Pricing Cakes Is Not Just About You

moneygrowing

If I had a dollar for every time someone told me “I feel bad about charging people,” … I’d be a wealthy woman indeed. Today I’m talking directly to any of you who have ever struggled with pricing, felt bad about charging for your cakes (even if you know it’s too little), anyone who cringes each time they send a quote, and anyone who has ever felt angry when a customer has asked, “Why is it so expensive?”  I’m talking to you because I want to address your money mindset as it pertains to pricing your work. A ‘money mindset’ is just a fancy way of saying “how we feel about money”. Your money mindset is all the voices that run through your head every time you think about money. “I’m not good enough to charge as much as she does,” “People who are in it for the money are greedy,” “I don’t want to make millions from my business,” “She’s sooooo business oriented!” “Of course she can afford it, she’s Oprah,” and so on. I know you’re all nodding in agreement because we’ve ALL felt those things from time to time (me too.)

You’ve all heard me talk (and talk, and talk, and talk) about how there is no shame in wanting to make a living from your craft and be able to pay your bills. You know that how I feel about working for free, and doing stuff for “exposure” and that it has to be about the love AND the money. (if you don’t, take a minute to go read those linked articles.)

Here’s a really BIG FAT IMPORTANT THING about why you must charge correctly and not feel even vaguely bad about it. Something I’m willing to bet will blow your mind because it never occurred to you before.

Pricing is not just about you.

It’s also about them.

Wait, what? Didn’t you just say that I’ve got to earn a living? That it’s about paying MY bills?

Yes. Yes I did. Let me explain what I mean by that statement.

The more money you make, the more you can create and give. TO OTHERS.

The more money you’re making in your business, the BETTER your business can become FOR YOUR CLIENTS.

 

staircase

The more money you’re making, the more you can invest in your business in ways which will directly benefit your clientele. Think about it like a staircase. Every step up is a step closer. You can afford to take more classes and upskill yourself – so you’re going to be giving your clients better products using modern, more interesting techniques. You can afford to hire staff, which frees your time up to develop products – that your clients will then enjoy. You can afford to source better ingredients – which means your clients are getting a much higher quality product.  If you choose to, you could afford to find a bigger premises for your business, and therefore not be “booked out” as often – and therefore serve more people and make more lives better and more parties happier. Maybe it’s simpler than that – perhaps earning more means you can afford to get nicer boxes for your products, thus giving your clients a much nicer experience overall. Maybe earning more means you can afford to get a website, making it easier for them to find out what they need and get what they want.  Do you see where I’m going here? The more you earn, the more you can do – FOR YOUR CLIENTS! Proper pricing isn’t just about you, it’s also about them.  You’re in business to solve your client’s problems and meet their needs. Earning more just allows you to do more of that and do it better than you currently are.  If you earn more, you can spend more ON THE PEOPLE who deserve to get brilliant things from you.

Aren’t we all here to serve our clients AND ourselves? Isn’t that one of the reasons we’re all in business – to make beautiful things for other people? If our businesses were only about ourselves, would we be in business? Nope. We’d be in a hobby that did not need to make a single dime. We go into business because we want to share our gifts with other people. Imagine if you could do that in a better, faster, more wonderful way than you’re doing it now. Isn’t that reason enough to be charging for your work? Earning more allows you to give your clients more and in better ways. THEY actually benefit from you doing it.

Let’s look at this on a personal level too – earning more means you can give your family and friends more if you choose too. Maybe it means you can afford to take your kids out to dinner once a month. Maybe it means you can get your child tutoring help in math. Maybe it means you can buy your child a new pair of school shoes that don’t fall apart after a month of use. Let’s get really real here- maybe earning more means you can hire an assistant to help you out, so you can get home from work earlier and actually spend some time with your kids. Let me say this one more time:

Pricing is not just about you.

It’s also about them.

You need to stop thinking that pricing correctly and charging what you charge is only about you and how you feel about it. It’s not. It’s about wanting to give your clients more and better things than you already give them – and if it weren’t for them, you would have no business in the first place.

The more money you make, the more you can create and give – and that’s why we’re doing this in the first place.

 
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Need some help with your Pricing? Enrol in the Confident Pricing course.

2 comments on “Pricing Cakes Is Not Just About You

  1. Wow thank you for breaking it down. I opened a restaurant a few months ago and really struggle with justifying why I should change decent prices!

  2. This reminds of a story I once read about Bentley’s (now it might be a little screwed up but you get the gist of it) – Sales dropped off hugely in the middle eastern countries where traditionally there is a lot of money – upon investigation and market feedback, the cliente came back and said the cars weren’t not expensive enough and therefore were not highly perceived anymore as having a huge value to the clients – so they stopped buying – the car manufacturer increased their pricing hugely over night (someone once said it me it was around 65%) and their sales went through the roof – moral of the story was, it really is about the client’s not you the baker – if you charge cheap, they will see you as a cheap product, not quality and you will never have the opportunity to grow – there is a market for every buyer – ask yourself – what market do you want to be in and aim for it – great read Michelle!!!

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