Pricing Strategies: 5 Key Factors for Profitable Business Pricing [Ep. 207]

In this podcast episode, Michelle explores the often controversial topic of pricing in the online business world and offers a fresh perspective on the subject. She delves into two main aspects of pricing: factual data points and the influence of goals, vision, pricing strategies, and communicating value.Key Takeaways:Pricing Considerations for Profitability: To ensure profitability, it's crucial to consider five key factors: time, administrative costs, overhead, software and license costs, and the competitive market.Time is a Critical Variable: Many service providers, especially solo entrepreneurs, often neglect tracking their time spent on tasks. Accurate time tracking is essential to determine the true cost of executing a product or offer.Administrative Costs Matter: Administrative costs include expenses related to virtual assistants, team members, and software. It's important to calculate and include these costs in your pricing strategy.Lifetime Value of a Client: Consider whether your pricing model should be focused on one-time projects with repeat business or a monthly retainer model with lifetime value. The approach should align with your business goals and strategies.Raising Prices Isn't the Universal Solution: While price increases can be beneficial, it's not a one-size-fits-all solution. You need to evaluate your pricing structure holistically, considering factors beyond just raising prices.Focus on Strategy and Alignment: The key to successful pricing is creating a strategy that aligns with your business goals and feels right for your business model.Michelle emphasizes the importance of conducting thorough research, tracking time, and aligning pricing strategies with your vision to create a pricing structure that serves both your business and your clients effectively.Focused Visionary Rapid Fire Day Sunday Morning Brew If we haven't connected yet - I would LOVE to chat with you! Let's share a virtual cup of coffee and you can tell me all about you and your business. Connect with me on IG: https://www.instagram.com/michelle_denio/To learn more about customized 1:1 business growth support packages, visit our website or email michelle@michelledenio.com

Om Podcasten

Are you a small business owner, solopreneur, or online business professional feeling overwhelmed by the constant demand to grow your business and increase profits? Frustrated by inconsistent revenue and struggling to find clients who are the perfect fit? You’re not alone. Many entrepreneurs face these challenges without a clear plan to create sustainable, profitable growth. Welcome to The Real Truth About Business, where we dive into the proven business growth tips and strategic insights that actually work for small business owners and solopreneurs. This show is your go-to for no-nonsense guidance on strategic planning, business growth, lead generation strategies, and relationship marketing techniques. Each episode cuts through the noise, focusing on sustainable growth strategies to help you maximize profits, increase revenue, and build a solid foundation for long-term success. I’m Michelle DeNio, Business Growth Strategist and creator of the Focused Visionary Accelerator—a program designed specifically for entrepreneurs ready to get serious about strategic growth. With a background in business strategy consulting and revenue growth planning, I help small business owners like you transform your business by implementing targeted, action-driven plans. Together, we’ll navigate the journey to scalable success so you can stop trading time for dollars and start seeing the growth you deserve. The Real Truth About Business is designed for those ready to make strategic moves, whether you’re looking to grow your client base, improve sales conversion, or increase revenue. Each episode answers the questions business owners are asking, such as: 👉What’s the best approach for revenue growth planning? 👉How do I attract high-paying clients? 👉What lead generation strategies work best for small business growth? 👉How do I implement effective sales conversion strategies? 👉How do I market my business without burnout? You’ll find actionable advice on everything from small business growth planning and online business development to profit-boosting techniques that align with your vision. Connect with me, Michelle DeNio, on LinkedIn for more insights and updates: linkedin.com/in/michelledenio. For more on how to work together and explore the Focused Visionary Accelerator, visit michelledenioconsulting.com.