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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the

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Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we

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Speaker 2: get started on She's on the Money podcast, I would

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Speaker 2: like to acknowledge the traditional custodians of the land of

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Speaker 2: which this podcast is recorded on a wondery country, acknowledging

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Speaker 2: the elders, the ancestors and the next generation coming through.

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Speaker 2: As this podcast is about connecting, empowering, knowledge sharing and

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Speaker 2: the storytelling of you to make a difference for today

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Speaker 2: and lasting impact for tomorrow.

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Speaker 1: Let's get into it. She's on the Money, She's on

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Speaker 1: the Money. Hello, my friends, and welcome that to another episode.

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Speaker 1: If you've been thinking of starting a side hustle or

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Speaker 1: a small business, my friend, you are definitely in the

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Speaker 1: right place. I'm Victoria Devine. I'm an ex financial advisor

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Speaker 1: who has a background in psychology and I currently run

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Speaker 1: several successful businesses. As always on my Business Bible episodes,

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Speaker 1: I am joined by Miss Jess Grici, who was one

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Speaker 1: of my beautiful friends but also one of the hardest

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Speaker 1: working side hustlers. I know, Jess, how are you?

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Speaker 3: I'm good, I'm pumped. I've got my Stanley. I'm ready

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Speaker 3: to dive into the episode because it's one that I'm

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Speaker 3: super passionate about. I've been loving doing all the Business

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Speaker 3: Bible episodes, and based on the feedback that we're getting

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Speaker 3: in our dms, Hello, we see you, thank you, So

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Speaker 3: you guys, which is exactly what's my friend, I'm yeah.

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Speaker 1: Social validation, Yeah, we love it. We'll talk about imposter

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Speaker 1: syndrome later, but that has been really helping mine. I'm

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Speaker 1: obviously very passionate about backing yourself. I'm really passionate about

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Speaker 1: knowing your worth and then adding tax how many times?

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Speaker 1: And she's on the money. Have you heard me say that?

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Speaker 1: But today on the show, we are talking about the

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Speaker 1: mysteries of pricing, how to set your prices, when to

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Speaker 1: increase them, and most importantly, how to back yourself in

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Speaker 1: the world of business, which is something that I feel

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Speaker 1: like I'm constantly ranting and raving about when I meet

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Speaker 1: small business owners in the wild. I'm like, so pricing,

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Speaker 1: let's talk about it. Yeah, it's a little bit of

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Speaker 1: a spicy topic, but we need to be across it.

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Speaker 1: It makes you uncomfortable, I know, but that's why we

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Speaker 1: need to dive further into it.

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Speaker 3: Yes, it's so essential as small business owners that we

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Speaker 3: back ourselves. Can you tell us Phebe why it is

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Speaker 3: so important for someone to back themselves in the business world.

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Speaker 1: Look, obviously you've got to back yourself, Like, there is

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Speaker 1: nobody who's going to be able to back you as

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Speaker 1: much as you can. I mean, there maybe are people

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Speaker 1: who are passionate about she's on the money, right, but like,

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Speaker 1: there is not going to be one person in this

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Speaker 1: entire universe who cares more about she's on the money

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Speaker 1: than me. Yeah, and you need to be able to

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Speaker 1: validate that and back that, and if you can't be

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Speaker 1: that person, is detrimental to your business. So the reality is,

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Speaker 1: if you don't believe in yourself and your value, how

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Speaker 1: on earth are you going to expect others to confidence?

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Speaker 1: And having the confidence in your pricing is directly linked

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Speaker 1: to I guess confidence in your worth as a human

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Speaker 1: being as well, which it shouldn't be. But how many

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Speaker 1: times do we go, oh, I only charge or oh

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Speaker 1: don't worry, like we really undermine our own value, which

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Speaker 1: to me is toxic. It's not just about the numbers,

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Speaker 1: it's about knowing the value you bring to the table

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Speaker 1: and being able to clearly articulate that.

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Speaker 3: Yeah, I completely agree. So let's not start with the

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Speaker 3: confidence piece. We can touch on that that we've spoken

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Speaker 3: about it before, and you can go back and listen

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Speaker 3: to those episodes. Let's start with some actual strategies, because

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Speaker 3: more often than not, when I get a framework to

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Speaker 3: build on, I feel like I'm a bit more confident

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Speaker 3: in kind of following through on that. So let's talk

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Speaker 3: about pricing strategies specifically. What are some of the popular

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Speaker 3: ones that small business owners should maybe look into.

