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How to Price & Package Your Services

Ferial Business

Are you finding yourself frustrated and continually asking yourself, “How am I going to make more money?” Or perhaps you just feel like you’ve reached a glass ceiling and you’re stuck? The key is to create an authentic offer that is based on a movement within YOU! In this blog post, we’ll show you how to take the one thing that you love and do really well, create a package from it, and price it based on value…and not time! Let’s get started.

What Do You Do Really Well?

ASK: What is the one thing that you do really, really well? The answer to this question is the starting point of creating a package. Packages are higher ticket items, subscription services, or multi-tiered products that generate higher revenue streams and increase customer lifetime value. They are the keys to building good customer relationships and selling transformation and not just a product or service. The reason that you want to begin with what you do really well, is because, more than likely, that is where you have spent most of your time and focus. This means that you have something of value to offer and you will have a larger return on your investment. 

Don’t Offer A Solution, Solve The Problem!

Sit down and write all the obstacles someone would have to be doing to do the thing that you do really, really well. Let’s say that the one thing you do really well is cook nice, healthy meals. Why is it that you do this so well and others don’t? Is it because they don’t understand healthy food, don’t have the time to prepare a meal, aren’t motivated to lose weight, or they lose steam quickly when they start a new habit? When we start getting into creating packages, what we’re really doing is creating a road map to help someone close the loop or come full circle on their problem. A package gives you the opportunity to walk your client, step-by-step, through the entire transformation process and not just the beginning of it. A great package for personal stylists, for example, would include a long-term plan for helping your client meet their ultimate goal: saving time and money, establishing more confidence, getting higher pay, or meeting a partner. You could include a 6-week course, mind/body training, personal coaching, accountability meetings, weekly directives, access to a private Facebook group coaching, an online program, etc to offer support, commitment, and opportunity to your client for maximum growth and transformation.

TIP: Remember, how you package services, products or programs is highly dependent on your specific clientele. Are you speaking to moms who do better with an at-home study course? Does your audience need personalized support and guidance or do they prefer working in a group? Consider their lifestyles and ask questions to see what they need most.

How To Price Packages

One of the biggest mistakes entrepreneurs make is evaluating the costs of their services by hours or market value. Ask yourself, what was my life like before I learned to do this one thing so well? What is my life like now because of this? The truth is that when you have something that someone needs really, really, really bad, they will pay whatever price they need to, to get it. If you have problems creating high-ticket items and asking for the sale, then you do not yet trust that what you have will make a difference in someone’s life. It is essential to build your confidence by first building skills or competence. Confidence will always give you the ability to ask for what you think you’re worth, not what the service is worth.

ASK: What is the value you place on the community? On your energy and awareness? How much of an impact could your coaching have on someone’s life? One thing I’ve heard said so many times (and I don’t want to sound like a broken record, but it’s so true!): when people pay, they pay attention!

Focus On Recurring Income

A game changer in your business will be recurring income. Again, these are subscription-based, auto-renewal packages, where someone continues to get perks and bonuses for working with you. This is why it’s good to freshen up your packages as you learn, grow and develop because the truth is none of us ever stop learning. Bring your audience with you as you do grow! Moreover, reward your customers for sticking with you. When people feel that they are not ignored or used but taken care of, they end up with relationships and loyalty, which is the cornerstone of true wealth. If you’re an imaging expert, consider what customers can reorder from you each month: hand-selected wardrobe items based on unique color analysis, access to your monthly VIP forum where you coach on confidence and self-care, access to premier content like stylebooks available only for members, a monthly happy hour online or in-person…the sky’s the limit!

I’m Ready to Get Started!

Want more personalized help with building your package and pricing your services? Join our entrepreneurial community for one-on-one coaching opportunities that will help you grow your revenue and reach the next level in business and in your life. CLICK HERE —> GET 1 WEEK FREE! In just one week you could get 100% clear on what you’re selling and why. It’s worth the risk, join us!