{"id":80103,"date":"2022-12-01T09:14:54","date_gmt":"2022-12-01T17:14:54","guid":{"rendered":"https:\/\/honeybook.site.strattic.io\/?p=80103"},"modified":"2024-07-25T15:07:31","modified_gmt":"2024-07-25T22:07:31","slug":"pricing-strategy","status":"publish","type":"post","link":"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/pricing-strategy","title":{"rendered":"Guide to pricing strategy for independent businesses"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>If you don&#8217;t get your pricing strategy right, you could struggle to stay afloat or win new clients. Discover everything you need to know about setting a pricing strategy, including different pricing models you can explore and how to raise your prices.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header-1024x793.jpg\" alt=\"Man working on his business pricing strategy\" class=\"wp-image-90624\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-header.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Pricing strategy is one of the most crucial aspects of running an independent business. You could be pricing your services too low if you&#8217;re barely making ends meet despite a long list of clients.&nbsp;<\/p>\n\n\n\n<p>On the other hand, your pricing could be too high if you&#8217;re struggling to acquire clients after the inquiry stage. Neither of these scenarios is ideal when you&#8217;re trying to run a profitable business.&nbsp; &nbsp;<\/p>\n\n\n\n<p>How do you set a price that&#8217;s right for the client but also right for you? How do you make sure you&#8217;re actually generating profit? What if you&#8217;re an established business owner, and now you want to raise your prices? We&#8217;ll cover all this and more in this article.<\/p>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container ugb-9d9a6d8 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-9d9a6d8-wrapper.ugb-container__wrapper{background-color:#f4eae0 !important}.ugb-9d9a6d8-wrapper.ugb-container__wrapper:before{background-color:#f4eae0 !important}.ugb-9d9a6d8-content-wrapper > h1,.ugb-9d9a6d8-content-wrapper > h2,.ugb-9d9a6d8-content-wrapper > h3,.ugb-9d9a6d8-content-wrapper > h4,.ugb-9d9a6d8-content-wrapper > h5,.ugb-9d9a6d8-content-wrapper > h6{color:#222222}.ugb-9d9a6d8-content-wrapper > p,.ugb-9d9a6d8-content-wrapper > ol li,.ugb-9d9a6d8-content-wrapper > ul li{color:#222222}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-9d9a6d8-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-9d9a6d8-content-wrapper\">\n<h4 class=\"wp-block-heading\">\ud83d\udccd<strong>Explore more on pricing best practices: <\/strong><\/h4>\n\n\n\n<p><strong>Setting your prices<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/psychology-of-pricing\">Understanding the psychology of pricing<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy-examples\">Pricing strategy examples<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/competitive-pricing\">How to use a competitive pricing strategy<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-models\">15 pricing models for independent businesses<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/how-to-price-a-service\">How to price a service in 6 easy steps<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-guide-examples\">Pricing guide examples and best practices <\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>Raising prices<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/raising-prices\">5 tips for raising prices successfully<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/develop-services-establish-pricing\">Best practices for pricing services and increasing your value<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/response-when-clients-think-you-cost-too-much\">What to say when your client asks if you can do it cheaper<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/raising-prices\">How to raise prices this year<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p><strong>Jump to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#psychology\">An inside look at the psychology of pricing<\/a><\/li>\n\n\n\n<li><a href=\"#how-to-price\">How to price a service?<\/a><\/li>\n\n\n\n<li><a href=\"#pricing-models\">Pricing models for independent businesses<\/a><\/li>\n\n\n\n<li><a href=\"#consideration\">Why pricing shouldn&#8217;t be your only consideration<\/a><\/li>\n\n\n\n<li><a href=\"#tips\">Tips for raising prices successfully<\/a><\/li>\n\n\n\n<li><a href=\"#honeybook\">HoneyBook \u2014 Your small business success partner<\/a><\/li>\n<\/ul>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88462\" class=\"elementor elementor-88462\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-99ad397 e-con-full cta_click e-flex e-con e-parent\" data-id=\"99ad397\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-ec10187 e-con-full e-flex e-con e-child\" data-id=\"ec10187\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c538a76 elementor-widget elementor-widget-image\" data-id=\"c538a76\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"404\" height=\"740\" src=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png\" class=\"attachment-medium_large size-medium_large wp-image-88479\" alt=\"\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png 404w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-164x300.png 164w\" sizes=\"(max-width: 404px) 100vw, 404px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d64de4 e-con-full e-flex e-con e-child\" data-id=\"0d64de4\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a918e8 elementor-widget elementor-widget-heading\" data-id=\"8a918e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Get paid faster<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9b97b elementor-widget elementor-widget-text-editor\" data-id=\"0a9b97b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Use HoneyBook to simplify your payment process\u2014no more chasing payments.