Do you know your worth?

I’m not talking about in the metaphysical sense. But rather, what can your business command? If you haven’t done a payment survey of some of your competitors, make this a priority in the weeks ahead.

In the last week, I spoke with three astrologers in the same city with a relatively similar clientele. One charged $25 for a 30-minute reading, one charged $75 for a 30-minute reading and the third charged $125. They all believed themselves to be successful and each had a steady flow of clients.

The reader that charged $25 was surprised to find out that people were willing to pay $75 or even $125 for her service. But she would have known that had she taken a few easy steps to better understand her market and her competition.

Step one: Go online, use the yellow pages and or find a holistic directory of practitioners similar to yours.

Step two: Call these practitioners and simply ask how much they charge. If they ask you why, say you’re considering the service and want to know how much it costs.

Step three: If someone charges significantly more than you do ask them to describe the service rendered, or consider visiting that service provider to see if there is anything that they’re offering that differs from your own services.

Consider this information market research and use it to make sure your business is in the ballpark of where it needs to be. If you find that you’re charging more than others, don’t assume you’re charging too much unless you’re consistently having a hard time keeping clients. If you’re charging significantly less, it’s time to give yourself a raise and attract some higher-paying clients.

 

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