February 27, 2024 • 26 mins
Ah the mysteries of pricing! But pricing your services is not just about numbers; it's about knowing the value you bring to the table. Confidence in your pricing is directly linked to confidence in your worth. If you don't believe in yourself and your value, how can you expect others to? On today's episode, Victoria and Jess discuss how to set your prices, when to increase them, and most importantly, how to back yourself in the world of business!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello.
Speaker 2 (00:01):
My name's Santasha Nabananga Bamblet. I'm a proud your the Order,
Kernie Whoalbury and a waddery woman. I would like to
acknowledge the traditional custodians of the land of which this
podcast is recorded on a wondery country, acknowledging the elders,
the ancestors and the next generation coming through. As this
podcast is about connecting, empowering, knowledge sharing and the storytelling
(00:25):
of you to make a difference for today and lasting
impactful tomorrow.
Speaker 1 (00:30):
Let's get into it. Hello, my friends, and welcome back
to another episode of the Business Bible. If you've been
thinking of starting a side hustle or a small business,
(00:50):
my friend, you are definitely in the right place. I'm
Victoria Devin. I'm an ex financial advisor who has a
background in psychology and I currently on several successful businesses.
As always on my Business Bible episodes, I am joined
by Miss Jess Grich, who was one of my beautiful
friends but also one of the hardest working side hustlers.
(01:11):
I know, Jess, how are you.
Speaker 3 (01:13):
I'm good, I'm pumped. I've got my Stanley. I'm ready
to dive into the episode because It's one that I'm
super passionate about. I've been loving doing all the Business
Bible episodes and based on the feedback that we're getting
in our dms, Hello, we see you, thank you, so
you guys, which is exactly that's my favorite.
Speaker 1 (01:31):
Yeah, social validation, Yeah, we love it. We'll talk about
imposter syndrome later, but that has been really helping mine.
I'm obviously very passionate about backing yourself. I'm really passionate
about knowing your worth and then adding tax. How many
times on She's on the Money have you heard me
say that? But today on the show, we are talking
about the mysteries of pricing, how to set your prices,
(01:54):
when to increase them, and most importantly, how to back
yourself in the world of business, which is something that
I feel like I'm constantly ranting and raving about when
I meet small business owners in the wild. I'm like, so, pricing,
let's talk about it. Yeah, it's a little bit of
a spicy topic, but we need to be across it.
It makes you uncomfortable, I know, but that's why we
need to dive further into it.
Speaker 3 (02:16):
It's so essential as small business owners that we back ourselves.
Can you tell us, PHB why it is so important
for someone to back themselves in the business world.
Speaker 1 (02:25):
Look, obviously you've got to back yourself. Like, there is
nobody who's going to be able to back you as
much as you can. I mean, there maybe are people
who are passionate about she's on the money, right, but like,
there is not going to be one person in this
entire universe who cares more about she's on the money
than me. Yeah, and you need to be able to
validate that and back that. And if you can't be
(02:45):
that person, it is detrimental to your business. So the
reality is, if you don't believe in yourself and your value,
how on earth are you going to expect others to
confidence and having the confidence in your pricing is directly
linked to I guess confidence in your worth as a
human being as well, which it shouldn't be. But how
many times do we go, oh, I only charge or oh,
(03:06):
don't worry, like we really undermine our own value, which
to me is toxic. It's not just about the numbers
just it's about knowing the value you bring to the
table and being able to clearly articulate that.
Speaker 3 (03:18):
Yeah, I completely agree. So let's not start with the
confidence piece. We can touch on that that we've spoken
about it before, and you can go back and listen
to those episodes. Let's start with some actual strategies, because
more often than not, when I get a framework to
build on, I feel like I'm a bit more confident
in kind of following through on that. So let's talk
about pricing strategies specifically. What are some of the popular
(03:40):
ones that small business owners should maybe look into.
Speaker 1 (03:42):
Sit down with a notepad and paper. I have three
that I want to go through. There are obviously a
plethora of different pricing strategies out there, but I have
picked these ones because I feel like they hit the
nail on the head for our community in terms of
like starting the conversation, starting your mind thinking does way
more go do some research, But here is you know,
(04:03):
biasly a very good start point. Jess love it. So
the first one we're going to talk about is cost
plus pricing, So you're calculating your costs and then you're
just adding a markup. Then there's going to be value
based pricing, where you set your prices based on the
perceived value of your product or service, and then we
can't forget about competitive pricing, and that's where you analyze
your competitors and you then charge and position yourself accordingly.
(04:27):
So I feel like I've picked three very different strategies
to talk about because hopefully one of them fits with you,
and I feel like in our business, Jess, we kind
of do a mix of all three, like there's no perfect,
one size fits all approach, and I think it's very
important to me to be clear about that at the start,
because I think sometimes we think, oh, there's frameworks, We've
got to lock ourselves into one of them, absolutely not.
(04:48):
Different products inside a business might be, you know, charged differently.
So for example, Jess, you and I we work together
very closely on the shoes on the Maye podcast that
is sold different to our courses or our books. So
I think it's important to put that there first. Up
back to the start, we're going to talk about cost
plus pricing. So this is a relatively straightforward method where
(05:11):
you calculate the cost of producing your product or service
and then you just add a markup and determine what
the selling price is going to be. It ensures that
you cover your expenses and also generate a profit. It's
a pretty solid foundation, let's be honest, especially for businesses
who are starting out, But do keep in mind it
might not actually capture the full value that you are providing.
(05:33):
Talking about value, we have value based pricing. This strategy
actually revolves around the perceived value of your product or
service in the eyes of your customer, not you. In
the eyes of your customer. It's not solely based on
the production costs, but rather on the benefit and the
solution that you're bringing to your clients. So think about
the problem that you're solving and then the unique value
(05:55):
that you offer. Then what I want you to do
is set your prices accordingly. This approach can actually lead
to higher profit margins if your customer recognizes and appreciates
the value that you provide. And I think this is
one where that was a bit harder to wrap your
head around because if you're lacking a bit of confidence
in business and you need me to come and like
boot you up the bottom so that you actually go, oh,
(06:17):
you're right, Victoria, I am really valuable. I do actually
have a lot to offer, which you do. That one
can be hard to wrap your head around if you
don't have the confidence because your value based pricing, like, oh,
maybe it's not worth anything. V What are you talking about.
