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How to confidently price your offers (and raise them!) with Kimberly Tara, owner of the Tara CPA Firm

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Meet Kimberly Tara

In this episode of Skilled and Fulfilled, I’m joined by my personal friend Kimberly Tara, tax strategist, CPA, and owner of the Tara CPA Firm. Kimberly and I share our insights on how to state your prices, set prices for new offers, raise prices, and when to lower them.

Setting, raising, and lowering prices

Setting prices: fearlessly state your prices

Both Kimberly and I believe in the importance of confidently stating your prices. Kimberly shares her experience of initially undercharging and overdelivering, which led to burnout. She highlights the shift from trading time for dollars to focusing on the value delivered to clients (hear my take on trading time for dollars as a service provider in Episode 5).

I also had early pricing struggles. It was difficult for me to charge higher prices. However, we both agree that starting somewhere and adjusting prices based on value and market research is key.

Not sure where to start with market research? I have a whole lesson on this in Well-Oiled Offer Suite, my course on creating offers your clients can’t wait to book.

Setting prices for new offers: focus on value and costs

When introducing a new offer, Kimberly suggests starting with the time and resources required, ensuring costs are covered, and focusing on the value delivered to clients. Market research can provide a baseline, but pricing should reflect the unique value and quality of your service.

Raising prices: signs and strategies

Both Kimberly and I agree that there are tell-tale signs that indicate it’s time to raise prices, such as being at full capacity or undercharging compared to market rates. No matter what, it’s crucial to be honest with clients and transparent about price increases. Strategies for raising prices include making announcements or updating prices without prior notice, depending on the situation.

Lowering prices: aligning with your market

There are certain situations where lowering prices may be necessary. Sometimes, adjusting package features or offering services a la carte can make pricing more accessible to clients while ensuring profitability.

Doing work for free

Kimberly and I have differing opinions on whether service providers should do work for free. Kimberly believes that in very limited circumstances, offering free work can be beneficial, such as helping low-income families with tax questions. However, she cautions against offering free work too often, as it can lead to undervaluing your services.

On the other hand, I believe that service providers should avoid working for free, especially in the early stages of their careers. Instead of offering free services, I recommend adding value through bonuses or additional services to avoid creating a discount mentality among clients.

Avoid sleazy pricing tactics

We also discuss common pricing pitfalls, such as nickel-and-diming clients or hiding true costs behind misleading pricing structures. Kimberly shares examples of how some service providers use deceptive pricing tactics to lure in clients, such as offering a low starting price but then revealing much higher costs later on.

The importance of transparent pricing

Both Kimberly and I agree that transparency in pricing is crucial for service providers. Clients should have a clear understanding of what they’re paying for upfront, without any hidden fees or surprises. We discuss the importance of having a starting at price or price range displayed on your website to help potential clients make informed decisions.

Focus on client delivery

Our conversation concludes with a reminder to always focus on delivering exceptional service to your clients. By prioritizing client satisfaction and building strong relationships, you’ll not only retain existing clients but also attract new ones through word-of-mouth referrals.

How to price your packages and services

Setting and sticking to your prices can be a challenging task for service providers, but with the right strategies and mindset, you can confidently communicate your value and attract clients who are willing to invest in your services. Remember, your pricing should reflect the value you provide, and transparency is key to building trust with your clients.

Want to connect with Kimberly Tara? Follow her on Instagram or grab her freebie, 12 Tax Deductions You’re Missing That Are Costing You Money.

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this episode features:

Kimberly Tara

owner of The Tara CPA Firm | CPA & tax strategist for CEO moms

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