Why Underpricing (and Overdelivering) Is Creating Business Burnout
We women entrepreneurs keep underpricing ourselves when offering the same service or product as our male counterparts. On average, we price up to 20% less. When I first heard that, I was blown away!Pricing is one of the quickest and most powerful ways to adjust your business trajectory and make it more sustainable. I’ve seen it in my business and those of my clients. So in this episode of the Promote Yourself to CEO podcast, you’ll learn why properly pricing your offers is the first step to designing a successfully sustainable business and how to figure out the math in your pricing.On this episode of Promote Yourself to CEO:4:49 - What is the feast or famine zone, and does your business fall into it? 13:43 - Discover the two biggest reasons why businesses in this zone struggle to compete. 16:54 - I demonstrate how underpricing can easily lead to overworking by using the example of a wedding photographer.20:07 - Taking the wedding photographer example further, this simple step is an easy way to improve your profitability and ease burnout.25:07 - What if you want to double your rates? You need to take a deeper look at these factors in your business.30:27 - Pricing impacts other aspects of your business. Michalowicz’s Profit First percentages can help you figure out the math to meet your revenue goal.33:46 - I push back against the hype of online gurus who have a certain mindset about pricing and the need for a large audience to get enough clients and customers.38:27 - What if you’re not used to selling at a higher price or booking multiple sessions at a time per client?45:51 - Keep these questions in mind as you crunch your numbers.Mentioned in Why Underpricing (and Overdelivering) Is Creating Business BurnoutProfit First by Mike MichalowiczThe Get Paid CalculatorThe CEO CollectiveRacheal on Instagram and TikTokRate and review on Apple Podcasts