It feels like you're pulling a number out of the air.
That is not the energy that we are taking into
twenty twenty four at all, Jess. And then let's move
(06:37):
on to talking about quickly competitive pricing classic strategy. It
involves analyzing what your competitors are charging for a very
similar product or service and then positioning yourself in the
market accordingly. So I think it's also important that while
it's essential to stay competitive, I don't want you to
undersell yourself. It's so easy to get into like we're
(07:00):
the cheapest war. But that's where we need to also
go back and kind of put our value based pricing
hat on as well. We're looking at competitive pricing, there
is always going to be someone who says, yes, I
could do it cheaper, all right, Well could you do
it as well as I do? Yeah, And we also
need to see the value that we have because Jess,
you and I could go into the market with exactly
(07:20):
the same product. Let's pretend we both invented coke and
we are both selling cans of coke one way oday,
but we're both selling cans of coke and we're sitting
down and you just go, all right, well, v sells
the same product as me, You're just going to sell
the cheaper. Is that where you actually want to lead
(07:41):
your business and your strategy? Is that actually a really
good you know strategy. Should you maybe differentiate yourself in
the market, have a different target demographic, you know, maybe
look at rebranding or changing it. We're not saying completely
do a different product because someone else is there. But
also you're going to find that there are a lot
of people who don't a buy Victoria's coke. It's victorious.
(08:01):
It doesn't matter if the ingredients are identical. They really
like Jess. Yeah, they really like Jess. They love her authenticity.
They align with her value, they align with you. We
need to remember that that exists in business as well,
because you could sell exactly the same product, but your
consumer might be attracted to you not because of the
product or the fact that it's identical to someone else,
(08:24):
because they're supporting you. And that's really cool.
Speaker 3 (08:26):
If everyone kids undercutting each other, eventually no one's making
any profit exactly yea, Laura and Laura and Laura.
Speaker 1 (08:32):
It's a really big balancing act between being in line
with what the market expects and then ensuring that your
prices are reflective of the value that you're actually bringing
to your consumer. So for me, that's a good one
to understand. And obviously these strategies are kind of like
tools in your business toolkit, and the key is to
choose the one that aligns best with your unique value proposition.
(08:52):
To me, the beauty is you're not confined to one jess.
As I said before, you can mix a match and
do please feel read a mix and match based on
your businesses evolving needs. I guess, as I said before,
this is how I manage pricing in my business. There's
not just one size fits all pricing strategy because sometimes
that's just not going to work, and vice versa.
Speaker 3 (09:13):
I think there are all really good options. I think
it can be super overwhelming when you're sorting out your pricing,
especially when you're first starting out, because you have no baseline,
you've received no feedback, you've got no idea, And that's
where I guess assessing what other people are doing can
be really useful. But I think that's also why it's
really great to lean on the community of people around you,
(09:34):
like the business Bible community exactly, talking to other people
in the business Bible community, talking to maybe other friends
you have that have started businesses or people that are
working in similar spaces. Because having those conversations, I think
I've had a few Arhart moments where I've spoken to
someone and said, oh, I'm charging this for this, and
they've gone, oh my god, you should be charging five
times that.
Speaker 1 (09:52):
Andy, Yeah, oh my god, what have I done? Exactly?
Speaker 3 (09:56):
So I feel like I personally like to definitely look
at what other people are and depending on how I'm
making money, as you said before, it changes. When I
rent dresses, I do try and undercut the market a
little bit because because you just want to see the
dress out of the door exactly right. But when it
comes to I guess my small business and my price
is for content creation, you do have to look at value.
And it can be hard because sometimes people think it's
(10:19):
such a simple thing.
Speaker 1 (10:21):
And it's not. And I've had that too before. Obviously,
I think we should do a whole episode on how
influencers get paid. I think people would be so perfectly
a bit interesting. But you know, I've had people approach
me and say, hey, like, you know, we want a
video for this, and you know a couple of photos
for this, and this is what we would like you
to create. And you know, Jess, you might go back
(10:42):
with my prices and be like, cool, V charges X
y Z and this is it and they go, oh,
well such and such could do it way cheaper. Can
you match it? And you go, well, I'm not such
and such, Like there's a reason you came to me
instead of that person, And I'm hoping that it's because
you can see my value and my authenticity and what
I bring to the table and how that is very
(11:02):
different from what they do. And if that's the price
you want to pay, go with that person. But I'm
not going to match them just because somebody else is
charging less. And I think there's a lot of power
in being able to say that. Like I remember when
we first went back, Jess, I was like, ah, they're
gonna ditch me. And sometimes people turn around and go yep,
absolutely fair, cool yeah, and you go exactly yeah.
Speaker 3 (11:23):
So I think being able to articulate your value, once
you is a small business owner, know why you're charging
what you're charging, you can articulate that to consumers and
it can also give you a little bit of confidence
in what you're doing. And I feel like all of
the strategies that you've mentioned can help people feel a
bit more on top of it. And maybe we should
address the elephant in the room, which is, once you've
(11:44):
set those prices, how do we go about increasing them?
Speaker 1 (11:48):
Hello, I'm worth more today than I was yesterday. Good
day to you. End of conversation. Absolutely so, I guess
the question here is, like Lendy, you increase your prices.
A good time is when you find out that somebody
else doing exactly the same thing is charging five times
what you're charging. But with this timing is key. It
often really comes down to increased costs and improved offering
(12:11):
and market demand. So I feel like increasing prices a
lot of people are like, Oh, I'm really bad at it.
I think it should be an annual thing. It should
be a calendar reminder, Hey, on the first of January.
I increase and review my prices every single year. And
I think that by setting that expectation with your consumer,
they don't not expect it, because it's very hard to
(12:32):
be in business for ten years and have you know
your candle selling at twenty dollars a candle, and then
after ten years you go actually need to get back
on par with the market. My candles are now seventy
dollars each. Shock to the system. Shocked to the system.
Your consumer is really confused because you've put it off
for so long, because we all bury our heads in
the sand, But ultimately it shoots you in the business foot.
