And More)… You don’t have to stay up late to pay the bills or feel like you must overstretch yourself every time.
This world can be yours if you find balance. A balance between hard work and the right pricing – the type of exclusive pricing that works for female entrepreneurs.
Your pricing strategy is like a seesaw. On one side, you have the value of your product or service, and on the other, the time and effort you put into providing it. If the seesaw tips too much in one direction, you end up overworking and under-earning.
Why is it Important to Have a Pricing Strategy for Female Entrepreneurs?
As a female entrepreneur, setting a strategic pricing structure is like having a roadmap for a trip. This roadmap can lead you to success. Without it, you may get lost and struggle.
Think of it this way: You wouldn’t go on a trip without knowing where to go, right? It’s the same with your business. If you don’t plan your prices, you may end up lost.
Setting prices is more than just making money. It’s about telling people what your product or services is worth. It helps you find the right customers. Setting a good price says a lot about your product’s value.
As women in business, we often face unique challenges. These include meeting society’s expectations, balancing work with family, and dealing with bias. It’s never a straight path.
A good pricing plan helps us state our product’s value. It makes sure we earn what we deserve. It helps our business grow.
In essence, a well-thought-out pricing strategy and mindset empowers you as a female entrepreneur. It gives you control over your business’s future, ensures you’re rewarded for your hard work. And isn’t that why we embarked on this entrepreneurial journey in the first place?
Here’s a three-step approach as part of a Pricing Strategy for Female Entrepreneurs to help you regain balance:
1. Know your costs
This includes money and time costs. Picture this as the fuel your business needs.
I’ve met female entrepreneurs in their 3rd year of business who have no idea how much business is costing, yet they are just focus on making the 10K month. When you start, your business is okay to avoid this topic. After all, you’re “trying things out”, but now it’s time to let it bloom, isn’t it?
The only way you would grow is by knowing exactly the cost of carrying your services or products every single time.Ask yourself questions like:
- How much of my time am I investing, and how much does it cost?
- How many platforms am I using, and how much do they cost?
- Who else is helping me, and how much does their time cost?
- How many taxes am I paying over this?
2. Check your pricing
Ensure your pricing covers your costs and promises sustainability for your business. As a female entrepreneur, your prices are way more critical than what you think.
They should PAVE your way forward in business. They should Generate a Profit, Attract your customers, complement the Value of your product or services, and of course, cover your Expenses.
I explain this useful way of pricing and reprogramming your mind to do this for you inside of the SPS Series (Learn More about it here) It’s like checking the balance on the seesaw, making sure it’s not tipping too far in one direction.
3. Change if needed
This has to be the key element of any strategy in business.
Don’t be afraid of changing on the go. This is your best advantage of having a wealthy money mindset as a female entrepreneur.
If you work too much and earn too little, see the opportunities to change and do it, starting with your prices.
Now, what do you say, are you ready to get off the wheel? Are you ready to stop working too much and pricing too little?
If yes, download here the SPS Series: The Mindhacking tool to stop pricing doubts. Inside, you’ll learn more about the strategies discussed in this blog and get practical tips to implement them.
It’s time to step into your power. It’s time to make your business profitable and respectful of your time and effort.
