When God called me to become an entrepreneur, He didn't tell me WHAT to do. He didn't show me HOW. He didn't hand me a copy of Entrepreneurship for Dummies.
He simply whispered... go.
In almost 7 years of showing up as an entrepreneur, I've failed so. many. times. I have tried something, hated it and then tried something else. I have lept too soon, lept too late. The learning process has been steep. The money has come and gone and come again. My passions have shifted and changed. And the road to now has been bumpy.
But, He never said it would be easy. God qualifies the called, right? He provides solutions in mysterious ways. I remember one of my biggest hang-ups as a newish online coach was how to price myself and my programs. Going from corporate where I had a salary, to network marketing where you had a comp plan and made a commission that someone else set felt simple. Compare that to becoming an educator and coach in the online space and fully owning your products from beginning to end was daunting.
But again... in God's faithful fashion, he lovingly whispered... go.
So, two years ago I created my first ever product that was 100% MINE.
It was a group coaching program teaching network marketers how to grow their leads and make more sales in an authentic way, using Facebook.
I knew I could create something that would help immensely because the #1 problem my team was facing was how to sell more online, without being salsey or pushy.
Personally, I had created a six-figure business in 24 months, organically! Using nothing but FACEBOOK posts and groups! I figured it was something other network marketers would want, so I mustered up the courage and set up the course. I created the outline, marketed it like crazy and then sat there frozen... what the heck do I charge for something like this?
Should I go low and attract more people? Should I go higher and focus on a select market? What does buyer psychology say about pricing? What if I price it wrong in the beginning and have to change it? Should I have a payment plan option?
I mean..... overwhelm city. But I made it through. I did my best, lept and took messy action.
Over 400 students, 6 courses, and an e-book later...I've learned that pricing is KEY. It can make or break the success of your service or good. It can attract the perfect client, or repel them. It's THAT important.
A few tips from today's podcast episode:
1) Calculate your hourly worth (not rate... worth)
2) Figure out what the end result of using your product or service will be worth to your student
3) Understand who you are marketing to and how you can get them to the end result as quickly and simply as possible
4) Create a price that isn't cheap, yet it isn't expensive - it's a price that will stretch your buyer a bit, but not turn them off - which ensures they will show up for you (and themselves) in a big way
5) Raise prices when you max out and your pipeline is consistently full for at least 6 months
Hear my FULL TRAINING on this over in today's podcast episode!
I know you'll enjoy.
Love and light,
P.S. If you enjoy this episode, be sure to share a screenshot in your IG stories! I will shout you out on my stories! Yeahhh!!!!!
Full transcription available at the bottom of this blog post.
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FULL EPISODE TRANSCRIPTION:
All right. Welcome to another episode of The Mompreneur Mastermind Show. Super pumped because today my friend, we're going to talk about what to charge and how to price your products and services. Because I remember all too clearly when I launched my online coaching slash educational business for female entrepreneurs, and I had my first product and I'm just staring at it like, what the, Hey, do I charge? I'm afraid to ask for too much and freak people out and not have an income coming in or ask for too little and overwork myself, be overwhelmed, be resentful. Like I'll just hide in my hole over here and never charge anything because I'm confused. Do you guys feel me? If you have any type of entrepreneurial business and even if you don't and you have a brick and mortar, I think that this conversation is still really valuable so that you can feel really great about what to charge, what you are worth and when to raise your prices, because, Hey, we got to talk about that too.
So before we dig into all of that, let's read the review of the week. This is a five-star review by serenity Starlight. I just started listening to your podcast and I am beyond excited. Your message is the one I've been looking for, but I didn't know it yet. Thanks for all you do. You're so welcome serenity. I'm so grateful for you and you and you, you listening right now on the other side of this speaker, you are the entire reason I am on this mission. I have been put on this earth to serve you, to pour my heart, my mentorship, and my teachings into all of the issues, the problems, the constraints, the struggles that you're facing in your life and business. And I hope that you feel like I'm showing up for you in my best capacity, because I am. I promise. And if you want to thank me, I want you to go and leave me a review. Truly. That is the number one way you can thank me because it helps us further. Our mission of teaching women. They can make a profit from their God led passion, and they can actually have it all, both the family life and the entrepreneurial life, because I've done it. So I know that you all can have that too. So if you haven't paused this show right here, girl, and head to iTunes, leave me a written review. I will love you for life.