(12:54):
So to me, the important thing here is to really
communicate the value that you're providing. If your customers see
the value, they'll be more accepting of the changes and
increased prices. It's a topic that can make even I
guess the most well seasoned business professional a bit jittery,
Like it's not something that is easy to have a
conversation about, Like I am so good at empowering other
(13:16):
people to increase their prices. Yes, the second I do,
I'm like, is that reasonable, Jess, do you think that's reasonable?
Do you think they're going to think that I'm absolutely
taking the mickey? Like I get the analysis paralysis as well.
Don't worry. I wish I didn't. I wish I could
be like I don't follow in my footsteps. But let's
be real, this is more about being authentic to me,
it's crucial to recognize the value of what you're offering
(13:38):
and the expertise that you're bringing to the table.
Speaker 2 (13:41):
Right.
Speaker 1 (13:41):
So small business owners are so guilty of this, Jess,
and it is underestimating their worth. But here's the thing.
Your prices should actually reflect the growth and enhancements that
you've made on your products and services. My friend, if
you've been doing this for twelve months, you have twelve
months more experience than what you did a year ago.
That is worth something. Yeah, Like, whether it's twelve months
(14:03):
or ten years, it doesn't matter. We should be consistently
reviewing our prices and honestly, do not be afraid to
back yourself and the value that you provide. Confidence in
your pricing. It's going to sustain your business, but it's
also going to make sure that you have the resources
to continually improve and innovate. Like you didn't just jump
on a hamster wheel, so it could be a hamster
wheel forever. Like we need a whole hamster castle and
(14:27):
we are slowly building it. And whether that is you
know your intention or not, you need to be updating it.
I don't care if it's your side hustle and you go, oh,
vib it. You know. I'm like Jess, I just do
some content creation on the side. It's not my full
time job. I don't even know if it want it
to be my full time job. Cool Well, indexation happens
each and every single year. I don't even care. If
(14:49):
it's your side hustle and you only do a few
small gigs a year, they're more expensive next year because
the cost of a dollar today is more than a
cost of a dollar tomorrow. So I don't care if
it's a small business or a side hustle or something
you do occasionally, we need to revisit our prices. And
I think the smaller your business, the more you go, oh,
it's not worth it. Like I just do it on
the side. You might be like a mum and you
(15:10):
do like birthday cakes on the side. You might get
one or two a month. They're more expensive next year,
my friend. It's the way the world works. We need
to keep up otherwise you're going to be undervaluing yourself
and that's not what we do in business. That's not
very business bible, is it not at all? So, Jess,
when you back yourself, you're not just increasing your prices,
(15:31):
you're investing in the future success of your business, and
you need to remember that small business owners absolutely well
and truly deserve to be well compensated for the incredible
value that they bring to their consumers. Sometimes it's just
really hard to see that. Like not the consumers. They
see it, that's why they pay you, but it's so
hard for us to see it ourselves. So shying away
(15:51):
from acknowledging your worth and making necessary adjustments to your
price strategy is going to shoot you in the foot.
I promise you have earned it, and you are worth it,
and you deserve it. Just do it.
Speaker 3 (16:01):
Yeah, I think as well, it's about communicating with your community.
Like I follow a few small businesses that I've purchased from,
maybe a follow them on Instagram, and particularly for product
based businesses, in the last twelve months or so, I've
seen people say, hey, everyone, like the cost of freight
has gone up, the cost of my ingredients or my
materials has gone up. So as of you know, the
first of July, we're putting our prices up x y Z.
(16:24):
And that transparency can one help you seem really authentic
and relatable and to help people understand why you're doing it.
I think sometimes we worry about looking greedy, and particularly
for someone like Yeah, particularly for someone like me who
has a service based business. I'm providing content. I'm editing
content for brands, or I'm producing content for them for
my platform, for their platform, whatever they want. It can
(16:46):
be harder to quantify because if I was working a
pay as you go job, I'd have an hourly rate
and that would be but that's not what you're doing, Yeah,
And so it's kind of one of those things where
I think even if people are going to come back
to you and question saying, oh, as you were saying earlier,
I am an expert in my field, or I produce
quality at a higher rate than perhaps other people do,
(17:09):
or I put time to do research on your brand
and create something that really speaks to your history or
whatever that might be. I think articulating that to whoever
you're talking to can really help you feel a bit
more confident talking about those prices and those price adjustments.
But let's go to a really quick break, I think,
and on the other side, we're going to chat about
some of the hurdles that small business owners face when
(17:30):
it comes to making the decisions around their pricing. Don't
go anywhere, all.
Speaker 1 (17:45):
Right, Jessica Ricci, We are back, and I am excited
because it's about to get a little bit juicy. We're
in the midst of exploring the intricacies of pricing in
the world of small business and how to actually back yourself. Obviously,
I am Victoria and Jessica thankfully has it run away
from yet. We are discussing pricing strategies and the importance
of backing yourself.
Speaker 3 (18:06):
So let's address some of the hurdles that small business
owners face when it comes to those pricing decisions. Vidie,
what are the common challenges and how can we as
small business owners try to overcome them?
Speaker 1 (18:17):
All right, So, one of the main challenges that I
see from small business owners and side hustlers alike. I
touched on it really early on in the show. It
is imposter syndrome, which is that nagging feeling of not
being worthy or not being up to scratch, or that
someone's going to tap you on the shoulder and be like, hey, Victoria, so, yeah,
you know how you were a financial advisor and now
(18:38):
you're not. Yeah, you actually have to leave. You don't
know what you're talking about your a fraud. Regardless of
your degrees, it's just not good enough. Please sit down,
like gooded. How many times have we all had that
feeling in the back of our minds when trying to,
you know, push forward with a new product or you know,
offer a new service, or just show up on social media,
(18:59):
like the amount of time I'm like, oh, like if
I'm coming from somebody who has a lot of followers,
but like, I'm either all there and you're getting twelve
Instagram stories a day or it is dead pan from me.
And that's usually when I'm sitting there going, oh, am
I doing the right thing? Do people think I'm silly?
Speaker 2 (19:15):
Like?
Speaker 1 (19:15):
I still have those moments. So it's really important that
small business owners recognize their unique skills and experiences and
understand that that's what actually sets you apart. Another one
of the hurdles is, and I get this a lot,
a fear of losing your consumer or your audience. But
the reality is that quality and value will always outweigh
(19:36):
price in a customer's mind, and if it doesn't, they're
not the right customer for you. Yeah, Imposter syndrome is
the worst.
