I read somewhere (probably a meme on Instagram…lol):
“When you learn how much you’re worth, you’ll stop giving people discounts.”
This statement applies to many aspects of life, figuratively as well as literally. But, I want to take this as a literal statement when it comes to owning a small business. Know your worth and stop giving away your services without the proper compensation.
I just recently celebrated the one year anniversary for my Etsy shop, RelleyBelly. It was a very informative year and I wanted to share my top 5 lessons learned over those 365 days:
- Set your price and stay firm: I was informed early on in my shop’s beginning days that I was underpricing my merchandise. I didn’t realize it at the time, but I was selling myself short because I didn’t want to offend anyone with high prices. People will have you out here questioning your worth…don’t let them. Search the market for similar items to the ones you sale and select your price accordingly. Don’t be afraid to ask for what you know your services/merchandise is worth.
- Negotiate and give discounts only when it feels comfortable to you: Do not allow anyone to take advantage of your skills/talents without the proper compensation. People will try…and chances are that the people who try you will be the same people you have close relationships with. If they cannot respect your prices and the fact that you are serious about your small business, then good riddance.
- You immediate circle (close family and friends) may not be your paying clients/customers: And that’s okay. Not everyone will support your business venture…keep it moving. Learn to market outside of your immediate circle and watch your business blossom. Most of my repeat customers are people I’ve never met in person.
- If you don’t take yourself serious no one else will: If you are serious about your small business then stay consistent, follow through on deadlines, and be present for your customers. Always answer your emails.
- Beware of the marketing vultures: Marketing vultures are companies that want to take advantage of your services, items, and/or social media audience without compensating you. These companies will offer you “exposure” in exchange for whatever they are asking from you, but your payoff will not be equal to what they will get from you. If it doesn’t feel right, just say no.
Whether you have an online shop or you’re a blogger or you provide some other service…know your worth and don’t be afraid to ask for what you deserve.
Share your experience and drop a link so that we can follow your small business.