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Speaker 1: Sit down with a notepad and paper. I have three

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Speaker 1: that I want to go through. There are obviously up

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Speaker 1: lethora of different pricing strategies out there, but I have

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Speaker 1: picked these ones because I feel like they hit the

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Speaker 1: nail on the head for our community in terms of

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Speaker 1: like starting the conversation, starting your mind thinking, there's obviously

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Speaker 1: way more go do some research, but here is, you know,

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Speaker 1: biasly a very good start point. Jess love it. So

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Speaker 1: the first one we're going to talk about is cost

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Speaker 1: plus pricing. So you're calculating your costs and then you're

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Speaker 1: just adding a markup. Then there's going to be value

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Speaker 1: based pricing, where you set your prices based on the

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Speaker 1: perceived value of your product or service. And then we

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Speaker 1: can't forget about competitive pricing, and that's where you analyze

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Speaker 1: your competitors and you then charge and position yourself accordingly.

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Speaker 1: So I feel like I've picked three very different strategies

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Speaker 1: to talk about because hopefully one of them fits with you,

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Speaker 1: and I feel like in our business, Jess, we kind

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Speaker 1: of do a mix of all three, like there's no perfect,

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Speaker 1: one size fits all approach, and I think it's very

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Speaker 1: important to me to be clear about that at the start,

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Speaker 1: because I think sometimes we think, oh, there's frameworks, We've

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Speaker 1: got to lock our into one of them. Absolutely not.

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Speaker 1: Different products inside a business might be charged differently. So

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Speaker 1: for example, Jess, you and I we work together very

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Speaker 1: closely on the shoes on the Mayde podcast that is

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Speaker 1: sold differently to our courses or our books. So I

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Speaker 1: think it's important to put that there first. Up back

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Speaker 1: to the start, we're going to talk about cost plus pricing.

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Speaker 1: So this is a relatively straightforward method where you calculate

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Speaker 1: the cost of producing your product or service and then

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Speaker 1: you just add a markup and determine what the selling

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Speaker 1: price is going to be. It ensures that you cover

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Speaker 1: your expenses and also generate a profit. It's a pretty

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Speaker 1: solid foundation, let's be honest, especially for businesses who are

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Speaker 1: starting out, But do keep in mind it might not

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Speaker 1: actually capture the full value that you are providing. Talking

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Speaker 1: about value, we have value based pricing. This strategy actually

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Speaker 1: revolves around the perceived value of your product or service

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Speaker 1: in the eyes of your customer, not you. In the

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Speaker 1: eyes of your customer. It's not solely based on the

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Speaker 1: production costs, but rather on the benefit and the solution

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Speaker 1: that you're bringing to your clients. So think about the

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Speaker 1: problem that you're solving and then the unique value that

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Speaker 1: you offer. Then what I want you to do is

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Speaker 1: set your prices accordingly. This approach can actually lead to

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Speaker 1: higher profit margins if your customer recognizes and appreciates the

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Speaker 1: value that you provide. And I think this is one

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Speaker 1: where that's a bit harder to wrap your head around,

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Speaker 1: because if you're lacking a bit of confidence in business

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Speaker 1: and you need me to come and like boot you

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Speaker 1: up the bottom so that you actually go, oh, you're right, Victoria,

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Speaker 1: I am really valuable. I do actually have a lot

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Speaker 1: to offer, which you do that. One can be hard

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Speaker 1: to wrap your head around if you don't have the

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Speaker 1: confidence because your value based pricing like, oh, maybe it's

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Speaker 1: not worth anything. V what are you talking about?

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Speaker 3: It feels like you're pulling a number out of the air.

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Speaker 1: That is not the energy that we are taking into

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Speaker 1: twenty twenty four at all, Jess. And then let's move

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Speaker 1: on to talking about quickly competitive pricing classic strategy. It

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Speaker 1: involves analyzing what your competitors are charging for a very

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Speaker 1: similar product door service, and then positioning yourself in the

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Speaker 1: market accordingly. So I think it's also important that while

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Speaker 1: it's essential to stay competitive, I don't want you to

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Speaker 1: undersell yourself. It's so easy to get into like we're

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Speaker 1: the cheapest war. But that's where we need to also

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Speaker 1: go back and kind of put our value based pricing

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Speaker 1: hat on as well. When looking at competitive pricing, there

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Speaker 1: is always going to be someone who says, Jess, I

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Speaker 1: could do it cheaper, all right, Well could you do

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Speaker 1: it as well as I do? Yeah, And we also

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Speaker 1: need to see the value that we have because Jess,

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Speaker 1: you and I could go into the market with exactly

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Speaker 1: the same product. Let's pretend we both invented coke, and

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Speaker 1: we are both selling cans of coke one way, but

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Speaker 1: we're both selling cans of coke and we're sitting down

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Speaker 1: and you just go, all right, well, v sells the

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Speaker 1: same product as me. You're just going to sell the cheaper.