Speaker 3 (19:44):
It's something that I've definitely struggled with and I want
to know a bit more about you kind of maybe
struggling with it too.
Speaker 1 (19:50):
Yeah, obviously I have mentioned that I have, and if
I'm being honest, like I would say, it's a weekly struggle,
not daily anymore. Sometimes I wake up but I'm like, oh, hello, audacity,
let's go. But it's something that I definitely struggle with still,
and it's something that I often find myself checking in
regularly with because it's so easy to feel like you're,
you know, beyond your depth, but we need to remember
(20:13):
that we're not. And ultimately, Jess, we're all just out
here making it up. Like if you see someone selling
a very similar product to you online and you're like,
oh my gosh, they know everything. No, they just are
pretending to know everything, Like every single one of us
has been on the journey before of where you're like, oh,
I don't know how to do a website. Cool, now
I've done my own website, Jess Slay, I know how
(20:35):
to do that. But you might look at me online
and go fi right, I can't believe these just finished
all of her own websites. I'd never mate. Do you
know how many times I cried over that because I
didn't understand the process. I didn't know what was going on.
But you learn as you go. That's half of the
brilliance of small business owners. That's what we're willing to do.
So I need you to remember that. But also you
(20:55):
need to know that you are exactly where you are
supposed to be. It starts with mindset, and you need
to believe in the value that you provide. And then
remember that you're not just selling a product or a service,
you're solving a problem for your consumer. I also want
you to regularly assess your price and ensure that it
aligns with the value that you're a guest delivering, because
that will give you a level of confidence. You actually
(21:17):
know I am worth that price or no, my paintings
are worth that if people are messaging you on like
because people online have so much audacity, just cuff, I'm
going your price is are too much? Okay? No worries
like go find less?
Speaker 3 (21:30):
Yeah, do you think it's worth people popping a reminder
in their calendar once a year twice a year to
check in with their competitors, to check in with their
own costs, to review their pricing structure to make sure
that it is actually a guaranteed, annual thing that they're doing.
Speaker 1 (21:45):
Yes, one hundred percent. I think being aware of your
competitors is really important, but you can also end up
overwhelmed by them. So we need to make sure we're
not doing that too often because if we do that
too often, we could find ourselves in that sticky situation
where comparison is actually the thief of all joy.
Speaker 3 (22:04):
Yeah, one hundred percent. So it's all about having that
confidence and reassessing your worth and just making sure that
you're being paid what you deserve exactly.
Speaker 1 (22:12):
I guess when it comes to a lack of confidence
or imposter syndrome, I would say it's the silent underminer
that plagues a lot of us small business owners and
overcoming it. It's actually just going to start with recognizing
where you're standing, what's going on going you know what, No,
this is a joke. Obviously, more women than men suffer
from imposter syndrome. So if you're a man that suffers
(22:34):
with it, fantastic, we need to deal with it. But
if you're a woman, it's kind of expected that you
go through something like this because the entire universe somehow
works against us and makes us question our authority at
all points in time. And it's really easy to, as
I was saying before, fall into that trap of comparing
yourself to others and going all right, well far out.
(22:56):
Jess is really good at creating content. You know, she
creates content for herself and like brands and puts it
on her socials. Sometimes brands pay her and they just
put on there. So like this is wild, like I
could never imagine getting there. But what you're doing is
comparing somebody else's middle to your beginning. And while looking
into your competitors is really important for market insights, I
(23:18):
think it's very important to have your finger on the
pulse and understand where the market is sitting. We also
need to make sure that you're not comparing yourself to
somebody else's final destination. If you've just entered the market
and you're comparing yourself to businesses who have existed for
five years, they have had five years of learning and mistakes,
And I guess it's really important to understand that everyone
(23:38):
is at a different stage in their journey. So instead
of letting imposter syndrome dictate your confidence, how about we
start on focusing on growth and the progress that you've
made so far and celebrating that, Like, how cool is
it that you identify as a small business owner? What
are your next steps? Yes, great, that business that has
existed for five years. Of course their market is going
(24:00):
to be a bit slicker than yours. Of Course their
product is going to have a little bit more refinement.
They've had five years to work on that. But you
might slip in and go, wait, hold on, like, I'm
pretty competitive. How cool is it that they've been here
for five years and I'm not, Like, I'm on bath, Like,
we need to celebrate ourselves. So I guess when we
stop the comparison game, we're able to recognize our own
(24:21):
worth and imposter syndrome kind of starts to lose its
grip and it allows you to confidently set prices that
are reflective of the true value of your business. It's
honestly not always about being exactly the same as others.
It's about being authentically and unapologetically you. And don't forget
want to remind people, because I have been doing this recently.
(24:41):
Social media is actually only ever going to be a
highlights reel, even when small businesses are sharing their like
behind the seams content of them struggling. Jess, Let's be honest.
They're never going to show things that would actually risk
their business, right. They're not going to go, oh yeah,
messed up by taxes last year, had the ato chasing.
They're gonna be like, oh my gosh, look at this
product design. We ordered it and thought it would be
(25:04):
perfect and it just didn't work out. You're like, Okay,
so we're not really being that authentic here are we.
We're trying to obviously share as much and be unapologetically
us and authentic with our audience, and I think that's
really important. But when you are comparing yourself to other businesses,
just to remember they are never going to show the
shit show. No one would. It would be silly to do.
Speaker 3 (25:25):
So it's always going to be on some level curated
because they're selecting what they do and do not show you.
And it's so easy to get wrapped up in how
well other people are doing and forgetting to focus on
yourself and your business. But I'm feeling like I need
to give my side hustle a little bit more love
and get clear on my pricing strategies moving forward. So
what do you say we call it today?
Speaker 1 (25:45):
And I jump right in. I think that is a
good idea. I think it's time that you and I
actually took ourselves out there and well deserved tacos. Thank
you so much for another beautiful episode. I cannot wait
for next months. I wish they were more frequent than monthly.
We'll work on that after I've had a baby and
sorted my life out. But have the best week, guys,
and we'll see you on Friday. See then.
Speaker 4 (26:12):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 1 (26:25):
If you do choose to buy a financial product.
