8 Ways To Get Paid What You Are Worth In Your Own Business Part One

Running a business is an incredible undertaking. There is so much to consider. One of the crucial factors is…GETTING PAID. In this issue, we will start the conversation about how you can get paid and finish up the next time.

1. If you want to get paid, consider the following:

  • Set your price. Your price should be competitive. Research your market. What is the minimum, maximum and average cost you have seen for your product or service? Be different. Set your prices competitively; not simply by what you want to get paid.
  • Let’s be honest “your product is GREAT”! But your price needs to be something that the “market” can bear. Pricing your rhinestone tee-shirt at $100.00 when the market price is $35.00 is unrealistic. Sure those who love you will pay the price, but eventually, you will run out of relatives. Who will you sell to then? I know, you’re thinking well this method has been working for about a year now. Great, but if you have not done your research, and you don’t know what to do when sales slowdown, you are out of business.
  • Do you know that you have a niche and a market? Your niche is your piece of the market (for example your friends and family). But the market is all of those tee shirt lovers who want your product.

To get paid:

  • Know what your market is willing to pay for your goods and or services.
  • Set your price accordingly.
  • Gain brand loyalty.
  • Increase your costs annually to get closer to your “real” price. Remember to be realistic.
  • Create a higher priced product and upsell your customers. Offer it at a discount when your clients purchase their favorite tee shirt.

2. Stop undercutting your price to get the work. Everybody does this because they need work. But at what cost? If you give the client a deep discount, this time, won’t he want one the next time also? Ask yourself if you will ever be able to get paid what you are worth from this client?

  • If you research your prices and make sure they are competitive in your market, customers will pay what you ask.

3. Know when to say NO. Everyone wants a deal. When you own a business you should always structure your prices, so you make a profit. When providing goods and services:

  • Beware of clients looking for the cheap, fast, and in a hurry. Every sale should be seen as a project. Every project needs a manager. That would be you. Projects managers keep their eye on cost, quality, time and scope.
  • Typically, you will be faced with sacrificing something to meet the needs of the customer. If you cut your price, you may need to set a delivery date that is later than what is expected. OR you may consider sacrificing quality by using cheaper materials. Do not do it. You always lose.
  • If something has to be sacrificed, consider changing the scope of the project. Let’s say you are tasked to create 50 tee shirts (adorned with Swarovski Crystals) that are needed within a week, and the client wants a discount because of the quantity.
  • Offer the following solution: We can meet your deadline, but because of the short amount of time we can not give a discount. To meet your deadline, we would need to increase the price by 10 percent. Or we can deliver 30 shirts in the time frame required, but again we will not be able to reduce the price. Our final option is we can complete the job and give you a 20 percent discount because of volume, but we would need two weeks to finish the job.

No matter what they choose, you win.

Just know you need to walk away if the client asks you to sacrifice quality. Your company’s brand is in the quality of your product. Never sacrifice it.

That’s it for this edition. Stay tuned for the final five. Surefire methods to ensure you expertise shines and your invoices get the clients attention early to generate money in your bank account.

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