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Speaker 1: Is that where you actually want to lead your business

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Speaker 1: and your strategy? Is that actually a really good, you

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Speaker 1: know strategy? Should you maybe differentiate yourself in the market,

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Speaker 1: have a different target demographic, you know, maybe look at

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Speaker 1: rebranding or changing it. We're not saying completely do a

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Speaker 1: different product because someone else is there. But also you're

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Speaker 1: going to find that there are a lot of people

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Speaker 1: who don't want to buy Victoria's coke. It's victorious. It

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Speaker 1: doesn't matter if the ingredients are identical. They really like Jess. Yeah,

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Speaker 1: they really like Jess. They love her authenticity, They align

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Speaker 1: with her value, they align with you. We need to

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Speaker 1: remember that that exists in business as well, because you

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Speaker 1: could sell exactly the same product, but your consumer might

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Speaker 1: be attracted to you not because of the product or

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Speaker 1: the fact that it's identical to someone else, because they're

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Speaker 1: supporting you. And that's really cool.

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Speaker 3: If everyone keeps undercutting each other, eventually no one's making

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Speaker 3: any profit exactly. Yeah, and Laura and Laura and Laura.

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Speaker 1: It's a really big balancing act between being in line

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Speaker 1: with what the market expects and then ensuring that your

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Speaker 1: prices are reflective of the value that you're actually bringing

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Speaker 1: to your consumer. So for me, that's a good one

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Speaker 1: to understand. And obviously these strategies are kind of like

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Speaker 1: tool us in your business toolkit, and the key is

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Speaker 1: to choose the one that aligns best with your unique

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Speaker 1: value proposition. To me, the beauty is, you know, confined

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Speaker 1: to one jest. As I said before, you can mix

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Speaker 1: a match and do please feel free to mix and

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Speaker 1: match based on your businesses evolving needs. I guess, as

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Speaker 1: I said before, this is how I manage pricing in

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Speaker 1: my business. There's not just one size fits all pricing

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Speaker 1: strategy because sometimes that's just not going to work, and

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Speaker 1: vice versa.

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Speaker 3: I think there are all really good options. I think

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Speaker 3: it can be super overwhelming when you're sorting out your pricing,

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Speaker 3: especially when you're first starting out, because you have no baseline,

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Speaker 3: you've received no feedback, you've got no idea, and that's

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Speaker 3: where I guess assessing what other people are doing can

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Speaker 3: be really useful. But I think that's also why it's

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Speaker 3: really great to lean on the community of people around you.

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Speaker 1: Like the business Bible.

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Speaker 3: Community exactly, talking to other people in the business Bible community,

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Speaker 3: talking to maybe other friends you have that have started

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Speaker 3: businesses or people that are working in similar spaces. Because

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Speaker 3: having those conversations, I think I've had a few are

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Speaker 3: heart moments. It's where I've spoken to someone and said, oh,

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Speaker 3: I'm charging this for this, and the I've gone, oh

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Speaker 3: my god, you should be charging five times that, and yeah,

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Speaker 3: oh my god, what have I done? Exactly? So I

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Speaker 3: feel like I personally like to definitely look at what

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Speaker 3: other people are doing, and depending on how I'm making money,

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Speaker 3: as you said before, it changes. When I rent dresses,

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Speaker 3: I do try and undercut the market a little bit

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Speaker 3: because because you just want to see the dress out

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Speaker 3: the door exactly right. But when it comes to I

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Speaker 3: guess my small business and my price is for content creation,

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Speaker 3: you do have to look at value, and it can

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Speaker 3: be hard because sometimes people think it's such a simple thing.

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Speaker 1: And it's not. And I've had that too before. Obviously,

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Speaker 1: I think we should do a whole episode on how

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Speaker 1: influencers get paid I think people would be so perfect

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Speaker 1: a bit interesting. But you know, I've had people approach

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Speaker 1: me and say, hey, like, you know, we want a

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Speaker 1: video for this, and you know a couple of photos

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Speaker 1: for this, and this is what we would like you

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Speaker 1: to create. And you know, Jess, you might go back

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Speaker 1: with my prices and be like, cool the charges xyz

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Speaker 1: and this is it, and they go, oh, well, such

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Speaker 1: and such could do it way cheaper. Can you match it?