Speaker 4 (26:28):
Read the PDS TMD and obtain appropriate financial advice tailored
towards your needs. Victoria Divine and She's on the Money
are authorized representatives of Money. Sheper Pty Ltd ABN three
two one six four nine two seven seven zero eight
AFSL four five one two eight nine
Hello.
Speaker 2 (00:01):
My name's Santasha Nabananga Bamblet. I'm a proud your the Order,
Kernie Whoalbury and a waddery woman. I would like to
acknowledge the traditional custodians of the land of which this
podcast is recorded on a wondery country, acknowledging the elders,
the ancestors and the next generation coming through. As this
podcast is about connecting, empowering, knowledge sharing and the storytelling
(00:25):
of you to make a difference for today and lasting
impactful tomorrow.
Speaker 1 (00:30):
Let's get into it. Hello, my friends, and welcome back
to another episode of the Business Bible. If you've been
thinking of starting a side hustle or a small business,
(00:50):
my friend, you are definitely in the right place. I'm
Victoria Devin. I'm an ex financial advisor who has a
background in psychology and I currently on several successful businesses.
As always on my Business Bible episodes, I am joined
by Miss Jess Grich, who was one of my beautiful
friends but also one of the hardest working side hustlers.
(01:11):
I know, Jess, how are you.
Speaker 3 (01:13):
I'm good, I'm pumped. I've got my Stanley. I'm ready
to dive into the episode because It's one that I'm
super passionate about. I've been loving doing all the Business
Bible episodes and based on the feedback that we're getting
in our dms, Hello, we see you, thank you, so
you guys, which is exactly that's my favorite.
Speaker 1 (01:31):
Yeah, social validation, Yeah, we love it. We'll talk about
imposter syndrome later, but that has been really helping mine.
I'm obviously very passionate about backing yourself. I'm really passionate
about knowing your worth and then adding tax. How many
times on She's on the Money have you heard me
say that? But today on the show, we are talking
about the mysteries of pricing, how to set your prices,
(01:54):
when to increase them, and most importantly, how to back
yourself in the world of business, which is something that
I feel like I'm constantly ranting and raving about when
I meet small business owners in the wild. I'm like, so, pricing,
let's talk about it. Yeah, it's a little bit of
a spicy topic, but we need to be across it.
It makes you uncomfortable, I know, but that's why we
need to dive further into it.
Speaker 3 (02:16):
It's so essential as small business owners that we back ourselves.
Can you tell us, PHB why it is so important
for someone to back themselves in the business world.
Speaker 1 (02:25):
Look, obviously you've got to back yourself. Like, there is
nobody who's going to be able to back you as
much as you can. I mean, there maybe are people
who are passionate about she's on the money, right, but like,
there is not going to be one person in this
entire universe who cares more about she's on the money
than me. Yeah, and you need to be able to
validate that and back that. And if you can't be
(02:45):
that person, it is detrimental to your business. So the
reality is, if you don't believe in yourself and your value,
how on earth are you going to expect others to
confidence and having the confidence in your pricing is directly
linked to I guess confidence in your worth as a
human being as well, which it shouldn't be. But how
many times do we go, oh, I only charge or oh,
(03:06):
don't worry, like we really undermine our own value, which
to me is toxic. It's not just about the numbers
just it's about knowing the value you bring to the
table and being able to clearly articulate that.
Speaker 3 (03:18):
Yeah, I completely agree. So let's not start with the
confidence piece. We can touch on that that we've spoken
about it before, and you can go back and listen
to those episodes. Let's start with some actual strategies, because
more often than not, when I get a framework to
build on, I feel like I'm a bit more confident
in kind of following through on that. So let's talk
about pricing strategies specifically. What are some of the popular
(03:40):
ones that small business owners should maybe look into.
Speaker 1 (03:42):
Sit down with a notepad and paper. I have three
that I want to go through. There are obviously a
plethora of different pricing strategies out there, but I have
picked these ones because I feel like they hit the
nail on the head for our community in terms of
like starting the conversation, starting your mind thinking does way
more go do some research, But here is you know,
(04:03):
biasly a very good start point. Jess love it. So
the first one we're going to talk about is cost
plus pricing, So you're calculating your costs and then you're
just adding a markup. Then there's going to be value
based pricing, where you set your prices based on the
perceived value of your product or service, and then we
can't forget about competitive pricing, and that's where you analyze
your competitors and you then charge and position yourself accordingly.
(04:27):
So I feel like I've picked three very different strategies
to talk about because hopefully one of them fits with you,
and I feel like in our business, Jess, we kind
of do a mix of all three, like there's no perfect,
one size fits all approach, and I think it's very
important to me to be clear about that at the start,
because I think sometimes we think, oh, there's frameworks, We've
got to lock ourselves into one of them, absolutely not.
(04:48):
Different products inside a business might be, you know, charged differently.
So for example, Jess, you and I we work together
very closely on the shoes on the Maye podcast that
is sold different to our courses or our books. So
I think it's important to put that there first. Up
back to the start, we're going to talk about cost
plus pricing. So this is a relatively straightforward method where
(05:11):
you calculate the cost of producing your product or service
and then you just add a markup and determine what
the selling price is going to be. It ensures that
you cover your expenses and also generate a profit. It's
a pretty solid foundation, let's be honest, especially for businesses
who are starting out, But do keep in mind it
might not actually capture the full value that you are providing.
(05:33):
Talking about value, we have value based pricing. This strategy
actually revolves around the perceived value of your product or
service in the eyes of your customer, not you. In
the eyes of your customer. It's not solely based on
the production costs, but rather on the benefit and the
solution that you're bringing to your clients. So think about
the problem that you're solving and then the unique value
(05:55):
that you offer. Then what I want you to do
is set your prices accordingly. This approach can actually lead
to higher profit margins if your customer recognizes and appreciates
the value that you provide. And I think this is
one where that was a bit harder to wrap your
head around because if you're lacking a bit of confidence
in business and you need me to come and like
boot you up the bottom so that you actually go, oh,
(06:17):
you're right, Victoria, I am really valuable. I do actually
have a lot to offer, which you do. That one
can be hard to wrap your head around if you
don't have the confidence because your value based pricing, like, oh,
maybe it's not worth anything. V What are you talking about.
It feels like you're pulling a number out of the air.
