Lifestyle and Marketing: Pricing and Rise Notes
Lifestyle and marketing
If you think you need to live big to attract business, think again. What attracts the business is a valuable offer delivered to the right prospect with trust, integrity and consistency. On the other hand, it is almost impossible to attract business when you are desperate for a job.
Your life choices can underline your commitment to an authentic and connected life, lived with awareness and respect for the well-being of others and the planet. Living these choices and letting them inform you about how you present yourself to the world can be a compelling aspect of your personal marketing formula. They can distinguish the offer that is in the chosen niche.
Insurance, taxes, pensions and more
Other considerations for the self-employed are medical, dental, life and disability insurance. Additionally, you may need professional indemnity insurance, insurance for your equipment and records, and insurance to protect yourself in the event of an accident at your facility.
Self-employment taxes can take the unwary by surprise. Check with your accountant (you have one, right?) And find out what your tax liabilities will be. How do you plan to finance your retirement? Tax-free plans may be available to you as a small business owner. Again, check with your accountant. (Have you noticed that one of the expenses you will need to plan is accounting?)
It's easy to overlook hidden costs like depreciation. Think about the furniture and equipment you use and how often they will need to be repaired or replaced. Where will you get the money for these expenses? How will you pay for software updates or to have a technician debug your computer?
The following chart can help you understand how to set up your rates and why there is no "one size fits all" formula.
How much do you want to take home? Net profit versus gross income
Here is a partial list of the expenses you may incur in your business.
Taxes
Profits
Health insurance
Disability insurance
Dental insurance
Retirement
Overheads
Depreciation (not theoretical!)
Furniture replacement
Replacement of equipment
Software update
General administrative expenses
Administrative help
Accounting
25-50% of your time managing and marketing your business
Vacation, vacation and sick pay
Where does the time go?
Tip: Keep an up-to-date list of everything you do for thirty days. It is not a "to do" list, but a "I have done" list. This will help you understand where your time is going.
Sales and Marketing
Service (email, phone, troubleshooting)
Proposals, perspectives
Telephone calls
Meetings
Administration (accounting, correspondence, contracts, reports)
Training
Variables that influence prices
Geography
Demography
Niche
Experience
Perceived value
Capacity
Customer's ability to pay for / get value from their work
Cost of providing services
Competitors Commissions
Is it time to raise the rates? Complete program
Reputation as a leader or expert
Refuse the job
Author or speaker recognized
Prestigious affiliations or awards
Advanced training / certification
Improved services
Cost increase
Strategies for raising prices
Incremental annual increases
Increase the business cycle
Increase your "travel rate"
Make sure the current rate is set according to the companies in operation!
Do the current rates reflect your costs and services? More work to justify rate increases of more than 10%
Keep your customers informed about how good you are
Training and skills development
Concern for your well-being
Service and capacity improvements
How did it save them time or money
How did you make them earn?
How did you solve the problems for yourself or for others
How much request?
Create a frame of mind that supports your value statement.
The body of trust
What customers want to know when you raise prices
What are the new rates? When do they come into effect? Give reasonable notice
Consider giving current customers a grace period to comply
Why do they go up? What value will the customer receive for the higher rates? Change prices to manage job type and workflow
Projects you really don't want
Urgent work
10/20 11/
The profit is proportional to the risk (and disgust!)
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