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The Pricing Queen
The Pricing Queen episodes
- #37 VAT threshold
So many people I know are really terrified of going over the VAT threshold in the UK. But it isn’t something to be scared of - it’s actually a good thing for your business!
On today's show, I want to talk to you about sailing over the VAT threshold without the fear, worry and self-sabotage that can go with it, so you can enjoy the growth of your business instead of worrying about whether you're going to go over the VAT threshold or not.
Because that VAT threshold isn't something to be scared of, and yet, it stops people from growing and reaching their potential. So today’s podcast is a bit of a technical episode, but it’s short so you can get it in bite-sized chunks!
So in this week’s episode of The Pricing Queen, we’re going to be covering:
- What is the VAT threshold in the UK? [1:25]
- My advice for minimising the fear around reaching the VAT threshold [1:42]
- How to prepare if you’re working business to business (B2B) [2.14]
- How to prepare if you’re working with small businesses or consumers [2:27]
- Why your supplies matter too [3:01]
- Things to ask your accountant [3:13]
- What the real issues are when it comes to getting near the VAT threshold [3:39]
- When to consider becoming a Limited Company [4:09]
- What you need your bookkeeper or accountant to understand about your business [4:26]
- When to start thinking about the implications of VAT [4:59]
Resources:If you’re earning more than £70k a year, are nearing the £85k VAT threshold, or have already gone over it and haven't been able to put your prices up or are struggling, then join me at my ‘Sailing Over The VAT Threshold’ masterclass on Tuesday 20th September - https://thepricingqueen.com/vat.
Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator.
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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8 min - The Pricing Queen Series 4 Trailer
👑 5 REASONS TO SUBSCRIBE to The Pricing Queen podcast! 👑
😟 You're holding back your business because you're worried about the VAT threshold.
🤔 You want to know when it's the right time to take someone on to help.
😭 You struggle with people pleasing and client boundaries.
🤗 You want to give something back and find it hard to price for charities and non-profits.
⏳ You want to save time pricing your products or services.
The PRICING Queen podcast 👑 is essential listening for any small business owner. It's packed full of practical advice and small tips to help you move your business forward, especially if you're feeling a bit stuck. Plus, I've got some great guests lined up for you.
It's back on Wednesday 7 September! 🎧
Make sure you subscribe so you don't miss an episode!
1 min - #36 Pricing Challenges with Ruth Ferreira
Pricing is something many in the coaching industry struggle with, and it’s often a subject that leads to a lot of undue worry and stress for new and experienced coaches alike. Common pricing issues include not charging enough and knowing how to position yourself in your chosen niche.
It’s such a big subject and one I recently had the pleasure of speaking with Ruth Ferreira about. Ruth is a Business Growth coach and founder of Success Club, and she’s passionate about empowering small business owners to take their business to the next level and accelerate their success.
So if you currently have pricing issues in your business or are wondering how to get out there and charge more for your services, this podcast is really going to help!
In this week’s episode of The Pricing Queen, we’re going to be covering:
- One of the biggest challenges coaches have with pricing [1:34]
- Why the right pricing is key to your business success [3:25]
- Why the Boston Consulting Matrix is an excellent way of looking at clients [5:11]
- How to bring in higher-paying clients from the outset [10:06]
- The one thing you can do to help find your pricing sweet spot [13:23]
- Why warning your clients of a price increase can be a tactical move [16:41]
- How to position yourself in the right market [17:18]
- How to position yourself as a premium business [21:50]
- How to proceed when you’re just starting out [24:49]
- How price point impacts the results your customers get [26:18]
- Don’t let pricing hold you back - do this instead [30:36]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Ruth’s website - https://www.successcoaching.biz/
Follow Ruth on Instagram - https://www.instagram.com/growyourbusinesswithruth/
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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34 min - #35 Cash Flow
Do the words cash flow management bring you out in hives? Do you struggle to understand how cash flow and pricing are linked? Do you know how critical cash flow is to your business? Cash flow is an essential aspect of your business, and you need to understand it. But if it currently makes your head spin, you’re not alone!