That is not the energy that we are taking into
twenty twenty four at all, Jess. And then let's move
(06:37):
on to talking about quickly competitive pricing classic strategy. It
involves analyzing what your competitors are charging for a very
similar product or service and then positioning yourself in the
market accordingly. So I think it's also important that while
it's essential to stay competitive, I don't want you to
undersell yourself. It's so easy to get into like we're
(07:00):
the cheapest war. But that's where we need to also
go back and kind of put our value based pricing
hat on as well. We're looking at competitive pricing, there
is always going to be someone who says, yes, I
could do it cheaper, all right, Well could you do
it as well as I do? Yeah, And we also
need to see the value that we have because Jess,
you and I could go into the market with exactly
(07:20):
the same product. Let's pretend we both invented coke and
we are both selling cans of coke one way oday,
but we're both selling cans of coke and we're sitting
down and you just go, all right, well, v sells
the same product as me, You're just going to sell
the cheaper. Is that where you actually want to lead
(07:41):
your business and your strategy? Is that actually a really
good you know strategy. Should you maybe differentiate yourself in
the market, have a different target demographic, you know, maybe
look at rebranding or changing it. We're not saying completely
do a different product because someone else is there. But
also you're going to find that there are a lot
of people who don't a buy Victoria's coke. It's victorious.
(08:01):
It doesn't matter if the ingredients are identical. They really
like Jess. Yeah, they really like Jess. They love her authenticity.
They align with her value, they align with you. We
need to remember that that exists in business as well,
because you could sell exactly the same product, but your
consumer might be attracted to you not because of the
product or the fact that it's identical to someone else,
(08:24):
because they're supporting you. And that's really cool.
Speaker 3 (08:26):
If everyone kids undercutting each other, eventually no one's making
any profit exactly yea, Laura and Laura and Laura.
Speaker 1 (08:32):
It's a really big balancing act between being in line
with what the market expects and then ensuring that your
prices are reflective of the value that you're actually bringing
to your consumer. So for me, that's a good one
to understand. And obviously these strategies are kind of like
tools in your business toolkit, and the key is to
choose the one that aligns best with your unique value proposition.
(08:52):
To me, the beauty is you're not confined to one jess.
As I said before, you can mix a match and
do please feel read a mix and match based on
your businesses evolving needs. I guess, as I said before,
this is how I manage pricing in my business. There's
not just one size fits all pricing strategy because sometimes
that's just not going to work, and vice versa.
Speaker 3 (09:13):
I think there are all really good options. I think
it can be super overwhelming when you're sorting out your pricing,
especially when you're first starting out, because you have no baseline,
you've received no feedback, you've got no idea, And that's
where I guess assessing what other people are doing can
be really useful. But I think that's also why it's
really great to lean on the community of people around you,
(09:34):
like the business Bible community exactly, talking to other people
in the business Bible community, talking to maybe other friends
you have that have started businesses or people that are
working in similar spaces. Because having those conversations, I think
I've had a few Arhart moments where I've spoken to
someone and said, oh, I'm charging this for this, and
they've gone, oh my god, you should be charging five
times that.
Speaker 1 (09:52):
Andy, Yeah, oh my god, what have I done? Exactly?
Speaker 3 (09:56):
So I feel like I personally like to definitely look
at what other people are and depending on how I'm
making money, as you said before, it changes. When I
rent dresses, I do try and undercut the market a
little bit because because you just want to see the
dress out of the door exactly right. But when it
comes to I guess my small business and my price
is for content creation, you do have to look at value.
And it can be hard because sometimes people think it's
(10:19):
such a simple thing.
Speaker 1 (10:21):
And it's not. And I've had that too before. Obviously,
I think we should do a whole episode on how
influencers get paid. I think people would be so perfectly
a bit interesting. But you know, I've had people approach
me and say, hey, like, you know, we want a
video for this, and you know a couple of photos
for this, and this is what we would like you
to create. And you know, Jess, you might go back
(10:42):
with my prices and be like, cool, V charges X
y Z and this is it and they go, oh,
well such and such could do it way cheaper. Can
you match it? And you go, well, I'm not such
and such, Like there's a reason you came to me
instead of that person, And I'm hoping that it's because
you can see my value and my authenticity and what
I bring to the table and how that is very
(11:02):
different from what they do. And if that's the price
you want to pay, go with that person. But I'm
not going to match them just because somebody else is
charging less. And I think there's a lot of power
in being able to say that. Like I remember when
we first went back, Jess, I was like, ah, they're
gonna ditch me. And sometimes people turn around and go yep,
absolutely fair, cool yeah, and you go exactly yeah.
Speaker 3 (11:23):
So I think being able to articulate your value, once
you is a small business owner, know why you're charging
what you're charging, you can articulate that to consumers and
it can also give you a little bit of confidence
in what you're doing. And I feel like all of
the strategies that you've mentioned can help people feel a
bit more on top of it. And maybe we should
address the elephant in the room, which is, once you've
(11:44):
set those prices, how do we go about increasing them?
Speaker 1 (11:48):
Hello, I'm worth more today than I was yesterday. Good
day to you. End of conversation. Absolutely so, I guess
the question here is, like Lendy, you increase your prices.
A good time is when you find out that somebody
else doing exactly the same thing is charging five times
what you're charging. But with this timing is key. It
often really comes down to increased costs and improved offering
(12:11):
and market demand. So I feel like increasing prices a
lot of people are like, Oh, I'm really bad at it.
I think it should be an annual thing. It should
be a calendar reminder, Hey, on the first of January.
I increase and review my prices every single year. And
I think that by setting that expectation with your consumer,
they don't not expect it, because it's very hard to
(12:32):
be in business for ten years and have you know
your candle selling at twenty dollars a candle, and then
after ten years you go actually need to get back
on par with the market. My candles are now seventy
dollars each. Shock to the system. Shocked to the system.
Your consumer is really confused because you've put it off
for so long, because we all bury our heads in
the sand, But ultimately it shoots you in the business foot.
(12:54):
So to me, the important thing here is to really
communicate the value that you're providing. If your customers see
the value, they'll be more accepting of the changes and
increased prices. It's a topic that can make even I
guess the most well seasoned business professional a bit jittery,
Like it's not something that is easy to have a
conversation about, Like I am so good at empowering other
(13:16):
people to increase their prices. Yes, the second I do,
I'm like, is that reasonable, Jess, do you think that's reasonable?
