Here’s a quick story with a powerful lesson to learnt from a 15 year old kid!
I decided some time ago that I wasn’t going to do any tasks that I could get someone else to do for £10 per hour.
My time is worth more than this.
If you spend your time doing these sort of tasks then that means you’re not able to do the things that are worth more to you.
Put another way, if you get someone else to do these tasks for you then it frees you up to do more of the things that will bring more money into your business. Whether that’s getting new clients, marketing, or training clients.
One of these tasks for me is cutting our grass. Front and back garden. Now this probably takes around an hour to do but I started to really begrudge it – as I do with any task like this. The reason is that if I’m cutting our grass, then it means I’m not doing the things that I love – spending time with my family, working on my businesses, or working on myself.
Life’s too short to do things that you don’t enjoy. So I decided to get a lad (named Corey)on our estate to do it for us. He was trying to earn a bit of extra cash at the Weekends and was only charging £6 for both lawns. Perfect.
He does a great job, is super efficient and punctual and leaves no mess. Corey is going to do well later on in life. Not because of the initiative he has shown in starting this little venture of his – although while his friends are all playing on their X-boxes while he earns money for himself that is quite entrepreneurial. The reason I am so impressed with him is because of a recent incident. He turned up to cut the grass (with a new petrol mower). As per usual he did a great job and then knocked on the door to collect the cash……
I fumbled around looking for change to be advised that he had already told my Wife a few days beforehand that he had put his prices up to £10. Now that’s some price increase. I didn’t batter an eyelid though. He is still worth it and I am more than happy to pay him the extra.
What Corey has done is quite brilliant. He has promoted a service that busy people on our estate that value their time need. He has made a low cost, low risk, enticing offer to get customers. He has then done an amazing job and over delivered. Then he has put his prices up to what he’s worth. This takes balls.
Are you charging what you’re worth?
How long have you kept your prices as they are?
Have you told (not asked) your clients what your new pricing options are?
It may be easier to phase in with new clients only, and then when you’re confident that people are happy to pay this, you can apply to everyone else as well.
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