Simon Hall looks at pricing strategies for new business owners to ensure you charge what your product or service is truly worth. This is part of our Entrepreneur’s Edge playlist where Simon goes beyond his knowledge of Estate Planning to offer tips and strategies to help fellow business people stay ahead in the current marketplace.
Simon says: “Get your price right!”– watch the video above or read the transcript below.
Hello, I’m Simon Hall, your friendly yet professional Estate Planning expert, entrepreneur, and networker. Over the past five years, I’ve had the pleasure of building my own business, Simon Hall Will Writing Services, growing from humble beginnings into a successful company.
Alongside that, I’m pleased to host the Entrepreneur’s Circle in Exeter, where like-minded business owners gather once a month to share insights and experiences. One thing I’ve learned throughout my journey – and what I’d like to share now – is the importance of getting your pricing right from the start. This is especially critical for new business owners, but it applies throughout your business life.
The mindset behind pricing
When you’re just starting out, pricing your services or products can feel overwhelming. You might think, “No one’s going to pay that much,” or feel like you have to discount heavily just to attract customers. That mindset can be damaging. It’s essential to remember that the price you charge reflects not just the product or service itself but also the time, effort and learning that’s gone into being able to offer it.
The reality is many business owners, especially new ones, underprice their offerings or feel pressured to give discounts. Having started several businesses over the years and helped others do the same, I can tell you this: underpricing can devalue your skills and undermine the true worth of what you offer.
Know your market – but don’t undercut yourself
The first step is research – know your niche and your market. Look at what others are charging, but don’t fall into the trap of thinking you have to be cheaper to win clients. Undercutting yourself means underestimating the skills and knowledge that set you apart.
Instead, be clear on what makes you unique and what value you bring to your ideal clients. Confidence in your pricing comes from knowing that your clients aren’t just paying for the product or service – they’re paying for the years of expertise, the personal attention and the quality of work you deliver.
Why it’s okay to walk away from the wrong client
Not everyone will see the value in what you offer, and that’s okay. Sometimes, it’s better to walk away than to offer your services at a price that doesn’t reflect their true worth. A low price may bring in business, but it might not be the right business. Focus on attracting clients who understand and value what you bring to the table – those are the clients who will support your growth, leave glowing reviews and refer you to others.
See other Entrepreneur’s Edge videos. Whether it’s working together as a couple in business (like Linda and I do!), or building long-lasting relationships through networking, I’ll share my experiences and lessons learned to help you grow.
You are also welcome to visit an Entrepreneur’s Circle Local Meeting in Exeter.