Do you think they're going to think that I'm absolutely
taking the mickey? Like I get the analysis paralysis as well.
Don't worry. I wish I didn't. I wish I could
be like I don't follow in my footsteps. But let's
be real, this is more about being authentic to me,
it's crucial to recognize the value of what you're offering
(13:38):
and the expertise that you're bringing to the table.
Speaker 2 (13:41):
Right.
Speaker 1 (13:41):
So small business owners are so guilty of this, Jess,
and it is underestimating their worth. But here's the thing.
Your prices should actually reflect the growth and enhancements that
you've made on your products and services. My friend, if
you've been doing this for twelve months, you have twelve
months more experience than what you did a year ago.
That is worth something. Yeah, Like, whether it's twelve months
(14:03):
or ten years, it doesn't matter. We should be consistently
reviewing our prices and honestly, do not be afraid to
back yourself and the value that you provide. Confidence in
your pricing. It's going to sustain your business, but it's
also going to make sure that you have the resources
to continually improve and innovate. Like you didn't just jump
on a hamster wheel, so it could be a hamster
wheel forever. Like we need a whole hamster castle and
(14:27):
we are slowly building it. And whether that is you
know your intention or not, you need to be updating it.
I don't care if it's your side hustle and you go, oh,
vib it. You know. I'm like Jess, I just do
some content creation on the side. It's not my full
time job. I don't even know if it want it
to be my full time job. Cool Well, indexation happens
each and every single year. I don't even care. If
(14:49):
it's your side hustle and you only do a few
small gigs a year, they're more expensive next year because
the cost of a dollar today is more than a
cost of a dollar tomorrow. So I don't care if
it's a small business or a side hustle or something
you do occasionally, we need to revisit our prices. And
I think the smaller your business, the more you go, oh,
it's not worth it. Like I just do it on
the side. You might be like a mum and you
(15:10):
do like birthday cakes on the side. You might get
one or two a month. They're more expensive next year,
my friend. It's the way the world works. We need
to keep up otherwise you're going to be undervaluing yourself
and that's not what we do in business. That's not
very business bible, is it not at all? So, Jess,
when you back yourself, you're not just increasing your prices,
(15:31):
you're investing in the future success of your business, and
you need to remember that small business owners absolutely well
and truly deserve to be well compensated for the incredible
value that they bring to their consumers. Sometimes it's just
really hard to see that. Like not the consumers. They
see it, that's why they pay you, but it's so
hard for us to see it ourselves. So shying away
(15:51):
from acknowledging your worth and making necessary adjustments to your
price strategy is going to shoot you in the foot.
I promise you have earned it, and you are worth it,
and you deserve it. Just do it.
Speaker 3 (16:01):
Yeah, I think as well, it's about communicating with your community.
Like I follow a few small businesses that I've purchased from,
maybe a follow them on Instagram, and particularly for product
based businesses, in the last twelve months or so, I've
seen people say, hey, everyone, like the cost of freight
has gone up, the cost of my ingredients or my
materials has gone up. So as of you know, the
first of July, we're putting our prices up x y Z.
(16:24):
And that transparency can one help you seem really authentic
and relatable and to help people understand why you're doing it.
I think sometimes we worry about looking greedy, and particularly
for someone like Yeah, particularly for someone like me who
has a service based business. I'm providing content. I'm editing
content for brands, or I'm producing content for them for
my platform, for their platform, whatever they want. It can
(16:46):
be harder to quantify because if I was working a
pay as you go job, I'd have an hourly rate
and that would be but that's not what you're doing, Yeah,
And so it's kind of one of those things where
I think even if people are going to come back
to you and question saying, oh, as you were saying earlier,
I am an expert in my field, or I produce
quality at a higher rate than perhaps other people do,
(17:09):
or I put time to do research on your brand
and create something that really speaks to your history or
whatever that might be. I think articulating that to whoever
you're talking to can really help you feel a bit
more confident talking about those prices and those price adjustments.
But let's go to a really quick break, I think,
and on the other side, we're going to chat about
some of the hurdles that small business owners face when
(17:30):
it comes to making the decisions around their pricing. Don't
go anywhere, all.
Speaker 1 (17:45):
Right, Jessica Ricci, We are back, and I am excited
because it's about to get a little bit juicy. We're
in the midst of exploring the intricacies of pricing in
the world of small business and how to actually back yourself. Obviously,
I am Victoria and Jessica thankfully has it run away
from yet. We are discussing pricing strategies and the importance
of backing yourself.
Speaker 3 (18:06):
So let's address some of the hurdles that small business
owners face when it comes to those pricing decisions. Vidie,
what are the common challenges and how can we as
small business owners try to overcome them?
Speaker 1 (18:17):
All right, So, one of the main challenges that I
see from small business owners and side hustlers alike. I
touched on it really early on in the show. It
is imposter syndrome, which is that nagging feeling of not
being worthy or not being up to scratch, or that
someone's going to tap you on the shoulder and be like, hey, Victoria, so, yeah,
you know how you were a financial advisor and now
(18:38):
you're not. Yeah, you actually have to leave. You don't
know what you're talking about your a fraud. Regardless of
your degrees, it's just not good enough. Please sit down,
like gooded. How many times have we all had that
feeling in the back of our minds when trying to,
you know, push forward with a new product or you know,
offer a new service, or just show up on social media,
(18:59):
like the amount of time I'm like, oh, like if
I'm coming from somebody who has a lot of followers,
but like, I'm either all there and you're getting twelve
Instagram stories a day or it is dead pan from me.
And that's usually when I'm sitting there going, oh, am
I doing the right thing? Do people think I'm silly?
Speaker 2 (19:15):
Like?
Speaker 1 (19:15):
I still have those moments. So it's really important that
small business owners recognize their unique skills and experiences and
understand that that's what actually sets you apart. Another one
of the hurdles is, and I get this a lot,
a fear of losing your consumer or your audience. But
the reality is that quality and value will always outweigh
(19:36):
price in a customer's mind, and if it doesn't, they're
not the right customer for you. Yeah, Imposter syndrome is
the worst.
Speaker 3 (19:44):
It's something that I've definitely struggled with and I want
to know a bit more about you kind of maybe
struggling with it too.
