Charge 10% more than competitors from Day #1 !!
One of the biggest mistakes that I see entrepreneurs make is undervaluing their products or services. It is tempting when you are beginning a new business to undercut your competition because you believe that a lower price will draw in customers and clients and help you to begin to build up your business. However, ask yourself if you really want to establish a reputation as the cheapest consultant or having the cheapest products.
What do you think of when you hear “cheap“? What associations come to your mind? Are these associations reallywhat you want your clients or customers to associate with your business? Or would you prefer that they associate yor business with professionalism, expertise, and quality? I think any entrepreneur wants the latter.
Quality customers and clients are much more willing to pay for these things. And as an aspiring Enterprising Soul you should be striving to attract these quality customers and clients who are willing to pay you what you are worth.
So set your rates at 10% above your competitors and then focus on marketing the things in your business that you offer that make you worth the extra money. Do you have years of life and work experience, advanced education or training, or special skills? Do you always go above and beyond in order to put your personal touch on things and provide extra special service and exceptional value? Are your products or services of a higher quality than your competitor’s?
Whatever it is that makes your buisness extraordinary, focus your marketing on that and create your distinction!