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cb141f elementor-widget elementor-widget-button\" data-id=\"7cb141f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/signup%20\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<a id=\"psychology\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">An inside look at the psychology of pricing<\/h2>\n\n\n\n<p>Before we get into the nitty-gritty of pricing for independent businesses, it&#8217;s important to understand the relationship between pricing strategies and purchasing behavior. You&#8217;ll see why in just a bit.<\/p>\n\n\n\n<p>The way you price your services (as opposed to the price alone) can impact whether a client decides to buy from you. That&#8217;s because using specific pricing tactics can trigger subconscious responses from potential clients, influencing them to buy through the <a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/psychology-of-pricing\">psychology of pricing<\/a>.<\/p>\n\n\n\n<p>Let&#8217;s look at some specific examples.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Charm pricing and left-digit bias<\/h3>\n\n\n\n<p>Studies from the <a href=\"https:\/\/academic.oup.com\/jcr\/article-abstract\/36\/2\/328\/1942926?redirectedFrom=fulltext&amp;login=false\">Journal of Consumer Research<\/a> point out that if a client had to choose between products priced at $12.99 and $13.00, respectively, they&#8217;re more likely to choose the first option.&nbsp;<\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/www.ama.org\/marketing-news\/digits-to-the-left\/#:~:text=Consumers%20often%20judge%20just%2Dbelow,around%20for%20almost%20a%20century.\">American Marketing Association (AMA)<\/a>,&nbsp;this is because&nbsp;&#8220;consumers often judge just-below prices, or prices that end in $0.99, to be much lower than the closest round number \u2014 a tendency often referred to as &#8220;left-digit bias.&#8221;<\/p>\n\n\n\n<p>This strategy might not be ideal for your main service packages, but it could be a great strategy to test for ad-hoc services and digital products.&nbsp;<\/p>\n\n\n\n<p>A simple tweak like this can make your offers a lot more attractive to potential clients (as long as you&#8217;ve covered the other basics, such as value and convenience, in your offer).&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container cta-pro-tip ugb-0041221 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-0041221-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-0041221-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-0041221.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-0041221-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-0041221-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-c9eef97 ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-c9eef97 > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-c9eef97-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-381f79f ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-381f79f-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/asset-4.svg\" alt=\"\" class=\"wp-image-83436\"\/><\/figure>\n<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-97eb796 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-97eb796-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<h4 class=\"wp-block-heading\"><strong>Pro tip<\/strong> <\/h4>\n\n\n\n<p>Clients don&#8217;t always buy on price alone. In most cases, it&#8217;s a combination of other factors, such as value and convenience. Research your competitors and identify how you can add more value to what you do and how convenient you can make your entire clientflow of inquiring, selecting services, and moving forward with a project.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>If you&#8217;re offering some sort of a subscription-based service like monthly social media management at $400, for example, try pricing in at $399. The difference is just a dollar, but to a potential client, it &#8220;feels&#8221; like there&#8217;s more value to the dollar than at $400.&nbsp;<\/p>\n\n\n\n<p>Incidentally, this strategy is also called &#8220;charm pricing,&#8221; and is just one of several popular psychological pricing tools marketers have been using for decades to optimize sales.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-712e71a ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-712e71a .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-712e71a .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/psychology-of-pricing\"><span style=\"color: #131416;\" class=\"stk-highlight\">Understanding the psychology of pricing<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-ef1dbf5 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-ef1dbf5.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/psychology-of-pricing\"><img decoding=\"async\" width=\"866\" height=\"577\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2021\/02\/Stocksy_txp0b9e5221VTo200_Small_3058728.jpeg\" alt=\"Girl Working At Home With Her Cat.