Speaker 1 (19:50):
Yeah, obviously I have mentioned that I have, and if
I'm being honest, like I would say, it's a weekly struggle,
not daily anymore. Sometimes I wake up but I'm like, oh, hello, audacity,
let's go. But it's something that I definitely struggle with still,
and it's something that I often find myself checking in
regularly with because it's so easy to feel like you're,
you know, beyond your depth, but we need to remember
(20:13):
that we're not. And ultimately, Jess, we're all just out
here making it up. Like if you see someone selling
a very similar product to you online and you're like,
oh my gosh, they know everything. No, they just are
pretending to know everything, Like every single one of us
has been on the journey before of where you're like, oh,
I don't know how to do a website. Cool, now
I've done my own website, Jess Slay, I know how
(20:35):
to do that. But you might look at me online
and go fi right, I can't believe these just finished
all of her own websites. I'd never mate. Do you
know how many times I cried over that because I
didn't understand the process. I didn't know what was going on.
But you learn as you go. That's half of the
brilliance of small business owners. That's what we're willing to do.
So I need you to remember that. But also you
(20:55):
need to know that you are exactly where you are
supposed to be. It starts with mindset, and you need
to believe in the value that you provide. And then
remember that you're not just selling a product or a service,
you're solving a problem for your consumer. I also want
you to regularly assess your price and ensure that it
aligns with the value that you're a guest delivering, because
that will give you a level of confidence. You actually
(21:17):
know I am worth that price or no, my paintings
are worth that if people are messaging you on like
because people online have so much audacity, just cuff, I'm
going your price is are too much? Okay? No worries
like go find less?
Speaker 3 (21:30):
Yeah, do you think it's worth people popping a reminder
in their calendar once a year twice a year to
check in with their competitors, to check in with their
own costs, to review their pricing structure to make sure
that it is actually a guaranteed, annual thing that they're doing.
Speaker 1 (21:45):
Yes, one hundred percent. I think being aware of your
competitors is really important, but you can also end up
overwhelmed by them. So we need to make sure we're
not doing that too often because if we do that
too often, we could find ourselves in that sticky situation
where comparison is actually the thief of all joy.
Speaker 3 (22:04):
Yeah, one hundred percent. So it's all about having that
confidence and reassessing your worth and just making sure that
you're being paid what you deserve exactly.
Speaker 1 (22:12):
I guess when it comes to a lack of confidence
or imposter syndrome, I would say it's the silent underminer
that plagues a lot of us small business owners and
overcoming it. It's actually just going to start with recognizing
where you're standing, what's going on going you know what, No,
this is a joke. Obviously, more women than men suffer
from imposter syndrome. So if you're a man that suffers
(22:34):
with it, fantastic, we need to deal with it. But
if you're a woman, it's kind of expected that you
go through something like this because the entire universe somehow
works against us and makes us question our authority at
all points in time. And it's really easy to, as
I was saying before, fall into that trap of comparing
yourself to others and going all right, well far out.
(22:56):
Jess is really good at creating content. You know, she
creates content for herself and like brands and puts it
on her socials. Sometimes brands pay her and they just
put on there. So like this is wild, like I
could never imagine getting there. But what you're doing is
comparing somebody else's middle to your beginning. And while looking
into your competitors is really important for market insights, I
(23:18):
think it's very important to have your finger on the
pulse and understand where the market is sitting. We also
need to make sure that you're not comparing yourself to
somebody else's final destination. If you've just entered the market
and you're comparing yourself to businesses who have existed for
five years, they have had five years of learning and mistakes,
And I guess it's really important to understand that everyone
(23:38):
is at a different stage in their journey. So instead
of letting imposter syndrome dictate your confidence, how about we
start on focusing on growth and the progress that you've
made so far and celebrating that, Like, how cool is
it that you identify as a small business owner? What
are your next steps? Yes, great, that business that has
existed for five years. Of course their market is going
(24:00):
to be a bit slicker than yours. Of Course their
product is going to have a little bit more refinement.
They've had five years to work on that. But you
might slip in and go, wait, hold on, like, I'm
pretty competitive. How cool is it that they've been here
for five years and I'm not, Like, I'm on bath, Like,
we need to celebrate ourselves. So I guess when we
stop the comparison game, we're able to recognize our own
(24:21):
worth and imposter syndrome kind of starts to lose its
grip and it allows you to confidently set prices that
are reflective of the true value of your business. It's
honestly not always about being exactly the same as others.
It's about being authentically and unapologetically you. And don't forget
want to remind people, because I have been doing this recently.
(24:41):
Social media is actually only ever going to be a
highlights reel, even when small businesses are sharing their like
behind the seams content of them struggling. Jess, Let's be honest.
They're never going to show things that would actually risk
their business, right. They're not going to go, oh yeah,
messed up by taxes last year, had the ato chasing.
They're gonna be like, oh my gosh, look at this
product design. We ordered it and thought it would be
(25:04):
perfect and it just didn't work out. You're like, Okay,
so we're not really being that authentic here are we.
We're trying to obviously share as much and be unapologetically
us and authentic with our audience, and I think that's
really important. But when you are comparing yourself to other businesses,
just to remember they are never going to show the
shit show. No one would. It would be silly to do.
Speaker 3 (25:25):
So it's always going to be on some level curated
because they're selecting what they do and do not show you.
And it's so easy to get wrapped up in how
well other people are doing and forgetting to focus on
yourself and your business. But I'm feeling like I need
to give my side hustle a little bit more love
and get clear on my pricing strategies moving forward. So
what do you say we call it today?
Speaker 1 (25:45):
And I jump right in. I think that is a
good idea. I think it's time that you and I
actually took ourselves out there and well deserved tacos. Thank
you so much for another beautiful episode. I cannot wait
for next months. I wish they were more frequent than monthly.
We'll work on that after I've had a baby and
sorted my life out. But have the best week, guys,
and we'll see you on Friday. See then.
Speaker 4 (26:12):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 1 (26:25):
If you do choose to buy a financial product.
Speaker 4 (26:28):
Read the PDS TMD and obtain appropriate financial advice tailored
towards your needs. Victoria Divine and She's on the Money
are authorized representatives of Money. Sheper Pty Ltd ABN three
two one six four nine two seven seven zero eight
AFSL four five one two eight nine
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