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Speaker 1: And you go, well, I'm not such and such, Like

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Speaker 1: there's a reason you came to me instead of that person.

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Speaker 1: And I'm hoping that it's because you can see my

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Speaker 1: value and my authenticity and what I bring to the

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Speaker 1: table and how that is very different from what they do.

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Speaker 1: And if that's the price you want to pay, go

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Speaker 1: with that person. And I'm not going to match them

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Speaker 1: just because somebody else is charging less. And I think

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Speaker 1: there's a lot of power in being able to say that.

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Speaker 1: Like I remember when we first went back, Jess, I

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Speaker 1: was like, ah, they're going to ditch me. And sometimes

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Speaker 1: people turn around and go yep, absolutely fair. Cool you

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Speaker 1: go exactly yeah.

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Speaker 3: So I think being able to articulate your value once

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Speaker 3: you as a small business owner know why you're charging

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Speaker 3: what you're charging, you can articulate that to consumers, and

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Speaker 3: it can also give you a little bit of confidence

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Speaker 3: in what you're doing. And I feel like all of

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Speaker 3: the strategies that you've mentioned can help people feel a

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Speaker 3: bit more on top of it. And maybe we should

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Speaker 3: address the elephant in the room, which is, once you've

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Speaker 3: set those prices, how do we go about increasing them?

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Speaker 1: Hello, I'm worth more today than I was yesterday. Good

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Speaker 1: day to use end of conversation. Absolutely so, I guess

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Speaker 1: the question here is, like Lendy, you increase your prices.

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Speaker 1: A good time is when you find out that somebody

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Speaker 1: else doing exactly the same thing is charging five times

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Speaker 1: what you're charging. But with this timing is key. It

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Speaker 1: often really comes down to increased costs and an improved

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Speaker 1: offering and market demand. So I feel like increasing prices

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Speaker 1: a lot of people are like, Oh, I'm really bad

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Speaker 1: at it. I think it should be an annual thing.

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Speaker 1: It should be a calendar reminder, Hey, on the first

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Speaker 1: of January. I increase and review my prices every single year.

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Speaker 1: And I think that by setting that expectation with your consumer,

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Speaker 1: they don't not expect it because it's very hard to

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Speaker 1: be in business for ten years and have you know

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Speaker 1: your candles selling at twenty dollars a candle, and then

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Speaker 1: after ten years you go actually need to get back

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Speaker 1: on par with the market. My candles are now seventy

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Speaker 1: dollars each.

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Speaker 3: Shocked at the system.

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Speaker 1: Shocked to the system. You can assumer is really confused

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Speaker 1: because you've put it off for so long, because we

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Speaker 1: all bury our heads in the sand, but ultimately it

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Speaker 1: shoots you in the business foot. So to me, the

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Speaker 1: important thing here is to really communicate the value that

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Speaker 1: you're providing. If your customers see the value, they'll be

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Speaker 1: more accepting of the changes and increased prices. It's a

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Speaker 1: topic that can make even I guess the most well

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Speaker 1: seasoned business professional a bit jittery, Like it's not something

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Speaker 1: that is easy to have a conversation about, Like I

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Speaker 1: am so good at empowering other people to increase their prices. Yes,

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Speaker 1: the second I do, I'm like, is that reasonable? Jess,

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Speaker 1: do you think that's reasonable? Do you think they're going

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Speaker 1: to think that? I'm absolutely taking the mickey? Like, I

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Speaker 1: get the analysis paralysis as well. Don't worry. I wish

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Speaker 1: I didn't. I wish I could be like, I don't

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Speaker 1: follow in my footsteps. But let's be real, this is

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Speaker 1: more about being authentic to me. It's crucial to recognize

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Speaker 1: the value of what you're offering and the expertise that

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Speaker 1: you're bringing to the table.

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Speaker 3: Right.

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Speaker 1: So small business owners are so guilty of this, Jess,

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Speaker 1: and it is under rest estimating their worth. But here's

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Speaker 1: the thing. Your prices should actually reflect the growth and

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Speaker 1: enhancements that you've made on your products and services. My friend,

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Speaker 1: if you've been doing this for twelve months, you have

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Speaker 1: twelve months more experience than what you did a year ago.

