When setting up my business in 2007 one of the hardest things to work out was what and how to charge clients.
I had a proven idea, a targeted customer base but what were they prepared to pay?
Taking in to consideration overheads, outlays, and what my knowledge of my client base indicated they were prepared to pay I finally settled on a fee structure which people seemed happy with.
There was no set formula for arriving at the price which is what made it so difficult.
The resources below have been compiled to assist you through the process of coming up with a price to charge for your products or services.
In The key to charging what you’re really worth business strategist Andrew Griffiths delves into the reasons why business owners fail to charge what their products or services are really worth.
Marketing strategist, Rachel Klaver discusses why you should charge for your services in a manner that is sustainable and profitable in her article Pricing right will help you make more impact
” … a business that has healthy cash flow and an owner who is paying themselves can provide stable employment, have more consistent giving, and can make decisions based on best practices rather than “what we can afford”
Related to this is her article Marketing can kill your business if your pricing is all wrong. In it Klaver says : It’s really important to start by working out your true costs, including what it’s going to take to pay yourself.
Mark Peacock, a UK based Price Coach, offers a series of video and podcasts on the resources section of his website.
Linkedin learning offers a range of video courses on price setting and valuing services. Just use your library registration to sign in and then enter pricing into the search box.
Finally, from the Library book collection there is :
Smarter pricing : how to capture more value in your market / Cram, Tony
“Are your prices too low? Some of your customers would pay more, and there are times and places where you could charge more. Of course none of your customers will tell you this, as competitors tempt them with promises of lower prices and the media trains them to be bargain-hunters. All this price pressure is one way – downwards. This book will help you to move your customers and your business in the other direction – upwards. It’s all about commanding the right price, and the right price is, more than you would imagine possible, a higher one. This is Smarter Pricing, and these are the rules of commanding a higher price and capturing more value.” (Catalogue)
And available as an e-book from Overdrive :
Price is the most significant factor affecting the profitability of every business, profit centre or department. When the pressure is on to perform or grow, your instinct may be to discount, undercut your competitors, cut costs and promote through price. Yet these are often the last things you should do. Pricing for Profit is the most practical guide on pricing available. Using a firm, profit-focused framework developed running real projects for real businesses, this book shows you how by getting your pricing structures right you can make a huge difference to your bottom line. It gives business owners, managers and leaders simple, achievable pricing strategies that will deliver sustainable business growth. Can you afford to leave money on the table? If not, Pricing for Profit is the guide for you.
If you need more information please contact the Prosearch team at the library. We can help you find information across a range of perspectives and resources. All enquiries are treated in confidence.