What's up mama boss. Welcome back to The Mompreneur Mastermind Show. I'm Stefanie Gass, success strategist, and passive income queen creator. If you're ready to step into your God, led potential, create profit from your passions and capture the success that is already yours. This was made for you as always. You can find out more and connect with me firstname.lastname@example.org. So grab that cup of coffee or fill up that glass of wine. And let's dig in to today's show.
If we haven't worked together yet, why not? Did you know? I have products starting at nine bucks. So if you were like, Oh, and I have trainings that are completely free PS. So if you're like staff, I just don't think I could afford it, girl, you are wrong. And I want to help you grow your following further, your mission monetize in a bigger, better way and expand your brand and platform so that you can have the success that you're dreaming of. Head over to Stephanie gas.com/work with me and check out all of the options. I have self study courses. I have private coaching. I have eBooks and completely free trainings. It's all there for you, SIS. I can't wait. Oh right. I'm digging into this topic. What to charge, how to price your products and services and how to define what you're worth and then stick to it.
I feel the struggle. So first of all, number one, here, you've got to clean your worth. And as women, I don't want to get on a soap box because we've got a lot to talk about. But as women, I think so often we de-value what we are worth financially. We think are worth, comes from serving. And I'm guilty of this as well. Oh, I'm going to show my love by just giving it all away for free or showing up for somebody when they need me or cooking this meal for my family and cleaning it up. And yeah, all the things doing all the laundry in the house, and yes, those things are important, but those are not what you are worth when it comes to business. Giving things away for free are not going to further your mission because without money, I'm going to say the word.
And how did that word make you feel, pay attention to that without money. You can't do great things. I mean, do you have a passion on your heart right now? Is there a charity that you're really, really just lit up about? Does your child's school need a new library? Do you want to give back to the humane society or feed the homeless in a big way where you can actually make a massive impact that takes, guess what money and are you serving others? Are you donating? Are you tithing to your fullest extent? That takes what money when really great people do insanely amazing things on this planet. And you're in line with what God is calling you to do. He's going to pour out favor and provision. And this comes in all forms. This comes in for me in the past three years, I've gotten trips, I've gotten free vehicles.
I have gotten, you know, strange insurance claims that are like thousands of dollars and upgrades. We've gotten free home upgrades that are, gosh, ah, like so insane. And it's God, it's his fingertip on your life. And not even talking about the bank account. You know, there's been times where I've felt the Holy spirit move me to take action on something. When I prayed over it and asked and just really been open to his guidance. And then it explodes financially because it's his choice what I do, but I have to know my worth because I could do something incredible that God has asked me or called me to do and undercharged for it. And it's not going to make as big of an impact on my life. My family's lives, the lives I can touch with my finances or with my provision or with my stories of his blessings.
And you've got to know your worth. First of all, you have to know, you are worthy of success. God wants us to be successful. He doesn't want you to live a life of poverty, of not knowing how you're going to feed your kids next week. He doesn't want that for you. He wants beauty and abundance and incredible lives for all of us. But if we're sitting there blocking his abundance, what can he do? So open your heart and say, I'm ready. Like I'm ready for your favor and your gifts and the income that's going to flow to me, God and I am worthy of money. And I'm going to do incredible things with money and incredible things is living your best life. Some of it is self care, spending it on yourself and that's okay. You have permission. Some of it is showing your kids that there is enough money to do good in the world.
And that you don't have to say, I can't afford it every time your child wants to have this awesome experience or do that really cool summer camp that all the other kids get to do, but you don't have the money, right? You want to live your best life, claim your worth like that's number one, number two, define your worth. What is your hourly worth? And I'm going to borrow a training that Chris harder did on his podcast for the love of money. I don't remember the episode, but it's 12 minutes and go listen to it. I think it's episode two 17. It's right around there. Any who basically, I'll just tell you his formula. You take what you want to earn in a year divided by the number of hours you're willing to work in a year. So if you're willing to work five hours a week, times 52 weeks, okay, that's your hourly amount that you're going to work in one year and then say, you want to make a hundred thousand dollars and be realistic.
If you're making $20,000 today, maybe shoot for $60,000 this year. If you're making $250,000 this year, how big can you scale that realistically and divided by those number of hours? You now have an hourly rate for yourself. Holy smokes. That's what your time is worth to you to feel valued, to feel like you're ready to show up for your clients. You know, there was a long time where I was charging like $97 per hour for coaching. And when you coach someone guys, you're showing up like all your energy, everything you have is there for them. I'm problem solving. I'm helping people come up with brand ideas and copyright and launch products. And I mean, it is intensive and I would end those calls and just feel like, Ugh, like I don't want to do this. I don't want to meet with people privately anymore. And I had too many clients wanting to book with me at that rate.