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Speaker 1: That is worth something. Yeah, Like, whether it's twelve months

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Speaker 1: or ten years, it doesn't matter. We should be consistently

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Speaker 1: reviewing our prices and honestly, do not be afraid to

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Speaker 1: back yourself and the value that you provide. Confidence in

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Speaker 1: your pricing. It's going to sustain your business, but it's

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Speaker 1: also going to make sure that you have the resources

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Speaker 1: to continually improve and innovate. Like you didn't just jump

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Speaker 1: on a hamster wheel, so it could be a hamster

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Speaker 1: wheel forever, Like we need a whole hamster castle and

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Speaker 1: we are slowly building it. And whether that is you

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Speaker 1: know your intention or not, you need to be updating it.

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Speaker 1: I don't care if it's your side hustle and you go, oh,

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Speaker 1: vib it, you know, I'm like Jess, I just do

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Speaker 1: some content creation on the side. It's not my full

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Speaker 1: time job. I don't even know if it want it

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Speaker 1: to be my full time job. Cool Well, indexation happens

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Speaker 1: each and every single year. I don't even care. If

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Speaker 1: it's your side hustle and you only do a few

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Speaker 1: small gigs a year, they're more expensive next year because

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Speaker 1: the cost of a dollar today is more than a

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Speaker 1: cost of a dollar tomorrow. So I don't care if

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Speaker 1: it's a small business or a side hustle or something

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Speaker 1: you do occasionally. We need to revisit our prices. And

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Speaker 1: I think the smaller your business, the more you go, oh,

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Speaker 1: it's not worth it. Like I just do it on

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Speaker 1: the side. You might be like a mum and you

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Speaker 1: do like birthday cakes on the side. You might get

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Speaker 1: one or two a month. They're more expensive next year,

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Speaker 1: my friend. It's the way the world works. We need

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Speaker 1: to keep up otherwise you're going to be undervaluing yourself.

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Speaker 1: And that's not what we do in business. That's not

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Speaker 1: very business Bible, is it not at all? So, Jess,

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Speaker 1: when you back yourself, you're not just increasing your prices,

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Speaker 1: You're investing in the future success of your business. And

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Speaker 1: you need to remember that small business owners absolutely well

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Speaker 1: and truly deserve to be well compensated for the incredible

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Speaker 1: value that they bring to their consumers. Sometimes it's just

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Speaker 1: really hard to see that. Like not the consumer. They

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Speaker 1: see it, that's why they pay you, but it's so

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Speaker 1: hard for us to see it ourselves. So shying away

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Speaker 1: from acknowledging your worth and making necessary adjustments to your

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Speaker 1: price strategy is going to shoot you in the foot.

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Speaker 1: I promise you have earned it, and you are worth it,

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Speaker 1: and you deserve it.

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Speaker 3: Just do it. Yeah, I think as well, it's about

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Speaker 3: communicating with your community. Like I follow a few small

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Speaker 3: businesses that I've purchased from, maybe I follow them on Instagram,

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Speaker 3: and particularly for product based businesses. In the last twelve

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Speaker 3: months or so, I've seen people say, hey, everyone, like

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Speaker 3: the cost of freight has gone up, the cost of

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Speaker 3: my ingredients, all my materials has gone up. So as

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Speaker 3: of you know, the first of July, we're putting our

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Speaker 3: prices up x y Z, and that transparency can one

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Speaker 3: help you seem really authentic and relatable and to help

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Speaker 3: people understand why you're doing it. I think sometimes we

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Speaker 3: worry about looking greedy, and particularly for someone like it, Yeah,

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Speaker 3: particularly for someone like me who has a service based business.

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Speaker 3: I'm providing content. I'm editing content for brands, or I'm

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Speaker 3: producing content for them for my platform, for their platform,

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Speaker 3: whatever they want. It can be harder to quantify because

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Speaker 3: if I was working a pay as you go a job,

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Speaker 3: I'd have an hourly rate and that would.

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Speaker 1: Be but that's not what you're doing.

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Speaker 3: Yeah, And so it's kind of one of those things

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Speaker 3: where I think, even if people are going to come

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Speaker 3: back to you and question it, saying, oh, as you

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Speaker 3: were saying earlier, I am an expert in my field,

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Speaker 3: or I produce quality at a higher rate than perhaps

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Speaker 3: other people do, or I put time to do research

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Speaker 3: on your brand and create something that really speaks to

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Speaker 3: your history or whatever that might be. I think articulating

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Speaker 3: that to whoever you're talking to can really help you

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Speaker 3: feel a bit more confident talking about those prices and

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Speaker 3: those price adjustments. But let's go to a really quick break.

