BSR Newsletter #4: Increase Your Prices

As you know by now, I am always encouraging you to increase your prices and charge what you are worth. So today I want to explore this topic in a bit more detail. Here is why it is important to make good money.

When you make good money, you have the freedom to choose the right jobs and not just take anything that comes along. Making good money allows you to have some free time so you can deepen and develop your talent and grow your skill set. Making good money gives you a mindset of success; you feel better about yourself and your work. It improves your relationships with your family, your colleagues and your community because you feel accepted and appreciated and not “less than.” You no longer see yourself as a starving artist on the outside, nose pressed against the glass, looking inside, longing to belong. Making good money improves your self esteem and sense of self worth. When you make good money for what you do, you are more likely to experiment and try new things because you know that as a respected member of the community others will be striving to understand what you are trying to say.

Is it your time to increase your rates? Charge for everything you do? Not give away your valuable time and your wonderful services? I hope so.

There is plenty of encouragement for you in my book, Better, Smarter, Richer, Seven Business Principles for Creative Entrepreneurs, which has just published. If you do not yet have your copy, consider getting one today. BSR is a hands-on workbook full of stories and exercises that will help you achieve your financial goals.

Jackie
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3 Comments
  1. I found it interesting that you’r newsletter this month would be about increasing your prices, when we are still in the middle of a financial slump. I am watching companies go out of business all the time. the construction industry is far from recovery and I think it would be suicide to increase or even keep your prices the same. It all depends on what the market will bear. I’m not saying you should bid in the basement, but as an owner you should know exactly what it cost to run your company and know what your competitors are up to then bid accordingly.Staying alive is the game we’re playing now, theres pleenty of time to make a profit later. JP

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    Juli,one thing I am interested in is that people do not take on jobs at a loss even now when the economy is not so good. You cannot stay in business that way. I know that in the construction industry this has been terribly difficult since so many people have started doing construction work because they have been laid off from other work; they often come in and compete at lower prices and they often have no overhead or infrastructure to support. Taking such bids actually can put the job in jeopardy because the contractor may not be able to finish the work. I do think many owners are getting smarter about how they set up their bidding and conditions of work that they try not to hire a contractor who will not be able to complete the work because they did not bid enough money.

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