DOING BUSINESS BETTER:
Getting Paid What You're Worth
Running a business is an incredible undertaking. One vitally important factor is…GETTING PAID. As a new business owner you may struggle with asking for and being paid for the value of your service. Here are 5 ways to make sure you are paid the right value for your services:
1. Create a great product or service. In a world of mediocrity, greatness stands out. You should be working in a business where you have knowledge or particular expertise (more on that later), and have committed to creating a product or service where there is a real need.
2. Set a competitive price. Research your market. What is the minimum, maximum and average cost you have seen for your product or service? Let’s be honest your product may be great, but your price needs to be something the “market” can bear. Pricing your rhinestone tee-shirt at $100.00 when the market price is $35.00 is unrealistic.
3. Stop undercutting your price to get the work. Everybody does this occasionally because they need work, but at what cost to your business long term? If you give the client a deep discount this time, you won’t ever be paid what your product or services are worth from that client. If you research your prices and make sure they are competitive in your market customers will pay what you ask for.
Gwen M. Hill