Most starting entrepreneurs base their own prices depending on how much their competitors are charging.

They look at what other people are doing and they try to do more or less the same thing… without even realizing that this is one of the biggest mistakes you can make when pricing your services.

Think about it…

Do you think that every successful entrepreneur out there decided their rates by looking at what other people are doing?

No way.

Every successful entrepreneur knows that it’s not about what other people are doing, it’s about what you can bring to the table. (That’s why the entrepreneurs are successful, to begin with!)

Successful entrepreneurs are not like most people, they’re different, they act differently, they think differently, and they focus on the right things in their business rather than looking at what other people are doing.

Look at Starbucks vs Dunkin Donuts.

Starbucks and Dunkin’ are the two biggest coffee-focused eatery chains in the U.S. Both companies offer similar coffee options—although different food options—and both have similar overall strategies. 

Starbucks offers a premium experience by focusing on the comfort of the customer. They offer free wifi, cozy decor that invites people who are looking for a place to read, work or meet with friends.

This is what makes Starbucks different and why you would pay a lot more for a cup of coffee in comparison to Dunkin Donuts.

We can also take a simple example as taking a taxi or taking an Uber. The Uber perhaps might be a little bit expensive. But you have an application on your phone which gives you the opportunity to schedule your rides, you can see how far your Uber is, and on top of that, you can also get to know your driver.

What Uber is selling is an experience.

That’s exactly what we’re going to cover today.

Today I want to talk about how to price yourself as a personal brand.

A couple of weeks ago, one of my coaching clients told me that she wanted to offer her services for more than 150 euros, but she’s seen other people in her industry charging 50 euros for what she does. She asked me if it was okay to charge more.

When someone comes with these types of questions to me, I usually dive deeper into the conversation because I understand that there’s something more behind that question.

And what we’ve identified, after asking a couple of questions, is that she had the belief that she can’t charge more money for her services, because other people in their industry are not charging that much.

But the mistake that she was making was that she was looking at what other people are doing and determining what is possible for her.

My friend, when you build an intentional personal brand online, it’s not about what others are doing. It’s about what you can bring to the table.

My friend Seth Goding, (he doesn’t know we’re friends), describes a brand beautifully:

A brand is a set of expectations, memories, stories, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.

In other words: a brand is an experience that you provide to your customers.

An experience is based on how you make someone feel. That’s exactly how I want you to start looking at your brand right now.

Your brand is what you do, what you create, and how you serve your customers.

The trap that most people fall into is that they believe that there’s a maximum or minimum pricing that they should charge.

Most people think that the more they charge, the fewer clients they will get.

I remember when I started my photography journey in Aruba, I started to charge 75 AWG (35 euros), for a complete 1-hour photoshoot and some people found it pricey, others found it cheap.

When I raised my price to 150 Aruban florins… people still found it pricey and others found it cheap.

When I raised my price to 250 Aruban florins… people still found it pricey and others found it cheap.

When I raised my price to 350 Aruban florins… people still found it pricey and others found it cheap.

At each level of my growth, there were a group of people that found it pricey and others that found it cheap.

My job wasn’t the serve everyone. My job is to stand in my purpose and believe what I’m worth.

The price is not the main deciding factor.

The offer, the value, the experience that you create will determine how much money someone would invest in your services or products.

How do you decide your price when you’re first starting out?

My business mentor once told me that how you see business determines what is possible for you.

As a wedding photographer, my prices are above the industry standard.

Why? Because I understand the value and experience that I create for my clients when they book with me.

When a couple books me as their wedding photographer, they’ll receive a welcome gift. Usually is a bottle of wine with a handwritten note to welcome them to their experience with my brand and how excited I am to be part of their big day.

When delivering their photos, I like to underpromise and overdeliver. Meaning, when I promise my couples that they will get an average of 250 photos, I’ll make sure to give them some extras and perhaps a free print as a gift.

This goes as simple as responding to their email within 24 hours, sending a WhatsApp message and asking them how the wedding planning is going and if there’s any way I could help, or simply, share their photos on Instagram story.

I’ll do everything to my abilities to make sure they have the best experience ever with my brand.

The same goes for you.

When deciding your prices and packages can you think about how you can provide an extraordinary experience to your clients? Can you think about you can over deliver and make sure your clients feel like they’ve made the best decision ever hiring you.

The goal is always to think about how you can serve your clients to the best of your abilities rather than looking at what other people are doing and how you should fit yourself in their business.

The difference between pricing and value

Most people make the mistake of pricing their services based on the number of hours they’re going to work. We’ve been taught that way as employees, but if you want to build a profitable business you need to start treating your business as an entrepreneur.

A successful entrepreneur understands that when people are paying your services they’re paying for the value that you bring to the table.  And this value is ascertained from the customer’s perspective.

As entrepreneurs, we can influence the customer’s perspective and show them how we’re different from our competitors. This is done by having a powerful, influential, and intentional personal brand.

Price is what they pay. Value is what they get.

And if we understand that a brand is an experience. We have to be really intentional of the experience that we’re creating for our clients.

Some questions that you can use to journal and brainstorm ideas on how to bring a higher value to your clients are:

• Why would someone buy from your business? What is it about your business that makes you different from your competitors?
• What experience would you give your audience if money wasn’t an issue?
• What are three things that your past customers are always complimenting you about? (or how do you want your clients to talk about your business?)

Take some time to answer these questions and brainstorm ideas to create an extraordinary experience for your audience.

Most people wait until they have it all figured out in their business in order to take an action… and that is one of the big-fat mistakes that you can make.

Not only is this one of the biggest mistakes that you can make, but also one of the common mistakes that most entrepreneurs make when first starting out.

They say things like:

“I don’t have a website ready”

“I don’t have a logo yet”

“I don’t have my branding colors”

Or even worse: they say that it’s not perfect yet, so right now is not the best time.

And if you’re waiting until you finally feel like you’re ready, how much longer are you going to wait?

Let me ask you this: do you think that every successful entrepreneur waited until they were 100% ready to start with their business? Nope.

What I’ve learned is that successful entrepreneurs take action despite the fear. They take action without being ready.

My friend, it’s not about being ready. It’s about choosing to be ready and showing up from a place of commitment and with integrity.

If you’re ready to finally take control of your life and build a business online that not only gives you the financial freedom that you want, but also the freedom to spend time with your family and friends, I’d like to invite you to the waitlist of the Intentional Personal Branding Online Program.

This is my group coaching program which helps busy creatives build a brand online, market their services, and turn their passion into a profitable business… (without having a lot of followers or being #instagramfamous)

Sign up right here to be the first one notified as soon as I open the doors to my group coaching program >>> stevendecuba.com/waitlist