In this episode of INSIGHT: Scaling lessons from the street – what are your products and services worth? Feel slightly nauseated just thinking about it?

My friends, you are not alone. SO MANY women entrepreneurs and business leaders find it difficult to OWN their value! Why is that? And how can we shift that thinking and ensure all you bad-ass women are NOT underpricing yourself anymore!

Today, financial advisor and Blackstar Wealth founder Wendy Brookhouse, and co-hosts Andrea Henry, Henry Business Law, Megan O’Neill, meganoneill.ca, Shelagh Cummins, shelaghcummins.com, and Susan Diaz, cp.digital, are going to help you get down to the nitty-gritty of pricing.

There are five KEY things to keep in mind when putting a price on what you do/sell:

• Factoring in overhead
• Actual costs of goods sold
• Time spent doing X
• What will the market bear?
• PAYING YOURSELF ENOUGH TO HAVE A LIFE 

Yeah. That last one. Amiright? We have ALL been there – pouring everything you have (and much of what you DON’T) into the success of your business. Yeah. Stop doing that. Your time is money. And those household bills aren’t gonna pay themselves! 

So, check out today’s episode of INSIGHT , and STOP undervaluing what you bring to the table!

For those of you who prefer appetizers, here’s a scientifically curated soupçon (that’s French for ‘a pinch of’ – and no, there wasn’t any science involved ) of some of what you’re going to learn on this podcast episode. 

Let’s get started!! 

Value Your Years of Experience

“I stopped pricing based on my time and as a coach. Obviously my fulfillment comes in time block but what people are getting is access to over a decade of helping women grow their business, all of my experience, all of my knowledge, all of the hundreds of courses that I've taken, they're getting access to someone who's not afraid to ask really tough questions and call people out on their BS. It is not based on time. Time is a great way for a service-based business to start pricing. But then like you said, we've got to add in all the other factors. And at the end of the day, I am market rate, I am at the top end of the market rate. And that is because I believe so deeply in the results that I get my women and I see it every day and I make no apologies for that.” 

What Would it Cost to Replace Yourself?

“I know for a while, I thought that I was profitable. And then when someone said, ‘Well, how much are you paying yourself? And is that what you would need to pay to a lawyer? Like, for whatever reason, if you needed to replace yourself…’ I was like, Oh, no, well, then you're not really profitable. Hey, so…nice! We have a false sense of how well we're actually doing. And when you break it down, when you understand and you really allocate for taxes and you pay yourself or at least you put an intention to pay yourself at the right level, you realize actually you need to be charging a lot more than what you're charging. But often we just say, Okay, well, we just need to pay the expenses and that's it - and that causes us to price a lot lower than we should be. So, I think that's great. I'm so thrilled that you have, you know, a step by step plan!”

Keep a Close Eye On Competitors!

“Know what other people are charging. One of our jobs is to understand who our competitors are. And I mean, I believe there's more than enough work for everyone. So, I don't have a negative connotation with competitors. I love that there's choice out there. And that's what the free market is all about, having choice and being able to choose where you spend your dollars. But we have to understand and know market rates and what other people are charging for similar programs. And then you can choose to go higher if you think your program has higher value, or lower if you think they may be a little bit ahead of where you're at. But I love how everybody's saying, let's just remove the emotion from this pricing thing!!”

Ditch Perfect and Don’t Let Fear Hold You Back!

“You can go to do as much training and personal development as you want. But if you implement nothing, you get nothing out of it. So, there's that unknown factor of the person themselves actually activating on what they've learned and how they're going to do it. I'm not sure how to answer that. But I think we have to try. We have to, you know, take a look at what our goals are and what resources we need and then do our best to find the right resources. And we shouldn't let the fear of picking the wrong one, prevent us from actually trying something - and I think that's another thing that can hold us back sometimes is that we're - this will play into the perfectionist conversation - but it's around trying to be perfect. So therefore, you do nothing.”

Stand Behind Your Price

“Stand behind your price and stand behind the value that you bring. And it is just a number. It represents nothing more than a number. And we can choose to buy into the people around us, the criticism, or you just hold your course and stand behind the value that you bring, which is what I mean when I talk about being in full integrity with the value you bring.”

So, there’s just a brief overview of what we talk about in this episode of INSIGHTS. You really should click the link and have a listen to the whole thing. And watch this space for more from this incredible group of women!