\" class=\"wp-image-77631\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2021\/02\/Stocksy_txp0b9e5221VTo200_Small_3058728.jpeg 866w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2021\/02\/Stocksy_txp0b9e5221VTo200_Small_3058728-300x200.jpeg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2021\/02\/Stocksy_txp0b9e5221VTo200_Small_3058728-768x512.jpeg 768w\" sizes=\"(max-width: 866px) 100vw, 866px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<a id=\"how-to-price\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">How to price a service<\/h2>\n\n\n\n<p>We know that pricing can impact our leads, new clients, and returning clients. But how do we know exactly <a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/how-to-price-a-service\">what to price our services<\/a>?&nbsp;<\/p>\n\n\n\n<p>These guidelines can help:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How much are your costs?<\/h3>\n\n\n\n<p>The first aspect you want to consider is how much it costs to provide your service. So if you\u2019re a photographer, for example, the following could be a sample list of all your potential costs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Equipment costs (Camera, lens, etc.)&nbsp;<\/li>\n\n\n\n<li>Insurance costs&nbsp;<\/li>\n\n\n\n<li>Software costs&nbsp;<\/li>\n\n\n\n<li>Website hosting and license fees<\/li>\n\n\n\n<li>Mobile\/phone expenses<\/li>\n\n\n\n<li>Traveling expenses<\/li>\n\n\n\n<li>Marketing expenses<\/li>\n\n\n\n<li>Costs for training or further education<\/li>\n<\/ul>\n\n\n\n<p>Based on how you\u2019re paying for these items (one-time, once a month, or yearly), calculate how much you\u2019ll need to keep aside for these expenses every month, for example. This will help you understand how much, on average, you have to hit every month to cover your operational expenses.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-0ea9257 ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-0ea9257 .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-0ea9257 .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/develop-services-establish-pricing\"><span style=\"color: #131416;\" class=\"stk-highlight\">Best practices for pricing services and increasing your value<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-981f685 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-981f685.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/develop-services-establish-pricing\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature-1024x793.jpg\" alt=\"\" class=\"wp-image-84648\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/pricing-services-feature.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How much will you charge for your service?<\/h3>\n\n\n\n<p>Next up, you want to look at how much you will charge for your service.<\/p>\n\n\n\n<p>Let\u2019s say you\u2019re a wedding photographer. List your expenses per shoot:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Additional labor charges (if you\u2019re having more people on board for support)<\/li>\n\n\n\n<li>Fuel, props<\/li>\n\n\n\n<li>Cost for digital downloads\/USB stick to be shared with the client&nbsp;<\/li>\n\n\n\n<li>Web hosting for client\u2019s image gallery&nbsp;<\/li>\n\n\n\n<li>How much you\u2019re paying yourself for your work per hour (most business owners forget this vital step!)&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>You\u2019ll want to spread your operational costs and your service charges across photography sessions to recoup your costs and generate income. Determine a base charge for each project or session to cover these costs.&nbsp;<\/p>\n\n\n\n<p>Then ask yourself these questions to arrive at a \u201cfair\u201d price for your work:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How much experience do you have?<\/li>\n\n\n\n<li>Are there any relevant licenses and certifications you possess?<\/li>\n\n\n\n<li>How in demand are you? If you\u2019re just starting out, you may not have the advantage of charging premium pricing. But scaling prices gradually is something to look into as you become more well-known and established.<\/li>\n\n\n\n<li>How much do competitors charge? When you\u2019re just starting out, you don\u2019t want to go too low or too high in comparison. You want to appear competitive, as that can maximize your chances of getting new clients.<\/li>\n\n\n\n<li>The amount of work you have to do pre- and post-service. For example, communicating with clients, preparing contracts, emails, meetings, briefing, uploading images to the gallery, website, USB, etc.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Factor in your profit margin<\/h3>\n\n\n\n<p>A profit margin is, in straightforward terms, a measure of how much revenue you\u2019re making from your sales after deducting the costs of running your business. It\u2019s usually expressed in percentages.&nbsp;<\/p>\n\n\n\n<p>To calculate your profit margin, determine your net income, which is what you have left after subtracting your expenses from your revenue. Then, apply the following formula:<\/p>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container ugb-f1e41d6 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-f1e41d6-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-f1e41d6-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-f1e41d6.