Women entrepreneurs, lady boss, boss babe, Mompreneur-- whatever you call yourself, you’re the woman in charge. You run our business like a pro and work until exhaustion, but when it comes to money, women don’t like to talk about it. And they certainly don’t charge what we’re worth. That needs to change, ladies. It’s time to know your worth.
Your Time & Knowledge is Valuable.
Successful business owners put an unmeasurable amount of time into planning and developing not only their products but their business structure. That time and knowledge invested is valuable and positions them as an expert in their area. When the final product is listed, the pricing includes not just the materials, but also the experience that goes with making a quality product.
Don’t underestimate the knowledge you invest into your business. When customers or clients are shopping around, they are doing so because they need a solution. They either can’t do what you do, don’t want to do what you do, or need help doing it. You fill that need and that’s valuable.
Your Passion Can Be Profitable.
Female entrepreneurs are often said to be pursuing their "passion" projects. Although the term can sometimes be seen as derogatory, there’s nothing wrong with turning your passion into a business. In fact, more power to the girl who turns her dream into a reality, right?
The issue is prioritizing your passion over getting paid. When you provide a service or product, you deserve to be paid. As women, we tend to feel guilty for being compensated for the work we do.
Why we are wired that way is a mystery, but think of it this way- what would you say to your best friend or daughter? Surely you wouldn’t encourage your girlfriends to work for free. Of course not! Now, turn the situation around and remind yourself to take the advice you’d give someone you love. You certainly deserve to be paid properly for the work you do.
Know Your Worth.
Let’s get deep now, shall we? Accepting less than we deserve isn’t just a bad business mindset, it’s an issue most women struggle with in several areas. Solutions seem so obvious when we listen to a friend talk about her problems, but we somehow don’t think that we also are worthy.
Let me tell you right now… you are. You are an amazing person who made something from nothing. Go into your workday and remind yourself that you are doing something awesome and you deserve the rewards from that venture. Because it’s true!
Once you change your thoughts and start seeing yourself (and your business) as valuable, it’s easier to set pricing that’s fair to both your customers and yourself.
How to Price Your Products
Now that we know we’re worthy to have a profitable business, let’s talk about how to determine pricing products and services. Just like we talked about in this product development post, research goes a long way.
Log out of your Etsy account and search what you sell. Compare pricing for the high-end items and see what they are offering. Look at the mid-range items and think about how you can add value to what you offer. And the low-range listings, ignore them. Don’t base your pricing on someone who isn’t paying themselves properly. The truth is, consumers don’t tend to trust super low pricing. Be smart about your pricing and price it where it fits.
How to Know if Your Prices Need to Be Adjusted
If you’re hearing crickets in your shop and you’ve determined that it’s due to pricing, try a duplicate listing with only the price lowered a bit. If things pick up, consider adjusting your pricing on your items.
If you’re getting more orders than you can handle, consider raising your prices a bit to slow down orders. You’ll still make the same amount of money, but you’ll be able to breathe.
I hope this helps you feel good about setting prices and you know your worth. If you’d like to be a part of a positive, uplifting community that helps each other succeed, consider Flourish by Artisan Indie. You’ll receive encouragement and training to take your handmade business to the next level. We’d love to see you there!