And I started to feel this resentment creep in. And you may think, gosh, well, $97 an hour is incredible. The well it was at the time. But as you grow and elevate, so does your worth right? As you continue to impact more lives, you get to step into that and say, I'm making a bigger difference. I am impacting more lives. I'm helping more people make money. I'm going to step up into what it's now worth. And I actually raised my prices every year now. So now, you know, at the time of recording this, so depending on when you're listening to this episode, my prices are probably much different at this moment. My coaching can go anywhere from $350 to $497 per hour, based on what the package that they buy. And for right now where I am in my business, I'm in pure alignment with that.
And however, that number feels to you like, Ooh, gosh, I could never charge that. No, that you totally can. And you can get there. I wouldn't have started there, but over the last seven years of being an entrepreneur, that's where I am today. And it's funny. Cause I actually had a couple of people recently tell me, that's it. Wow. Like I was ready to pay like 900 bucks an hour. I'm like, okay, well I feel you. So you'll start getting universal signs when it's time to raise your prices again, or you'll max out on your clients and then you'll know, okay, I need to raise my prices because you can't take private clients all day every day. Whether you're a nutrition coach, a fitness professional, whether you do private coaching, your life, coaching, anything that takes your time, that needs to be a premium. That is the highest rate that you charge.
So define your worth, define it. You have to know, am I worthy? Be I know what my hourly time is actually worth. Now, number three, with your products or your services, you need to have a signature solution. That's passive. Now this would be, for example, one of my entry-level courses, let's just take the Facebook ads course. It's one hour. It's very simple. It's for the beginner. Someone that wants to learn how to do a Facebook ad simple, that course is like roughly 97. I think it's $97 and you got to have entry level pricing with your entry level signature service. And if you launch your product at $9 and it's a course and it's big and it's amazing. Do you think anyone's going to show up for that course? No. Now when I, when I created that course back in the beginning of my entrepreneurship coaching business, so that one was about two years ago that I created that course.
I was charging $97 an hour. So for a course, that's going to take someone from, I don't know how to do a Facebook ad and there's a bajillion free trainings out there. Believe me, there's everyone in their mama that wants you to hire them for Facebook ads. I was like, I just want to show someone how to do a simple campaign, like one simple little campaign to drive traffic to their freebie or to grow their network marketing business at the time. Cause I was really coaching network marketers when I started. And so I said, what would that solution be worth to me today? Cause I was my own ideal client, right? So I said, what would I pay for this? What would I pay to say, I just need to know in an hour, how to launch a Facebook ad. Like Lord help me. This is so convoluted.
I don't need all this fancy jargon. Just show me like give me the screen, share and show me where to click and how to set it up. And I decided that I would pay roughly a hundred bucks for that. And so I created it and I priced my signature. I'm calling it like a signature, but it's your primary solutions. You should have maybe five key questions that you're hearing from your avatar over and over again. You need solutions for them, which are your mini courses. And these are passive. You're not showing up to me with people to answer the same question. Every day I was getting people hiring me over and over again, how to launch a podcast. So I created a course and that course is much more expensive. But the point here is start with one and price it based on the result, not how big the course is not how many modules don't have fluff to make it more expensive.
I think the solution is worth a certain dollar amount. And I felt good about that. Knowing if it takes someone roughly an hour to get through this course and they pay me $97, that would have been an hour of my time at, at the time, roughly $97. This feels good. I'm ready to rock. So that's your first product. It should be something moderately in line with your hourly worth. And then you get to build out from there, your product pipeline, which I'm going to dig into in a second. And the other beauty of this is it's a gateway product. So when you start your initial product line, guys, you want to price it in a way that your avatar you're going to have a high conversion and buyer psychology says end in seven. So I really love 47 and 97 as an initial product for most people.
If you are a million dollar earner and your avatar is making $250,000 every single year, do you need a $47 product? No, you go ahead and skip right to nine 97. So you also need to take an end. You're going to know this because your hourly rate is going to be what $3,000 an hour plus. So you're not going to price something so far out of your hourly worth. So it helps you identify like now if I'm looking at my hourly worth of between three 50 and $500 per hour, what courses on my selling you guys they're right around $500. It's amazing. It's kind of like, it gives you a checks and balance of am I priced right now? You have to look at your pricing per hour and what your avatar can afford. So who are you talking to look at your specific person?