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-f1e41d6-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-f1e41d6-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-079bb26 ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-079bb26 > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-079bb26-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-7967222 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-7967222-column-wrapper\"><div class=\"ugb-column__content-wrapper\"><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-506176f ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-506176f-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<p>&nbsp;<\/p>\n<p><b>Profit margin = (net income\/revenue) x 100<\/b><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>Divide the net income by your revenue and multiply by 100. The number can tell you how much profit you\u2019re making to the dollar. If your profit margin is 20%, it means that for every dollar you spend on your business, you\u2019re earning a profit of $0.02.&nbsp;<\/p>\n\n\n\n<p>At this point, you may wonder if there\u2019s an ideal profit margin number you should be achieving. The short answer is no. That\u2019s simply because each small business will have its own idea of what profitability means.&nbsp;<\/p>\n\n\n\n<p>Generally speaking, according to the <a href=\"https:\/\/corporatefinanceinstitute.com\/resources\/accounting\/profit-margin\/\">Corporate Finance Institute (CFI),<\/a>&nbsp;\u201c10% net profit margin is considered average, a 20% margin is considered high or good, and a 5% margin is low. \u201c<\/p>\n\n\n\n<p>Here are a few ideas on how to increase the profit margin for your small business:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Outsource tasks \u2014&nbsp;<\/strong>&nbsp;When you&#8217;re managing your business&#8217;s functions by yourself, you may end up spending a lot on training, mentorship, and technology. You won&#8217;t necessarily have the expertise in all aspects of running a business, such as marketing or finance.&nbsp;<br><br>Think about outsourcing tasks that could eat away at your time and add to your costs. Consider specialist contractors or freelancers to eliminate the costs associated with hiring full-time employees, such as health insurance. Besides, expert contractors can help you optimize results on a smaller budget.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Convert your existing customers to raving fans<\/strong>&nbsp;<strong>\u2014&nbsp;<\/strong>&nbsp;Your clients can be your biggest cheerleaders if you make that extra effort to exceed expectations. Ask your clients to leave public reviews (that\u2019s one aspect of marketing sorted!). Also, ask them for referrals.&nbsp;<br><br>New clients are more likely to trust service providers if they\u2019ve been referred by people they already know and trust, like friends, peers, and associates. Referrals can be a great way to bring in new business without having to spend a dime on marketing.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Rethink your services<\/strong>&nbsp;<strong>\u2014&nbsp;<\/strong>&nbsp;Look at how you can expand your offerings to lock in clients to more services. Also, consider retainers or maintenance packages so there\u2019s recurring revenue. For example, as a business coach, you can offer monthly check-in calls as part of a package for ongoing support.&nbsp;<\/li>\n\n\n\n<li><strong>Invest in technology<\/strong>&nbsp;<strong>\u2014&nbsp;<\/strong>&nbsp;Using technology can help eliminate the higher costs of using multiple systems. With HoneyBook, for example, you can manage projects, create interactive and memorable client experiences, manage <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/invoicing\" target=\"_blank\" rel=\"noopener\" title=\"invoicing\" data-wpil-keyword-link=\"linked\">invoicing<\/a> and payments, and so much more.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-161756d ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-161756d .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-161756d .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/how-to-price-a-service\"><span style=\"color: #131416;\" class=\"stk-highlight\">How to price a service in 6 easy steps<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-689a709 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-689a709.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/how-to-price-a-service\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature-1024x793.jpg\" alt=\"Person on laptop with notebook and coffee cup next to them\" class=\"wp-image-80073\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/how-to-price-feature.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<a id=\"pricing-models\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">Pricing models for independent businesses<\/h2>\n\n\n\n<p>Many different pricing models have been tested over the years by established businesses and found to be successful. But only some of these will fit the scenario of an independent business.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-89a00c5 ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-89a00c5 .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-89a00c5 .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy-examples\"><span style=\"color: #131416;\" class=\"stk-highlight\">8 pricing strategy examples<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-68b58d7 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-68b58d7.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy-examples\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples-1024x793.jpg\" alt=\"Employees working on a pricing strategy at a table\" class=\"wp-image-79403\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/10\/pricing-strategy-examples.