Do You? Do you charge for services what you are worth?! Years ago, just out of culinary school I opened my first business…A catering company.
I was hungry for any business and to grow my name. I never turned a party or event down. Whatever the budget I would work it out. Why shouldn’t I? I was the “new kid on the block”.
After about 8 months, I was started to resent my dream! I no longer wanted to own this company. I was barely enough money to pay the bills and definitely not enough to justify the amount of time and effort I was putting into the business. I was at a point where I was going to close up shop. Instead, I did the unthinkable…I raised my prices across the board. I also turned down any event where I was not making at least a 75% profit.
Now, I expected that this would be my ”out”. Surely by raising my prices my current clients would leave and any new prospects would run for the hills! The lack of business would eventually force me to move on to new endeavors. Or so I thought…
Once I raised my prices my Perceived Value finally matched my quality and skills. I was attracting new quality clientele. Not the nickel and dimmers I was servicing before. The clients that were loyal from the beginning wondered why it took so long!
I started enjoying my business again. I was having fun creating and working with people that appreciated my work. I was delivering high caliber service to high caliber clientele. And guess what?? I was so busy from repeat business, referrals, and guest at the events I catered. Most of these new clients did not even ask price. They simply told me what they would like and I exceeded their expectations. Not only was there no hesitation when it was time to pay the bill, but most gave a generous gratuity! What did we learn today?
Don’t sell on Price! Sell yourself! Sell your features, benefits, and value!
Let your prospects see there is NO COMPETITION!