Many business owners struggle with the concept of pricing their products or services. They often feel pressured to be the cheapest option in the market, fearing that customers won’t choose them if their prices are too high. However, this mindset can actually be detrimental to their business in the long run.
In a recent interview with Andrew Griffiths, he spoke about the importance of charging what you’re worth.
Griffiths is a best-selling author and speaker who has been in the industry for over 25 years, and his latest book, “Someone Has to Be the Most Expensive,” delves into this topic.
According to Griffiths, charging more is a future-proofing strategy for your business. When you charge what you’re worth, you can afford to invest in your business, improve the quality of your products or services, and attract higher-paying clients. This, in turn, leads to increased revenue and profitability.
However, many business owners struggle with charging what they’re worth due to a poverty mindset or low self-esteem. Griffiths notes that your self-worth is often tied to your net worth, and it’s important to overcome any negative beliefs you may have about your value and the value of your business.
Griffiths also shared his personal experience with poverty mindset. He bought a dive shop in Sydney when he was 17 years old, despite it being 30 kilometers from the ocean. He had a poverty mentality and ran the business cheaply, which led to it being a disaster. However, he eventually overcame his poverty mindset and turned his business around by becoming the most expensive option in the market.
Ultimately, charging what you’re worth requires a shift in mindset. It’s important to believe in the value of your products or services and to communicate that value to your customers. This can be done through marketing, branding, and customer testimonials. It’s also important to continuously improve the quality of your products or services to justify the higher prices.
In conclusion, charging what you’re worth is a crucial aspect of running a successful business. It allows you to invest in your business, attract higher-paying clients, and increase profitability. Overcoming any negative beliefs you may have about your value and the value of your business is key to making this shift.