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p>Next, we\u2019ll cover six <a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy-examples\">pricing strategy examples<\/a> that are ideal for independent and small business owners:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Penetration pricing strategy<\/h3>\n\n\n\n<p>Penetration pricing is when you kick-start your new business by offering low prices as a way to bring in business. You then slowly scale up your prices as you start gaining a steady flow of clients and referrals.&nbsp;<\/p>\n\n\n\n<p>This approach can be controversial for two reasons&nbsp;\u2014&nbsp;you\u2019re undercutting your competitors to win new business, and there\u2019s always the potential that your offerings may be viewed as lower in value.&nbsp;<\/p>\n\n\n\n<p>Further, you will need to have additional funds to support you while you establish yourself. It\u2019s possible you may end up barely breaking even.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Value-based pricing strategy<\/h3>\n\n\n\n<p>In the value-based pricing model, you\u2019re charging the price you think your service is worth (usually premium-level). This is one of the pricing methods you can adopt when you don\u2019t have much competition. In other words, you\u2019re the only person who\u2019s offering the service.&nbsp;<\/p>\n\n\n\n<p>The good news with value-based pricing is that you can become profitable very quickly with fewer clients. But because your service is new to the market, you may have to work a little harder to establish enough value for clients so that they buy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Cost-plus pricing strategy<\/h3>\n\n\n\n<p>Small businesses can find that cost-plus or mark-up pricing is the most straightforward pricing method to deploy. You simply work out your costs and add a percentage markup that makes sense to you profit-wise.&nbsp;<\/p>\n\n\n\n<p>The cost-plus pricing can be effective if you\u2019re offering simple and set services like Canva template packs as a graphic designer. You can expect steady returns. But when you use this model, you\u2019re not necessarily looking at the market or what customers are willing to pay.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Competitive pricing strategy<\/h3>\n\n\n\n<p>With a competitive <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy\" target=\"_blank\" rel=\"noopener\" title=\"pricing strategy\" data-wpil-keyword-link=\"linked\">pricing strategy<\/a>, you\u2019re basing your prices on what competitors are charging for similar services.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You price lower than your competitors. So, you have an advantage in getting new clients.<\/li>\n\n\n\n<li>Your price is similar to your competitors, but you offer value add-ons. So, it looks like you\u2019re offering more for the same price.<\/li>\n\n\n\n<li>Your price is higher than your competitors because you believe what you offer is far superior.<\/li>\n<\/ul>\n\n\n\n<p>While low pricing may be a great way to get attention for your business when you\u2019re just starting out, it\u2019s not the most sustainable strategy in the long term.&nbsp;<\/p>\n\n\n\n<p>Look at providing value and convenience to make your prices truly competitive.<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-c51cf9f ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-c51cf9f .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-c51cf9f .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/competitive-pricing\"><span style=\"color: #131416;\" class=\"stk-highlight\">How to use a competitive pricing strategy<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-9f0d872 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-9f0d872.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/competitive-pricing\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/img_636448722dfc8-1024x682.jpg\" alt=\"\" class=\"wp-image-79586\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/img_636448722dfc8-1024x682.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/img_636448722dfc8-300x200.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/img_636448722dfc8-768x512.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/img_636448722dfc8.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">5. Price skimming&nbsp;<\/h3>\n\n\n\n<p>Price skimming is more suited to distinct offerings or services with very little competition in the market. Given there isn\u2019t much competition and you have services that people want to buy, you can price your service high or set your own price.&nbsp;&nbsp;<\/p>\n\n\n\n<p>When your service becomes more popular and as competitors enter the space, you can lower your price to make it more competitive.&nbsp;<\/p>\n\n\n\n<p>The biggest negative with this strategy is that you won\u2019t be able to stay premium as more competitors start to enter the space. You may also be exposed to the risk of upsetting clients who bought your services earlier at higher price points.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Bundle pricing<\/h3>\n\n\n\n<p>Bundle pricing is when you group several services or products and sell them at one price as a bundle. So, if you\u2019re a small business marketing coach, you may have readymade training and tutorials that you can bundle together as a single package.