I spent the weekend in the Los Angeles area (a place I once called home), and had a fantastic time At The Helm, a unique event for women in business where entrepreneurs, small business owners and community leaders join together for a powerful day learning and business growth. It was refreshing to see such a diverse group of women, learning, leaning and gleaning from one another. I met the organizer of the event Alaia Williams, CEO, One Organized Business, a few months back while doing some online networking in the Ambitious Diva Facebook group and we have just began our journey (she will be contributing to CAREER Magazine soon, so stay tuned).
During one of the break out sessions, Haneef Jordan, Owner, Touch My Closet (another member of the Ambitious Diva group) asked a question about setting prices as a new entrepreneur and I shared with the group the formula I used to set prices when I first began my business, well over 10 years ago. Almost immediately, I realized that I had a similar conversation with Colletta Abernathy just last week as she was sharing with me some new services that she will be adding to her virtual assistant business, Tru Level Concepts.
As a new entrepreneur, one of most challenging areas will be defining your worth and communicating your value to potential prospects. It’s easy to “throw out” a price based on what you feel you should be paid, but to be effective, you will have to understand your target market, how they do business, what the competition is charging for the same/similar services, and most importantly how to sell your business to a new customer base.
Setting prices as a new entrepreneur seems to be an on-going conversation, so I’m re-sharing this video with a formula for “setting prices as a new entrepreneur”.
If you are an aspiring business owner or setting up your side hustle, take a peek at this video and it will give you some starting points on how to set prices. While understanding your time/value are important, here are also a few things to consider:
1. You have experience/skill as an employee, but you still have to learn how to become an entrepreneur
2. Set competitive pricing because people will search competitors sites and compare pricing/services.
3. Don’t sell yourself short, but be realistic about your prices. You can’t pull prices out of a hat.
If you are in need of business development consulting, feel free to visit the StephanieHarper.com website and drop me a note and the best times to reach you via the “Let’s Connect” form!