You are face to face with your client…a client you really need. You are a female business owner and you can feel your heart beating in your chest because your client is wavering…they’d really like to hire you but your price is too high for them. What do you do? Well, many of us blurt out, “for you I can discount 20%.” The client agrees and you close the sale. But, how does that make you feel? How does that make your client feel? You’ve just devalued your business and you both know it.
As women in business, we often shy away from charging what we are worth. Well…it’s time for that to stop. This is business. Your time, skill and knowledge is of value. You are of value.
Kim Eichelberger, Owner of Eichelberger Photography spoke to the women of LBB regarding strategies of setting your own pricing. As a small business owner it can be quite difficult to set and stick to your pricing strategy. You truly have to understand the cost of doing business before you set a price. Understanding your cost of doing business includes factoring in consultation time, drive time, set up time, the product, any service fees that are incurred, and your skill. You have a competitor that will always beat you with a better price. You are being hired because you have a product or skill that can not be acquired elsewhere. Hold your head high, stick to your pricing structure and get paid what you’re worth!
Erin Mace, Owner of Mediate and Restore talked to the women of LBB about negotiating skills. She emphasized that negotiations are a science; a practice in listening…not a barter. Do not enter into a negotiation without knowing everything you possibly can about the person, or company you are negotiating with. When setting up your position be sure you have defined your ethos, logos and pathos. Ethos is your ethics, your character, your accomplishments. It’s the reason why you are qualified to get what you’re asking for. Logos is the logic of your argument. It could include market statistics. It’s the words you use. Pathos is the emotion of the argument, how your argument can affect others, the situation, the company, the heartstrings. When negotiating do not forget to listen. Erin reminded us that the negotiation table is no place for tears or personal emotions. This is business…the person your negotiating with does not care about your personal woes. In her words, “pull on your big girl panties” and get paid what you’re worth!
Ann Carden, CEO and Founder of A. Carden, Inc., successful entrepreneur and business coach, encouraged the women of LBB to set themselves apart in the marketplace by establishing themselves as the authority, leader or value added business. Perhaps you may identify a service of value that will set you ahead of your competition. Maybe you could partner with non-competitive industry professional to cross market services or bundle product offerings. Creating value driven products and services will allow you to raise your price point and get paid what you’re worth!
So…take control, put together a simple strategy to set yourself apart from your competition, factor in your cost of doing business, pull on your big girl panties and get paid what you’re worth!
Little Black Book currently has three chapters that meet in Wentzville, St. Charles and Chesterfield. Our Wine & Workshop series is held once a month in each chapter. Our members are invited to attend each Workshop as a FREE member benefit.