Strategic business development advisor, executive mentor, professional management consultant and author with 30+ years experience working with entrepreneurs and business owners leading companies of all sizes and descriptions. Formerly a corporate executive in banking and finance industry. Also Founder of SMARTSTART.
Your pricing should reflect the value your service provides and the delivery commitments you have made as well as cover your costs of delivery with a respectful margin for profit, not the client's budget.
If you are not sure how to calculate what you should charge, you can learn how in this guide: SMARTSTART Pricing. You can get a copy at no charge here: http://smartstartcoach.com/smartstart-pricing/
There is also a section in the guide that helps you learn how to communicate your pricing to clients with confidence even when engaged in those tricky conversations.
Hope this helps!
Linda M. Lopeke
It always makes me sad to see family relationships sacrificed on the altar of success. It is completely possible to continue building your startup while taking on the challenges of parenthood. Both are long-term commitments.
When I started my own entrepreneurial journey (1983), the number one entry on my personal mission statement was “Succeed at home first.” Every subsequent decision made about the business went through that filter. (I took my most recent start-up from 0 to $10M in 5 years without sacrificing my commitment to being a great parent to my two children so it can be done, if you have the right mindset and strategy. It's less about the tools and apps and more about your attitude and actions.)
There were 6 things I committed to doing that helped me achieve my mission. You might find them useful too.
Share your why. You started your business for a reason. Likely more than one. Make sure your family and loved ones know what’s driving your entrepreneurial spirit. Your wife will love you for it and your kids can handle it.
Share your ideas and vision. Your family can’t support you if they do not know what’s in your heart and mind. Make a conscious choice to include them by talking to them and asking for feedback. You can benefit from their unique insights and perspectives.
Share your realities openly and honestly. The demands of running a business often mean making hard choices. If there are going to be times when you must be absent or unpredictably unavailable, acknowledge the potential for disruption. Then commit to doing what you can to minimize or compensate for it in ways meaningful to your family. Concessions need to be a two-way street and time limited; negotiation is needed here.
Show sensitivity to your family’s needs and feelings. Don’t assume your limited participation in family life and activities is not having a negative impact. Ask. You can’t make the appropriate adjustments if you aren’t checking in on feelings now and then.
Show them you care as much about them as you do your business. When you are with your family be with them in all ways. That means be fully present, not divided in your attention. Have meeting free days and call free times when at home. Schedule time off for family fun. And if, for example, you must keep an eye on business while on a family vacation, set limits on the time you’ll spend checking in and stick to them. Unplug afterward so you won’t be tempted if necessary.
Share your success with your family. No one succeeds alone. Your achievements are your family’s achievements too. Celebrate your big wins with them, acknowledge their contributions and sacrifices and show them gratitude along the way. Never be too busy to share your affection and appreciation.
You won’t always be perfect at this. Perfection is not the goal. Let go of perfection and learn how to delegate. Loving your family (and significant others) as well as you love your work makes the success you attain a source of satisfaction and joy. It can’t be bought for any price and nothing else comes close.
This can be a difficult conversation with a client. BUT, it doesn't have to be. There are many ways of handling such a change and you'll find them in SMARTSTART Pricing.
You can download this ebook for free to get the details and formulas for changing your price and implementing the change effectively with clients. Here is the link:
Hope you find it helpful. -- Linda
Yours is a common question! There are a great many factors you must consider when setting your price/rates. People tend to penalize themselves both when they are experts and when they are not.
SMARTSTART has published a guide specifically about Pricing that teaches people how to put the right price on anything you sell. You can get a free copy at http://smartstartcoach.com/smartstart-pricing/
It has helped a great many business owners. I encourage you to download it, read the whole thing (it's under 100 pages) and do the pricing assessments included in it before setting your rates.
As you'll see within it, "level of expertise" is not the most critical factor in pricing and your price is an important form of communication to your client. Hope the eBook helps you with this. -- Linda
I recommend creating a masterbrand under which you would set up individual profit centres, one per type of travel experience. This allows you to optimally leverage your investment in online/offline marketing AND your operations costs while allowing you to see which of the travel experiences perform most profitably and which are most popular with your target audience (you can expect these may not be the same).
Your tagline/brand promise should cross all product lines. For example, you could use something like "Travel experiences as unique as you are." (After all, it's all about the customer, not you/your products.) Then work all your marketing communications so that your masterbrand becomes known for this benefit and tie individual product positioning to making good on this promise.
Your idea sounds very interesting and I wish you great success with it!