If you are a fitness coach and you are teaching college dudes, how to get ripped, probably no one on here is doing that because you're all mompreneurs. But there you go have fun with that one that got weird. You're teaching 17 year old dudes, how to get ripped. Are you going to charge them four 97 for a get ripped? You know, crash course? No, like they're not going to have that income. And you as probably a 20 year old entrepreneur, your hourly rate, maybe you figured out to be 40 bucks an hour. So maybe that initial product should be right around $47. Are you guys feeling into that? It's just a guideline and you want to ask yourself that final question of what's the solution worth to him? His 17 year old Bobby going to pay 47 bucks to get ripped in eight weeks? Well heck yes, baby.
He's got, he's got his eyes on Susie this summer. Like he's ready to get ripped now is that seven figure network marketer going to pay $3,000 to have a mastermind with you on how to create and scale her brand? Probably. So. So you gotta be in line with yourself, your own, self-worth your signature solution. What does that solution worth and what is your avatar going to pay? Now, the next step of this is the roadmap, the pricing roadmap of products and services. So once you start with your time, because a lot of you're probably doing one-on-one work at this point as a new to intermediate entrepreneur and you have, hopefully have a mini course of some kind or you've decided that you're going to create one because there's no better way to have passive income. But what do you do from there? How do you scale and grow and make more well, you create a pricing roadmap.
So that initial solution that you've created is your entry-level product. Let's say for the masses, I typically have my clients price out at 47, 67 or 97 for that initial product. Now you can go two to five, five times higher for your next product. So let me take you through my example. Someone comes into Stephanie Gas's brand, probably through the podcast or through Instagram. That's where I love to pour my heart and soul into is the podcast and Instagram. They hear me talk. They like me. They come and join my email list. Once they're in my list, they hear, Hey, did you need good work with me? Come check out all the options to work together. Friend takes them to my website and they have free courses, which are my freebies listened to the last episode. If you want to learn about that, that gets them into a funnel.
And they're going to check out that freebie and then I'm going to offer them something. And based on the freebie that they choose, it's typically an entry-level product. This could be my Facebook class at one 97. I have a Facebook group frenzy. That's 47. I'm going to get all these prices wrong. 67. Then I have that Facebook ads masterclass, which is the roughly 97 bucks. So they buy something entry level. Well, Oh my gosh, I have a solution. I feel so good. I've implemented. I'm having success and totally feeling this chick. Well at the end of the course, I say, Hey, ready for more? Did you know, I have a complete branding course that teaches you how to brand yourself, understand your avatar and create passive income products like eBooks and courses. Come on, girl, join me in passionately profitable. And I take that person on an experience from this entry level when I'm getting her a win and it's easy to get her and she's willing to pay 100 ish dollars to get it to, okay, we have a bigger problem.
Now there's more work involved. This is going to be a little bit more intensive and it's going to take you longer. What are you willing to pay for that experience? Now that experience is either branding and course creation, launching a online email funnel or launching a podcast. And those courses are between roughly $400 and $700. So let's say a hundred people take the initial course. Gosh, well maybe 20 people come and take those mid tier courses. And this is for you guys starting out. Well then guess what? Hey boss, you just got through this amazing course. Did you know that I take a couple clients a month? They are my elite entrepreneurs. I only take two of you every single month apply here. So my final product offering for my customer or client is private coaching at the most premier price point because I don't want to work with a bunch of people.
I want to work with my ideal human and almost every woman that's hired me for private coaching has taken one, two or all of my courses. It's amazing. So people really go through this pricing roadmap because they're getting solutions from you. You're proving your worth. You're proving that when they pay you, they will end up with a solution. You're feeling really great about what they're paying for your courses because it's in line with your hourly wage that you need to make to earn X amount of dollars you're worth at the end of the year. So you're feeling really great about that. Most of it's passive, which is phenomenal. And then that lasts one or 2% of people that go through your course pricing funnel. They want to work with you exclusively. And again, you can charge two to five times more for that. Now this is totally up to you, how you want to structure this, but it all starts with recap, claiming your worth.
