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How to Raise Your Prices without Losing Income
As a creative, you likely struggle to figure out how much you should charge for your services. While things like interior design, organizing, or staging might feel like second nature to you, you know that other people struggle deeply to accomplish any of those things.
Those people are your clients, and you are highly valuable to them. How does that factor translate into your pricing model?
Plus, what if you've been undercharging for years and have finally realized it's time to raise your rates? What should your new rate be - and why? What profit margin should you aim to have?
Today on the podcast I have business coach Jennifer Kok to shed light and provide a clear, simple way of thinking around how to price your services.
About Our Guest
Veteran business coach Jennifer Kok started her first business two days before giving birth to her second child, turned it around in the middle of a recession, and then sold the company for a profit after growing it to a national brand. She makes her experience an asset for owners looking for the next wave in their business journey.
She is the founder of Next Wave Business Coaching where she is an advocate for small businesses. She helps small business owners who are in growth mode with strategy, clarity, and mindset to double digit their growth and build a sustainable business.
Jennifer owned her own service based business for over 20 years, developed a nationwide brand and knows what it takes to run a fast paced successful small business while also raising a family. She now shares her expertise with multiple entrepreneurs across the country.
Topics Discussed
In your bio, you mentioned that you started a business merely two days before having your second baby. What was that business (and what on earth were you doing working while THAT pregnant? Haha!). Tell us the story of your various businesses and careers from that point onward.
Did you ever struggle with pricing your services / products throughout your various businesses?
When you sold your business, how did you determine its valuation?
What is the first step an interior designer should take if she suspects that she's charging too little for her services?
Is there a formula for determining what an interior designer's new rates should be and, if so, what is it?
How often should interior designers raise their rates?
How can designers overcome the fear of losing clients after those new rates have been introduced?
How can designers work with you if they need help with pricing - or business in general?
Resources
3 steps to become instantly referable: https://nextwavebusinesscoaching.com/3-steps-to-be-instantly-referable/
Get a free marketing calendar for your home industry biz now: https://www.katethesocialite.com/marketing-calendar
View all episodes
By Socialite Agency
4.7
9696 ratings
As a creative, you likely struggle to figure out how much you should charge for your services. While things like interior design, organizing, or staging might feel like second nature to you, you know that other people struggle deeply to accomplish any of those things.
Those people are your clients, and you are highly valuable to them. How does that factor translate into your pricing model?
Plus, what if you've been undercharging for years and have finally realized it's time to raise your rates? What should your new rate be - and why? What profit margin should you aim to have?
Today on the podcast I have business coach Jennifer Kok to shed light and provide a clear, simple way of thinking around how to price your services.
About Our Guest
Veteran business coach Jennifer Kok started her first business two days before giving birth to her second child, turned it around in the middle of a recession, and then sold the company for a profit after growing it to a national brand. She makes her experience an asset for owners looking for the next wave in their business journey.
She is the founder of Next Wave Business Coaching where she is an advocate for small businesses. She helps small business owners who are in growth mode with strategy, clarity, and mindset to double digit their growth and build a sustainable business.
Jennifer owned her own service based business for over 20 years, developed a nationwide brand and knows what it takes to run a fast paced successful small business while also raising a family. She now shares her expertise with multiple entrepreneurs across the country.
Topics Discussed
In your bio, you mentioned that you started a business merely two days before having your second baby. What was that business (and what on earth were you doing working while THAT pregnant? Haha!). Tell us the story of your various businesses and careers from that point onward.
Did you ever struggle with pricing your services / products throughout your various businesses?
When you sold your business, how did you determine its valuation?
What is the first step an interior designer should take if she suspects that she's charging too little for her services?
Is there a formula for determining what an interior designer's new rates should be and, if so, what is it?
How often should interior designers raise their rates?
How can designers overcome the fear of losing clients after those new rates have been introduced?
How can designers work with you if they need help with pricing - or business in general?
Resources
3 steps to become instantly referable: https://nextwavebusinesscoaching.com/3-steps-to-be-instantly-referable/
Get a free marketing calendar for your home industry biz now: https://www.katethesocialite.com/marketing-calendar
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