When you are a solopreneur working on your own then you’re the one making the decisions and this can be one of the loneliest and most stressful parts of running your business. And the need to make decisions is never ending.
Decisions can be divided into three types:
- Day to day
- Longer term
This is the business skills session about pricing
Running your own business can feel daunting but I know I’d never want to be doing anything else. And now is a great time to be doing it, technology has made it much easier and cheaper to run a business and get your name out to millions. But it is you that will make your business special, here are 7 things you should know.
There are two different documents to download.
The Profit Finder
The Profit Finder is an Excel tool which has four worksheets.
1 The product profit finder
This allows you to calculate the profit by product/service and the impact of a price increase or decrease on your profitability as well as the impact of any change in sales volume
2 The sales ledger
This is a very basic way to track your sales
3 The Lifetime value calculator
This lets you calculate how much a customer might be worth to you over the whole of your relationship
4 Job costing
The simple headings to get you started on calculating the cost of a product or service so that you can be clear about your profit and to help calculate the price you should be charging
This is a mindmap which summarises the issues to consider when you are doing your pricing. We focus on the pricing methods, discounts and the psychology in the business skills session.
Your pricing is critical to your success not just because it impacts how much money you make, particularly profit, but more fundamentally it impacts what people think of you and expect.
Here are three key areas to think about:
- What does your pricing say about your business?
- Encouraging people to spend more
- Who are you compared to?
Here are four things you could get started today that would help improve your marketing if you are not doing them already or if you know about them but have stopped doing them.
Here is the business skills session about identifying your niche
This video is a brief introduction to how to use the niche identifier tools in the tools section
Completing the Niche Identifier
There are four different documents to download, a Summary Mindmap, the Niche identifier© which is split into a worksheet and questions to prompt you, a powerpoint slide you can update to Map your Competition and a Niche Action Plan© to get you started on implementing and promoting your niche.
You should also download the Responsible Organisation Charter© which is on the first page of the members area so you can score yourself on this which may identify a niche.
First date the Niche Identifier© and identify whether you are considering a niche for a particular service or product or your business as a whole, so looking back you’ll understand your reasoning.
Use the questions to help you with ideas and complete the work sheet sections as relevant to you. Thinking about different sectors and what makes some large brands so particularly successful can provide useful perspectives.
It is critical that you sense check your ideas to see if they are viable by using the last section of the worksheet.
Finally, complete the relevant sections of the Niche Action Plan particularly how you are going to prove/show your niche claims and there you go.
- What are you passionate about?
- What are your values?
- What do you do brilliantly?
- Who do you serve particularly well?