When you’re a young new entrepreneur, you’re eager to get your business going. You promote everywhere, pitch anyone, and put in the proverbial blood, sweat & tears. Initially, it pays off, somewhat.
You start getting clients but there’s a handful that needs a little more convincing. So what happens? You sweeten the deal (i.e. deep discounts, freebies, BOGO’s, etc.) Others come along and when you see even a little speck of doubt on their faces, you sweeten the deal again. Eventually, it becomes a habit you don’t even know you’re making. The argument is that some business is better than no business, and you NEED those sales, right? Understood, but if you take a step back and really analyze what’s happening here, you may find that you’re giving the farm away and actually cheapening your brand.
No judgment to those who this may be happening to. I totally get it. Times get tough and you have to do what you have to do to stay afloat. I wore those shoes too at one time until I graduated to stilettos.
Take inventory of the products or services you’re offering. Factor in their costs, time and effort it takes to produce those offerings, and throw in that secret sauce that only YOU have… your expertise. Though the last ingredient is priceless, you have to consider what you’re worth for that exclusive know-how in some type of monetary form. When you look at your business from this perspective, you can’t afford to take those kinds of shorts.
If those prospective clients can’t see the value and quality you bring to the table, you may just have to walk away. It’s okay because they’re probably not the people you want as clients anyway.
When you realize your worth, the clients who want that level of quality will see you, and that already makes for a sweet deal.