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Easy Money Conversations with Linda Hunt - Pricing Your Services on #MomentumTribeMojo Show
About The Guest
Linda Hunt helps business owners gain confidence about their numbers and train their money muscles with systems that leverage their time and boost their bottom line! As founder of SUMSOLUTIONS, Linda provides accounting and bookkeeping services.
Q1: As business owners, why is it important to have money conversations with your potential clients and customers?
A: As a business owner, you must be sure to set the same expectations and agreements regarding your transactions to avoid conflict and loss of money later. You need to set a confident mindset that your business and services are valuable.
Q2: In your experience, what's the biggest challenge you see entrepreneurs facing when it comes to talking about money with their clients and potential clients?
A: Don't put money in the driver's seat by saying whatever is necessary to get the client. Understanding your value is based off your costs and profits.
Q3: Why can it feel to a business owner that they are working all of the time and there's not enough money coming in the door?
A: Entrepreneurs cannot forget to pay themselves. Don't forget to pay yourself, don't forget about taxes, and don't put paying yourself last. 80% of your production comes out of 20% of your people, so focus on the inner circle that is leading you to profits.
Q4: What are some of the different ways entrepreneurs can price their services and how does the entrepreneur know which one of them is right for them?
A: The most common rate is per hour. Value-based packages are monthly and retainers are annual rates over time.
Q5: How does one know how much to price for his or her services?
A: User all three methods. Work with a flat-rate baseline first. Then, while "cleaning up" what you're working with, charge per hour for total hours with a refund or extra payment after. Then, use a value-based package, where you can charge more than per hour.
About #MomentumTribeMojo Show
#MomemtumTribeMojo, brought to you by Zef Zan with co-host Kim Kasparian, is a weekly business show live streamed on Crowdcast.io to help you create unstoppable momentum so you can achieve breakthroughs in the areas of mindset, marketing, management, and money.
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