Q&A with Dr. EJT - “Should my pricing be different when I'm first launching my business to build clientele or should I just start strong?”

For the purpose of this question, I will make the assumption that when people use the word “strong,” they mean to have a higher price point of services. This is a great question, and I love this because I think that it starts with believing in yourself. When it comes to pricing, the first person you will have to convince of your pricing is yourself. 

No matter what the number is, you will have to be clear and confident in your pricing. You will have to be able to understand and internalize your rationale behind the number. If your pricing doesn’t make sense to you, you won't be able to confidently convey that number to your potential clients. If you do not have confidence in your pricing, you are more likely to waver from it and leave money on the table. 

Pricing is such a complex concept in the education consulting industry because there is no handbook on how to set pricing and there is not yet a norm amongst consultants to be open with their pricing. When I talk to aspiring consultants and they are thinking through their pricing, they tend to pick a random number. The problem is, they can’t really explain where the number came from. They say things such as “well, it just kind of felt good”, and they cannot articulate the strategy behind how they chose that number.

You could charge $100 or $5,000, and if you are confident in either price point, that is what matters the most. Your ability to rationalize and internalize your pricing as the right number for you is what sets you up to speak confidently from that number and explain it to your client, especially if they come back with another competing proposal. You must be able to stand firmly in your number and deliver the quality of service that matches your number.

In addition to believing in your price, it’s important to understand that pricing is a journey. Regarding the question of should your pricing be different when you launch your business, or should you start out “strong''; honestly, it is up to you.

What will feel meaningful for you? 

What would give you joy? 

What would motivate you to be able to show up for that client? 

What would make you feel fulfilled? 

All of these answers and more will allow you to understand that pricing is a journey. What would give you joy and fulfill you when you first start your business might be different than when you are three years into your business. You always have the right to change your mind, so whatever price you start with does not have to be the price you have forever in your business. I've had my consulting business for three years. The pricing I started within my business is not the same pricing that I have today, and it is because I embraced that pricing is a journey.

Sometimes, it takes doing the work in your field of consulting, and then assessing the experience to determine if you should raise your prices. You may start out with one price and be confident in that price point, and then have external proof through client testimonials that convince you to raise your prices. That is perfectly fine! I encourage you to do this because it also allows you to gain confidence in your new price point because you have the results of your work to show to your clients as the reason why you are raising your prices. 

There is no right or wrong way to strategize your price of services. What is underneath and most important is that you are convinced of your prices, you stand firm when conveying that to clients, and you slay when you get the contract so your client never regrets the price they paid.

If you have a question about education consulting that you would like me to answer, click here to join my private Facebook group for growing and aspiring educators and submit your question with your request to join!