So you can stop Wasting everyone’s time
“Should my prices be listed on my website?” I see this question pop up often from other entrepreneurs in service-based businesses. I find that we all have opposing views depending on how long we’ve been in business, services offered/industry, lead generation wishes or a myriad of other personal reasons. For those just starting out, it can be quite confusing so I wanted to touch on it and open it up for discussion here on my blog.
When I first launched my writing and digital marketing business I didn’t post my rates on my website. I was in “do-mode” of getting my business out to the world so I was doing everything on the fly in order to push past the fear. I’m the kind of person that has to act fast because if I think about it or research too long I become paralyzed with fear.
The thought that I may have been losing customers because prices weren’t listed on my website never crossed my mind. Another reason that I didn’t have prices listed was because I was unsure of them myself. I didn’t want to be pigeon-holed into a price that I wasn’t confident about. I was still “feeling things out” so I felt more comfortable winging it.
As time went on and I did more research, I found that most entrepreneurs suggested posting rates for the world to see. That was a scary proposition because that meant I had to commit and really put myself out there. What if my rates were too high, or worse, too low? It was a vulnerable moment but I did it and perhaps you should consider it too.
Here are a few reasons you should consider posting your prices on your website.
Stop Wasting Everyone’s Time
Time is an asset that you can’t get back and your potential clients feel the same way. If you’ve made it on their shortlist but they’re unsure if they can afford you or they’re in a pinch, you may fall off the list. Don’t give them one more reason to not choose you because you don’t have your rates posted.
Sorry to break it to you but there are tons of businesses that do what you do in some capacity. The potential client may connect with you and love how you do it but if they have to go through a long, drawn-out process to get basic information they may just move on. It’s that whole path of least resistance thing. Ain’t nobody got time for all that!
Let’s not disregard your own time as a business owner. The time you spend vetting people and responding to requests about your prices takes away from time you could be pitching new clients or working with those who get it. Do you really want to spend several minutes a day or week turning people away or even worse negotiating your prices? Of course not.
I’m well aware that if you’re just starting your business and clients aren’t exactly flooding in that this doesn’t sound like the worst thing that could happen. This brings me to my next point.
weed out who isn’t a good fit
By posting your prices on your website you immediately weed out those who aren’t a good fit…yet. Your ideal client is comprised of a number of qualities, however, a big one is that they can afford you. Let’s be honest here for a moment. We all have bills to pay. The potential client could very well check off every other box with the exception of money. But you still need to feed your family and there’s nothing wrong with that.
Can you imagine if I walked into Restoration Hardware holding a catalog with everything in it circled but had no money? Sure, I have the taste and desire to purchase but no cold hard cash (I don’t do credit). I’m not their ideal customer yet and you can believe they won’t feel bad about turning me away and neither should you. I’ve struggled with my discounting mindset but I know I’m worth it.
On the reverse, many potential clients could assume that they can’t afford you without a price to go on. This may be true and it could also be false. Do you really want to take that chance? If you remember my case above, initially I just didn’t think about posting my prices.
Have you heard the cliche “if you have to ask the price that means you can’t afford it”? Most of us subconsciously believe that so when we don’t see prices we perceive and assume something is out of our league. Now this might be what you’re going for. Many entrepreneurs sell their services based on value vs. price. They prefer their ideal client to be value-focused vs. price-focused. This is actually a great strategy that you can use…and still list your prices! That’s why it’s imperative to know who your ideal client is and what your brand stands for. It comes down to positioning.
I’ve heard business owners say that they don’t list prices because that’s how they generate leads. There are many great ways to get leads but don’t throw the baby out with the bathwater.
And that’s all I have to say about that.
Prices aren’t Set In Stone
Fear is palpable when you’re an entrepreneur. You’re constantly wondering if you’re making the right decisions. You’re reading every blog, watching each webinar and digesting e-courses galore to make sure you’re on the right track. You’re also grasping at straws from others who’ve come before you and that’s where finding your tribe comes in.
It all seems so overwhelming and finite. Well, it’s not.
A major thing to keep in mind is that it can all be changed literally with the click of a button. It’s your business so you make the rules. How awesome is that? If you think your prices are too low or high, simply update your website to reflect that. Is your pricing structure not working or not attracting your ideal client? Change it after doing some testing.
When it comes to pricing (or anything) it helps to see how others have done it and adapt to best practices. You still have to do what works best for your business but you don’t have to reinvent the wheel. I’m constantly looking at entrepreneurs who inspire me to see what they’re doing and tweaking my own model. It’s perfect because when you’re fairly new in business it’s expected and no one notices or even cares. Take advantage of it and play with it. I love having all control since it’s one of the reasons I started my own business.
“How do I quote a project or list prices without knowing the intricacies and details of an individual project?” That’s one of the questions I had when I began freelancing. You will undoubtedly need more information before accurately pricing a project but you can still give people an idea of your range.
Here are some brief suggestions of techniques to help you with pricing your services:
- Use software like typeform to create a form to vet clients
- Use terms like “Starting at ….”
- Include a price range “$500 to $1,000”
- Breakout types of services and prices
- State that custom projects will be quoted separately
I hope this helps you decide what’s best for your business. If you liked this article, sign up for my list below to be the first to know about my upcoming ebook. I’ll give you helpful tips, tricks ,and information on how you can move past the fear to start the service-based business of your dream, start earning an income fast and live the laptop lifestyle!
Do you have prices for your services listed on your website? Comment below and let me know your thoughts either way.