Number two, defining your worth, do that calculation. Thank you, Chris harder. Number three, figure out your signature solution and start there. Entry-level price it. Seven is a huge driver for buyer psychology. I highly recommend ending it in a seven four, create a roadmap to work towards. You're not going to have this roadmap done in two months, but I think over a year, or maybe even over two years, you can develop a roadmap with premier pricing options for your Lola to consume, and that ultimately elevates your worth and your business and your branding and all of the things. Now, number five, decide on this pricing strategy and stick with it for one year. Don't change it. Don't make excuses. Don't apologize for what you charge. When I have a sales call with people, you guys, and they're like, what does this cost? Like? For example, this morning, I had a call with someone they're like, I want to get the podcast pro university course.
I'm like awesome. It's four 97. That's what it costs. Take it or leave it. Right? And most often 80% of my sales calls they buy because I am confident that when they complete my courses, they will be successful in whatever that course teaches. They will end that course. If they do every single thing inside of my course, they don't make excuses. They make the time to do it from beginning to end. They implement all of the teachings that I provide. They go through the downloads and the exercises. They will have launched and scaled a hugely successful podcast. I am sure of it. And to me I'm like you're in pay 500 bucks to cut out all the guesswork and to scale a profitable brand and platform for yourself in probably eight weeks, heck yeses. I am ready to put down some investment in myself to have that solution, right?
So stick with it. Don't apologize. Don't make excuses. Don't give people deals. Don't give your friends freebies, claim your worth next step. When you raise prices, when you're at your limit. So I only take two Ellie entrepreneurs at a time and there's always a waiting list. So once I know, okay, I'm consistently for six months, maxing out at two people every month. And I have a waiting list of at least two people at a time, I'm going to raise prices on my private coaching. I'm not raising prices on my courses because my courses, I want to help the masses with my courses. And the majority of people can get their solution directly from a self study course. But the people that want to work with me exclusively, you only have so much time and there's only one of you. And once you notice that the demand is increasing, increase your prices because then the demand will get back in line with your pricing.
So if I increase my prices by a hundred bucks an hour, maybe a couple people fall off the waiting list. And I'm sorry, you know, sorry that you can't serve everyone, but you guys, you just can't. If you're a nutritionist and you keep charging $25 an hour, regardless of how many people are in the pipeline, you're going to burn yourself out. You're going to make yourself sick. You're not going to be serving your client well, because you're going to be stretched in every direction. You're going to have too many clients. Things are going to fall through the cracks. And it's just not a win-win situation. When you could say guys letting you know effective January 1st and always a new year price raise is totally normal. So roll with it. If you feel weird about this, like a random price increase guys, January 1st price, going up to 50 bucks an hour, please let me know.
If you'd like to continue the relationship you're going to get rid of some of those clients that aren't willing to invest in themselves at that level. And you're going to make more money working less. That is a win win, because you also want to attract your ideal client. If someone's not willing to invest in themselves for their nutrition, you probably don't want to work with that person anyway. Right? So raise your prices when you're at your limit and don't feel bad about it. Like this. That's the point of this game is to continue to grow and scale and help more people. The more money you make, the more difference you can make, the more you can give, the more problems you can solve. The more people you can impact, the more jobs you can provide, like the ripple effect of having a sustainable successful income is limitless.
Now I just want to send you off with so much encouragement to take that step, whatever that step is for you, wherever you are in that process that I just talked about, whether it's step one of, I really need to figure out that I am worthy, whether it's step four and you're already working on your income roadmap, you know, you have your final pieces to put together. It matter. You're on the page of your book in your life on purpose. You're in chapter one, maybe you're in chapter 10, maybe you're in, you know, the very ending stages of the book of your life. It doesn't matter. You get to decide what the next sentence says. You get to decide how to write the next chapter. And do you want that book to say that she thought about it and sat there staring at that product and never launched it because she wasn't sure how to price it.
No, you want to say she leaped. She failed. She dusted herself off, got a little bandaid on that booty and stood right back up and said, let's go. No one is going to beat me. I'm going to rise from the ashes again and again and again, you want to be that girl. You want your book to be a bestseller. You don't want your book to be boring and scared and fearful because guess who is the author of your book? God, he is trying to write this incredible novel of your life. And all you have to do is show up for his story, but are you trying to control the writing of the book? Are you trying to control the pages? The storyline get out of the way. Start taking messy action and being obedient to his call and go forward sister. I promise you. He's got you every single time. His blessings are infinite. I'm cheering for you. I love you as always love and light, Stef.
Lots of fancy unused education. Podcast Coach, Clarity Coach, & Top #25 Ranked Podcast Host for Christian Entrepreneurs.