Let’s talk about your pricing!

If you feel like you’re undercharging for your services or products, but you fear raising your prices… listen to this! 

Transcript

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Hello and welcome back to Beauty and Positivity Podcast. My name is Alyssa Skinner, and I created this channel to not only bring positivity back to my industry, but to also give you the mindset that I created for myself to be a successful business owner. So today we're going to talk about setting pricing, raising your pricing, a very common fear not only in the beauty industry, but any industry where you're offering a service and setting a price. People are so afraid to raise their prices because their brain immediately thinks slack. They immediately go to, I'm going to lose clients if I do this. So today we're going to uncover why that fear is simply an illusion and how you can actually benefit yourself in your business from raising your prices. So first you need to ask yourself, what kind of clients do you want? Do you want clients that say, just do whatever you want, I trust you? Do you want clients that tell you you should raise your prices? Because that exists in my clientele. They always tell me I should charge way more. Do you want clients that value you? Because that makes me feel valued. These questions seem very obvious, but some of you do need this reminder. Do you want clients that are constantly asking you for a discount or are constantly trying to remove things from the tab to pay as little as possible? Of course, we all have our days. Sometimes we do need to do that. I'm talking about people that are constantly doing this, not just occasionally, because our lives are always changing. So, just to clarify, I'm talking about clients that don't make you feel valued and constantly question your fee. Okay. Do you want clients that want you to give them their dream that requires so much of your energy, time, and skill and knowledge that you've probably spent years mastering just for them to give you the very bare minimum in return? Business is an energy exchange. Okay, I will start with that. You should never feel guilty for charging your time, skill, knowledge, and services because you're giving yourself through all of those things. And in return, the energy that's given back is money because that is the currency in business, right? Of course, we can create our own currency. So if you are in the beauty industry, you want your lashes done and you offer facials, you can absolutely trade services with someone, but that is the agreement between the two of you. The two of you see the value in that trade. That it's the same exact thing, it's the same truth for you and your services with your clients. Your clients must see the value in that trade, in that energy exchange. If you constantly have a client that's showing up 15 minutes late every single time, you would begin to feel undervalued, underappreciated, disrespected because you know what you're offering and you don't feel like you're getting that in return. The exchange might not be completely even. If you're offering your time respect by showing up on time and blocking extra time for them, whatever it is, you're naturally going to like need that in return. You're going to long for that in return because it makes you feel valued. This is an energy exchange. So now that you have been reminded that business is an energy exchange, look at the pricing that you currently have for your products and services or whatever it is you offer, whatever industry you're in. Is this a fair energy exchange? Because if you carry any guilt or you feel like you're selling to people, the first thing you need to do is look inward. Is that what you're doing? Are you actually trying to be a salesman? Are you being sneaky and grimy? Are you overcharging and just ignoring that? Because usually, in my experience, talking to business owners, that's not the case. Usually, people that I've spoken to, they feel like they're charging too little and they're scared to change it, which is how we ended up with this episode. So start thinking about what you're giving versus what you're getting. We've talked about this before. Reframe your mindset, reframe your perspective. Humans are here to give. That's why it feels so incredibly good to give someone a gift, to give them their dream, to give them something that makes them feel good. It makes you feel good. We're meant to give naturally. Always remember what you're giving, okay? How this is helping people, how it's benefiting people. This is going to help you see the value in yourself and what you're offering. I charge more than some people in my area, but I also charge less than some people in my area. I feel confident in my pricing because I know I am putting my heart and soul into it. I know that if I make a mistake, I'm going to immediately tell the client, I gotta keep you for an extra 10 to 15 minutes. I'm so sorry. A few of my clients will tell you that's happened because I'm a human. Human makes mistakes. It's not about being perfect every single time. It's about having the integrity every single time. It's about the end result, it's about the energy exchange. Hold your integrity and always make sure you feel aligned with what you're offering and what you are requiring in return. Louis Vuitton priced their purses out whatever they wanted because they set their value, not the consumer. Do not let the consumer set the value of what you're offering the world or tell you what it should be instead. You set the value and your clients have the luxury of choice. Luxury is literally being able to choose from multiple options. And we all know how many options are in our personal industry, okay? Probably a ton, whatever industry you're in. You're not the only person doing it, most likely. They chose you. The clients that value you will stick with you. In fact, I'm actually able to give more time and more energy and more love into my work because the clients that value me because I'm sorry, into the clients that value me because I'm not drained. I'm not drained using my energy on clients that don't value me as much. I'm not spending any extra time during my week pouring into people that don't value me as much. Most people understand everything goes up in price every single year. Your product, your rent, your skill, hopefully. Hopefully you are keeping up on your skill and reinvesting into your business every year, right? We want to do that. That's what makes you a master. The clients that value you will barely blink an eye at your price increase. The clients that have always wanted to take as much as possible from you while giving back as little as possible will naturally fall away, anyways, at some point. Because at some point, you were gonna have to raise your prices anyways to keep up with inflation, to keep up with your lifestyle changes. Raising your prices will simply amplify what was already in your clients all along. Listen to that again. Raising your prices will simply amplify what was already in your clients all along. If you raise your prices, the clients that have always valued you will continue to value you. The clients that have always wanted the most from you to give you back the least amount have always felt that way all along with the pricing you had before. Okay, next, think about it like this. Let's say you do lose a few clients simply because you raised your prices. You have now created space for people that actually value what you were offering at the price point you were offering it at. You've now opened slots on your schedule for people that are going to look at your price and see you for the first time and what you offer for the first time, and they're gonna think, wow, that's a great deal. Or wow, that's so much cheaper than what I was paying before. Because money is relative. Money is relative to each individual. Someone is paying$3,000 for something that someone else paid$150 for. That actually exists in my industry because there's someone for everyone. There's a price point for everyone. There is a clientele for everyone. If you're in the beauty industry, I will say most of your clients will stay with you because we all know it's not fun trying to find someone new. We all love to have our person. We love to have our person that already knows what we like, that we already trust them. And you get they they will stay with you simply because they know you know exactly what they like. And all you're doing is opening space for more clients like them. Another perspective to consider, if you're going to either make more, or I'm sorry, when you raise your prices, you are going to either make more than you were before you raised your prices, or you're going to make the same amount, most likely. You'll break even. Because while your schedule might open up a little bit from the clients that did choose to leave, the clients that chose to stay are paying more and you're working less. So that just goes right back to being able to give them more time and energy and open space for people, for new people that want to come in. So let that ease just a little bit of the fear you have of not making enough money or not being able to pay your bills or losing clients just because you decided to set your price at a certain point or raise your prices. And remember, again, always have integrity. Don't charge something just because you saw someone else charging it. Charge what comes to you, what comes to your mind, what your heart tells you to charge, truly. As long as you have integrity, you will never carry any guilt. You will, you'll never feel like a slimy salesman either. And remember your self-worth. People want to see you because of your personality, your heart, because of your skill, your style, your knowledge, because you match them. You are the only you. And you don't want clients coming to you based off of a price, anyways. You want people coming to you because it's you, because of what you get to give. So a nice and short and sweet one today. I hope this has helped reframe your perspective a little bit on how to charge as well as how to raise your pricing. But thank you so much for listening, and I'm sending you so much love and success. Bye.