Summary

In this episode, I explore the psychology and strategy behind pricing for tutors and education business owners. We discuss why market research is not always the answer, how confidence and self-worth can influence pricing decisions, and how to create a pricing strategy that supports the business and lifestyle you want.

Takeaways

• Pricing is influenced by psychology as much as strategy.
• Market research is less useful for unique offers.
• Your prices should support your business goals and lifestyle.
• Fear of losing clients can hold you back from raising rates.
• Pricing often reflects confidence, not just value.
• Tiered pricing and grandfathering can make price increases easier.
• Price increases are a normal part of business growth.
• Build your pricing around your business, not your competitors.

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👋🏽 Hello! I'm Sumantha McMahon, and I've supported over 100 tutors and education business owners.

As a teacher 'dropout' turned professional tutor, combined with my 20+ years as a business owner, I'm in it with you! Yes, I'm qualified too :-)

My training leans on tried-and-tested methods that are completely tailored to our niche.

Work with me to breathe life into YOUR definition of success:

#1 Bespoke 1:1 Mentoring

High-touch 6-month programme for tutors who want to make their business more lucrative, in a sustainable way for the future, while protecting the impact they make.

#2 The Tutors' Mastermind

The leading membership for tutors that combines tailored training (live and recorded), a community of like-minded business owners and exclusive discounts.

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Sometimes, I share links to resources and apps that I recommend. They are all based on my experience - if I don't love them, I don't recommend them. In some cases, I earn a small commission for my recommendation, at no cost to you.

© 2024 Sumantha McMahon