Today's post is just simply a heart to heart with a lot of the new business owners out there. You don't have to be a wedpreneur like me, but maybe you're going into consulting or coaching, or starting a branding and design business. What ever you're doing, you and I can relate to how it feels navigating the launch and growth of a new business.
When I first launched Beauty and the Details, I was scared about couples not working with me and vendors not referring me. So, to win people over I priced my services low; like really low. And I'd give a discount in a heartbeat. After all, I'd reasoned with myself that I was new and this is what new wedding planners have to do when they're still green!
Here I am today, and I'm so ashamed of how I used to price my services. Yeah, ASHAMED! I've long since fixed my prices and I'm strategic about the weddings I take on. But what made me feel ashamed was seeing another new wedding planner in my area (New York City) selling her services for practically pennies. I don't know the motive or strategy behind her pricing. But what I do know, is that it not a true reflection of the value she brings to the table.
One of my favorite entrepreneurs of ALL time is John Jacob Astor. (he's the PERFECT rags to riches story). He started off selling musical instruments to the uber wealthy, and even they would try to haggle with him on price. But he would never budge, because be believed, "To give something for nothing, is to weaken the giver".
This is true no matter what your profession. So, I realized that if I wouldn’t give a discount on my skillsets for my day job, why the heck would I do so for my wedding planning services? I soon learned that when we discount ourselves, we decrease the value and worth we claim to bring our couples. Not only that, but we open ourselves up to be taken advantage of. I don't know any planner that has taken on an additional service for free ' only to hate themselves for it later. And why? Because they realized that additional service decreased their value more. Now, don't get me wrong, even I LOVE a great deal, but I'd rather know I'm paying for quality service as opposed to getting the lowest rate possible.
So, as we go into the 2nd half of the year, I ask all my fellow boss ladies to take a good look at their pricing structure and strategy and simply ask, is this truly reflective of the value I give my clients? Well, is it?