In this week’s episode of The Pricing Queen, we’re going to be covering:
- What we mean when we talk about cash flow [1:21]
- What matters most when it comes to your cash [1:45]
- The four things that make up your cash flow [2:12]
- The terms you should have in place and when to bill clients [2:54]
- Suppliers and when (and how!) to pay them [3:57]
- The one thing you absolutely must do when it comes to your tax [4:52]
- How the flow and seasonality of business impacts cash flow [6:13]
- The first thing you need to consider when it comes to cash flow [6:38]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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9 min - #34 How to be more confident with pricing with Louisa Clarke
As a business owner, there are many difficult conversations you’ll need to have. But when it comes to the most difficult, pricing has to be right up there. So many people find it difficult to be more confident with pricing, especially when it comes to putting yourself out there and talking about what you sell and how much it costs.
But it’s essential to grow your confidence around pricing conversations, especially if you’re looking to grow. It’s a subject I had the pleasure of chatting with Louisa Clarke about. Louisa is a verbal communication specialist and restorative practitioner. She helps take clients from dreading those challenging conversations to feeling like they know what to say and feel okay saying it.
So if you’re looking to get more confident with pricing and sales conversations, this week’s podcast will help. We’re going to be covering:
- The biggest mistake people make with those uncomfortable conversations [2:26]
- What pricing conversations and boundary setting have in common [3.11]
- The two stages that will help you get better at these conversations [3:27]
- Why resentment can be a helpful gauge for you [8:15]
- How to have that conversation about parting ways with a client [10:32]
- How people-pleasing and pricing fears can link to your upbringing [13:33]
- What to watch for if you’re an introvert or extrovert [16:40]
- How to get over those fears around being greedy for wanting more [23:44]
- What the overall focus needs to be to move forward [24:59]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Louisa’s website - https://www.confidentlythere.com/
Follow Louisa on Instagram - https://www.instagram.com/confidentlythere/
Sign up for Louisa’s newsletter and receive her guide to being ‘Better at Boundaries in 2022’.
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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29 min - #33 4 Pillars financial system
When you start your own business, you want it to do well, so you’ll build it on the right foundations. And it’s no different for your financial system. It also needs to be built on the right foundations; otherwise, you’ll find yourself and your business floundering.
So in this episode of The Pricing Queen, we’ll be covering the 4 Ps of financial planning and why they’re so important. This includes:
- Why pricing is so crucial to your business as a whole [2:03]
- What profit is, how to work it out and how to manage it [2:22]
- The performance indicators you need to be measuring in your business [2;22]
- The importance of planning and why it shouldn’t be left to your accountant [2:22]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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8 min - #32 The reality of making money from an online audience
Running an online business isn’t as easy as you often think it will be. Marketing is one skill many small business owners struggle with, especially when it comes to audience growth and converting those followers to sales.
So if you’ve ever wondered how you can make money from an online audience, you’re not alone! I had the pleasure of chatting with Helen Perry about it for this week’s podcast. Helen helps other small businesses with their content marketing on Instagram and via email, and she shares some good insights on the reality of making a business from an online audience.
So in this episode of The Pricing Queen, we’ll be covering:
- Why the number of followers shouldn’t be your main focus [3:30]
- Why it’s harder for a service-based business to make sales online [6:37]
- The things you need in place to attract an online audience [7:04]
- The critical thing to remember about social media marketing [8:34]
- Why you can’t rely on social media alone and what you need to do as well [9:29]
- Why connection is essential to your growth efforts [11:45]
- The one thing that will alienate your audience [12:31]
- Why competitors and the wrong people for you don’t matter [15:01]
- How long it takes to get noticed and why you should start now [16:09]
- The truth about social media and the customer buying journey [17:10]
- The big mistake a lot of businesses make with their social media [18:50]
- How to grow your audience [19:23]
- The truth about sharing too much online [20:12]
- The reality behind how our audience reacts to our content [22:17]
- What to do if you need a break from posting on social media [23:06]
Resources:Helen’s website - https://www.helen-perry.co.uk/
Follow Helen on Instagram - https://www.instagram.com/_helen_perry_/
Listen to Helen’s latest #justbloodypostit podcast - https://www.helen-perry.co.uk/the-just-bloody-post-it-podcast/
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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25 min - #31 Forecasting in your business
Do you know what your business will look like in 12 months' time? A lot of people will say forecasting isn’t worth bothering with. After all, why would you forecast and look back at the last couple of years and what happened in that time?
