Why Underpricing (and Overdelivering) Is Creating Business Burnout

We women entrepreneurs keep underpricing ourselves when offering the same service or product as our male counterparts. On average, we price up to 20% less. When I first heard that, I was blown away! Pricing is one of the quickest and most powerful ways to adjust your business trajectory and make it more sustainable. I’ve seen it in my business and those of my clients. So in this episode, I discuss why properly pricing your offers is the first step to designing a successfully sustainable business. On this episode of Promote Yourself to CEO: 3:36 - What is the feast or famine zone, and does your business fall into it? Discover the two biggest reasons why businesses in this zone struggle to compete.  8:40 - I demonstrate how underpricing can easily lead to overworking by using the example of a wedding photographer. 12:18 - Taking the wedding photographer example further, this simple step is an easy way to improve your profitability and ease burnout. 14:42 - What if you want to double your rates? You need to take a deeper look at these factors in your business. 17:42 - Pricing impacts other aspects of your business. Michalowicz’s Profit First percentages can help you figure out the math to meet your revenue goal. 20:43 - I push back against the hype of online gurus who have a certain mindset about pricing. There’s a reason why I primarily work with service providers. 23:50 - What if you’re not used to selling at a higher price or booking multiple sessions at a time per client? 26:55 - Here’s why you don’t need a large audience to get enough clients for your higher-priced programs and services. I give you a behind-the-scenes look. 28:52 - Keep these questions in mind as you crunch your numbers. Show Links Profit First by Mike Michalowicz Racheal on Instagram