Ep 16 - How To Set Your Prices For Your Products And Services

Inspiring Women in Business

As a freelancer, it is important to know how you should price your services. But how do you do it? Where do you start?

In this episode, I talk about how to set your pricing and rates for your services properly. I also talk about the money mindset and how important it is to address that first.

Key takeaways from this episode:

• We get trapped in patterns, and if we don't address them, they can show up in different ways in our business and life.
• Helping people and making money doesn’t have to be mutually exclusive.
• Others can't advise you on what you should charge because your experience and how you feel towards the value add are unique.
• We owe it to others to charge the right amount. Otherwise, we can devalue a sector or an industry.
• There isn't one size fits all. We have different experiences. We have different attitudes. We have different confidence levels. Don't worry too much about what others are charging. You've got no idea what their business model is. How profitable they are. What else is going on inside their business as well.
• Avoid charging what you're worth. You can end up pricing your services and products based on how you feel about yourself and your valuation.
• A better approach is to look at the research. You can look at industry benchmarks for pricing.
• Make sure that your pricing is aligned with the value that you offer. Approach your pricing as value-based pricing instead of pricing according to what you'd love to charge at the higher end and build to that value.
• Don't be cheaper, be different. Make your offer unique and irresistible.
• Consider moving away from hourly rate traps as they tie you to the effort spent rather than the value you deliver.

Episode Timeline:

00:04 Intro

01:08 Episode Intro

01:41 Business Building Hub

02:44 Set Your Secret Base Rate

03:34 Base Rate Calculator

04:14 Money Mindset and Pricing

05:30 Understanding Our Behavior Towards Money

06:32 Our Money Stories

06:21 Sales funnel

07:48 Why You Should Not Ask in FB Groups How to Price

08:52 The Fallacy of Charging What You’re Worth

09:15 What Should You Do Instead

09:59 Aligning Your Pricing With the Value That You Offer

10:59 Don’t Be Cheaper, Be Different

11:32 Recap

12:21 How to Unlearn Things

13:20 Outro

Get the Free Base Rate Calculator Workbook here:

https://www.ruthgilbey.com/base-rate-workbook

More about Ruth:

Hi, I’m Ruth, a business coach specializing in helping freelancers and business owners adjust their mindset and marketing so they can get fully booked with clients they LOVE to work with. I’ve helped hundreds of self-employed women achieve the time and money freedom they craved.

I’ve started this podcast because when I first went all in and left the corporate world to be a freelancer, I was grateful for any work that came my way. After over 20 years of freelancing and working for other people, I started to realize I’d created a glass ceiling for myself.

In 2017, I finally started listening to that voice that had been telling me for a long time that I wasn’t doing what I loved and fulfilling my true potential. It took a critical illness to give me that wake-up call. I don’t want the same to happen to you.

You can expect practical advice, inspiring stories, and a lot of aha moments as we uncover and kick to the curb all the obstacles you have been putting in your way.

I’m on a mission to inspire women to start and play bigger in business.

Connect and know more about Ruth Gilbey here:

Coaching: https://www.ruthgilbey.com/coaching

Free stuff: https://www.ruthgilbey.com/next-client

Facebook: https://www.facebook.com/ruthgilbeymarketingandcoaching/

Instagram: https://www.instagram.com/ruth_gilbey/

LinkedIn: https://www.linkedin.com/in/ruthgilbey/