But I firmly believe that you should always be looking to know where you’re going. Because if you don’t know where your business is headed, you’re just going to keep drifting around and missing potential opportunities and growth.
So in this episode of The Pricing Queen, we’ll be covering:
- Why it’s essential to have a clear sense of direction in business [1:28]
- Why 20% is an important figure when it comes to client worth [2:24]
- When to consider the VAT threshold and when to plan for it [3:02]
- What things you need to take stock of when creating your plan [3:53]
- The value of 90-day sprints [5:00]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Book a chat to see how I can help you with planning your next 12 months - thepricingqueen.com/chat
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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9 min - #30 Getting investment in your business with Deborah Edwards
Have you ever wondered how to get investment in your business? For many business owners, it’s something they may never think about or want. But depending on your goals, it’s worth thinking about investment or borrowing, as they can help you quickly grow your business to the level you want.
Funding and investment isn’t an area I’m an expert in, so it was great to chat with Chartered Accountant and founder of Raised Up Finance, Deborah Edwards, on this subject. It’s a conversation that will help many business owners navigate their way through finding the right funding and investing options for them.
So in this episode of The Pricing Queen, we’ll be covering:
- Two things you need to consider before you look into funding options [2:03]
- Getting clear on what you’re gaining - and giving up [4:45]
- Why government incentives are good for you and an investor [6:13]
- The importance of having a knowledgeable accountant on your team [6:48]
- How to pick the right investor for you [8:39]
- Crowdfunding as a viable funding option [10:37]
- Small business grants [12:11]
- Angel Investors and Venture Capitalists [13:24]
- What to watch for if opting for friends and family funding [13:56]
- Why self-funding can become a bit of an expensive hobby scenario [15:52]
- The importance of a business plan [17:42]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Deborah’s websites - raisedup.finance and harlandaccountants.com/
Follow Deborah on Instagram - @raisedup.finance
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
Subscribe here:
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21 min - #29 Don't be surprised by your tax bill
Your tax bill is probably one of the most unexciting things to talk about. But it’s something that can often keep business owners up at night. There’s a real fear and lack of understanding around taxes and if that’s something that worries you, know you’re not alone!
After all, you don't want to suddenly be surprised on January 25th by a £5,000 tax bill and have no idea where you will get the money to pay for it.
So in this episode of The Pricing Queen, we’ll be covering:
- How much you need to put aside as a sole trader [1:08]
- Why so many sole traders get surprised by their tax bill [1:32]
- How much you need to set aside as a Limited Company [2:18]
- Who needs to pay VAT, and how this works [2:55]
- The steps you need to take to alleviate your tax fears and worries [3:44]
- A tip for those who are going to earn a lot more or a lot less this financial year [5:32]
Resources:Get help with working out your pricing - http://www.thepricingqueen.com/pricing-calculator
Free download: ‘Why all your small business income isn't yours to keep’ - https://thepricingqueen.com/tax
Listen, rate, and subscribe!Like what you hear? Don’t forget to rate and leave a review to help spread the word!
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8 min
About The Pricing Queen
From the publisher's feed
The Pricing Queen (a.k.a. Sally Farrant) is here to help you get clear on your pricing in your small business and increase your profits so you can create the life you deserve.
If you spend more time working IN your business than ON it, Sally is on hand with simple, jargon free practical advice to help you take control, increase your profits and become a Pricing Queen!