<\/p>\n\n\n\n<p>So, for example, you can create an \u201cInstagram Marketing Maven\u201d package for $199, which includes the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Instagram Branding Makeover video tutorial, normally priced at $65<\/li>\n\n\n\n<li>Instagram Marketing Mastery video tutorial, normally priced at $199<\/li>\n\n\n\n<li>Instagram &#8211; How to Reach Out to Influencers e-book, normally priced at $29<\/li>\n<\/ul>\n\n\n\n<p>Indicate the original prices in your marketing communications to emphasize how much value your clients are getting out of the deal. You can even continue to sell your products individually to offer choice.&nbsp;<\/p>\n\n\n\n<p>When offered options like this, clients can perceive the bundled package as very appealing.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-41eeb74 ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-41eeb74 .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-41eeb74 .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-models\"><span style=\"color: #131416;\" class=\"stk-highlight\">15 pricing models for independent businesses<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-acf0498 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-acf0498.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-models\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature-1024x793.jpg\" alt=\"Independent business owners discussing pricing models\" class=\"wp-image-79758\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/pricing-models-feature.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<a id=\"consideration\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">Why price shouldn\u2019t be your only consideration&nbsp;<\/h2>\n\n\n\n<p>Regardless of the pricing model you choose to adopt or the price you decide to set, you always want to think in terms of value and convenience for your clients.&nbsp;<\/p>\n\n\n\n<p>Most clients aren\u2019t necessarily looking at only the price to decide whether they\u2019re going to buy or not. They\u2019re also looking at how much value they\u2019re getting from their service and how much more convenience your service offers.<\/p>\n\n\n\n<p>Take the example of a maternity shoot photography service. Some photographers provide a package consisting of monthly shoots for the newborn and their family, including props, choice of poses, digital downloads, display gallery, and USB stick.&nbsp;<\/p>\n\n\n\n<p>The client gets the experience of working with someone they already know to shoot and record their baby\u2019s growth. An added benefit is that you have a fixed client for the duration of the engagement, whether that\u2019s months or a year.&nbsp;<\/p>\n\n\n\n<a id=\"tips\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">Tips for raising prices successfully<\/h2>\n\n\n\n<p>We talked earlier about the need to evaluate and update your pricing at least once a year. If you&#8217;ve reached a stage where you&#8217;ve stabilized your clientele, and your business is growing organically, it may be time to raise your prices.&nbsp;<\/p>\n\n\n\n<p>But how do you do this without upsetting your regular clientele? Here&#8217;re some tips that can help:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Timing is key &#8211;&nbsp;<\/strong>Give your clients advance notice. The last thing you want to do is surprise your clients with a price rise a day or a week before. Clients will appreciate the heads-up because it gives them time to prepare for the switch.&nbsp;<\/li>\n\n\n\n<li><strong>Sell the rationale<\/strong>&nbsp;&#8211; Provide an explanation to your clients as to why you&#8217;re raising your price. You want to frame it in such a way that it relates to the client&#8217;s service expectations. For example, you can talk about having to raise prices to continue to provide the same level of service because of increasing costs for businesses.<\/li>\n\n\n\n<li><strong>Provide additional value &#8211;&nbsp;<\/strong>This may not always be possible, but it&#8217;s worth adopting because it can make the process of transition and acceptance for clients easier. Think about any value-adds you can include to your new pricing packages without putting in significantly more work.&nbsp;<\/li>\n\n\n\n<li><strong>Do it in person<\/strong>&nbsp;&#8211; As far as possible, communicate the price rise with your client directly, whether in person or on the phone. An email can seem cold, impersonal, and not as considerate. Demonstrate openness to answer any questions or concerns they may have.&nbsp;<\/li>\n\n\n\n<li><strong>Test with new clients first<\/strong>&nbsp;&#8211;<strong>&nbsp;<\/strong>Before you share the price rise news with your existing clients, you want to test whether the market&#8217;s ready first. See how your new price works with new clients. If the market is willing, there&#8217;s a good chance your existing clients may be more easily persuaded.<strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>If your clients ask you to <a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/response-when-clients-think-you-cost-too-much\">lower your prices<\/a>, you can consider accommodating them (with a lower value of services). But, don&#8217;t be afraid to say no and explain the value behind your pricing and services. <\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"background-color:#f4eae0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-ugb-text ugb-text ugb-5c0e7a5 ugb-text--design-plain ugb-text--columns-1 ugb-main-block\"><style>.ugb-5c0e7a5 .ugb-text__subtitle{font-size:16px !important;color:#000012}.ugb-5c0e7a5 .ugb-text__text p{font-size:24px !important;color:#000012}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-text__title-wrapper\"><p class=\"ugb-text__subtitle\"><strong><span style=\"color: #131416;\" class=\"stk-highlight\">RELATED POST<\/span><\/strong><\/p><\/div><div class=\"ugb-text__text-wrapper\"><div class=\"ugb-text__text\"><p class=\"ugb-text__text-1\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/raising-prices\"><span style=\"color: #131416;\" class=\"stk-highlight\">5 tips for raising prices successfully<\/span><\/a><\/p><\/div><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-ugb-spacer ugb-spacer ugb-5e061e6 ugb-spacer--v2 ugb-main-block ugb--hide-mobile\"><style>@media screen and (min-width:768px){.ugb-5e061e6.ugb-spacer{height:25px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-spacer--inner\"><\/div><\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/raising-prices\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature-1024x793.jpg\" alt=\"Business owners calculating how to raise their prices\" class=\"wp-image-79786\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/11\/raising-prices-feature.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<a id=\"honeybook\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">HoneyBook &#8211; Your independent business success partner&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Setting your prices is just one small step within your broader clientflow. You still need to capture leads, successfully showcase and sell your services, book clients, and onboard them into your business.&nbsp;<\/p>\n\n\n\n<p>To do it all, use HoneyBook\u2019s clientflow management platform. It\u2019s the standard for independent business like photographers, business consultants, designers, and many more. When your clientflow is running smoothly, you get to focus on strategy and growth.&nbsp;<\/p>\n\n\n\n<p>That means you get to add more value that helps you raise your prices and attract more clients.&nbsp;<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"87987\" class=\"elementor elementor-87987\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"343\" height=\"660\" src=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-3.png\" class=\"attachment-medium_large size-medium_large wp-image-87989\" alt=\"\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-3.png 343w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-3-156x300.png 156w\" sizes=\"(max-width: 343px) 100vw, 343px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Offer seamless payments<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-99158e7 elementor-widget elementor-widget-text-editor\" data-id=\"99158e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Offer multiple payment options with HoneyBook and get paid directly through your invoices. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/signup\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>If you don&#8217;t get your pricing strategy right, you could struggle to stay afloat or win new clients. Discover everything you need to know about setting a pricing strategy, including different pricing models you can explore and how to raise your prices. Pricing strategy is one of the most crucial aspects of running an independent [&hellip;]<\/p>\n","protected":false},"author":816,"featured_media":90625,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[371,474,107,264],"class_list":["post-80103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","tag-business-growth","tag-business-strategy","tag-business-tips","tag-pricing"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature.jpg",2000,1548,false],"thumbnail":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature-150x150.jpg",150,150,true],"medium":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature-300x232.jpg",300,232,true],"medium_large":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature-768x594.jpg",768,594,true],"large":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature-1024x793.jpg",1024,793,true],"1536x1536":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature-1536x1189.jpg",1536,1189,true],"2048x2048":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/pricing-strategy-feature.jpg",2000,1548,false]},"post_excerpt_stackable_v2":"<p>If you don&#8217;t get your pricing strategy right, you could struggle to stay afloat or win new clients. Discover everything you need to know about setting a pricing strategy, including different pricing models you can explore and how to raise your prices. Pricing strategy is one of the most crucial aspects of running an independent business. You could be pricing your services too low if you&#8217;re barely making ends meet despite a long list of clients.&nbsp; On the other hand, your pricing could be too high if you&#8217;re struggling to acquire clients after the inquiry stage. Neither of these scenarios&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>","author_info_v2":{"name":"Irene Lopez","url":"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/author\/irene-lopez"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pricing Methods For Your Independent Business | HoneyBook<\/title>\n<meta name=\"description\" content=\"Learn these pricing methods that will help you set a pricing strategy for your business that you can improve and evaluate each year for growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/pricing-strategy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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