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Speaker 3: I think and on the other side, we're going to

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Speaker 3: chat about some of the hurdles that small business owners

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Speaker 3: face when it comes to making the decisions around their pricing.

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Speaker 3: Don't go anywhere, all.

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Speaker 1: Right, Jessic, go RICI we are back, and I am

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Speaker 1: excited because it's about to get a little bit juicy.

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Speaker 1: We're in the midst of exploring the intricacies of pricing

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Speaker 1: in the world of small business and how to actually

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Speaker 1: back yourself. Obviously, I am Victoria, and Jessica thankfully has

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Speaker 1: it run away from yet. We are discussing pricing strategies

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Speaker 1: and the importance of backing yourself.

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Speaker 3: So let's address some of the hurdles that small business

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Speaker 3: owners face when it comes to those pricing decisions. Vidie,

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Speaker 3: what are the common challenges and how can we as

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Speaker 3: small business owners try to overcome them?

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Speaker 1: All right? So, one of the main challenges that I

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Speaker 1: see from small business owners and side hustlers alike. I

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Speaker 1: touched on it really early on in the show. It

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Speaker 1: is imposter syndrome, which is that nagging feeling of not

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Speaker 1: being worthy or not being up to scratch, or that

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Speaker 1: someone's going to tap you on the shoulder and be

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Speaker 1: like hey, Victoria. So yeah, you know how you were

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Speaker 1: a financial advisor and now you're not. Yeah, you actually

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Speaker 1: have to leave. You don't know what you're talking about,

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Speaker 1: your fraud. Regardless of your degrees, it's just not good enough.

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Speaker 1: Please sit down, like gooded. How many times have we

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Speaker 1: all had that feeling in the back of our minds

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Speaker 1: when trying to, you know, push forward with a new

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Speaker 1: product or you know, offer a new service, or just

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Speaker 1: show up on social media. Like the amount of times

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Speaker 1: I'm like, oh, like if I'm coming from somebody who

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Speaker 1: has a lot of followers, but like I'm either all

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Speaker 1: there and you're getting twelve Instagram stories a day or

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Speaker 1: it is dead pan from me. And that's usually when

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Speaker 1: I'm sitting there going, oh am I doing the right thing?

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Speaker 1: Do people think I'm silly? Like I still have those moments.

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Speaker 1: So it's really important that small business owners recognize their

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Speaker 1: unique skills and experiences and understand that that's what actually

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Speaker 1: sets you apart. Another one of the hurdles is, and

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Speaker 1: I get this a lot, a fear of losing your

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Speaker 1: consumer or your audience. But the reality is that quality

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Speaker 1: and value will always outweigh price in a customer's mind,

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Speaker 1: and if it doesn't they're not the right customer for you.

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Speaker 3: Yeah, imposter syndrome is the worst. It's something that I've

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Speaker 3: definitely struggled with, and I want to know a bit

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Speaker 3: more about you kind of maybe struggling with it too.

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Speaker 1: Yeah, obviously I have mentioned that I have, and if

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Speaker 1: I'm being honest, like I would say, it's a weekly struggle,

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Speaker 1: not daily anymore. Sometimes I wake up but I'm like, oh, hello, Audacity,

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Speaker 1: let's go. But it's something that I definitely struggle with still,

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Speaker 1: and it's something that I often find myself checking in

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Speaker 1: regularly with because it's so easy to feel like you're,

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Speaker 1: you know, beyond your depths, but we need to remember

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Speaker 1: that we're not. And ultimately, Jess, we're all just out

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Speaker 1: here making it up. Like if you see someone selling

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Speaker 1: a very similar product to you online and you're like,

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Speaker 1: oh my gosh, they know everything. No, they just are

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Speaker 1: pretending to know everything, Like every single one of us

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Speaker 1: has been on the journey before of where you're like, oh,

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Speaker 1: I don't know how to do a website. Cool, now

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Speaker 1: I've done my own website, Jess Slay, I know how

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Speaker 1: to do that. But you might look at me online

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Speaker 1: and go fi right. I can't believe these just finished

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Speaker 1: all of her own websites. I'd never mate. Do you

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Speaker 1: know how many times I cried over that because I

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Speaker 1: didn't understand the process. I didn't know what was going on.

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00:20:53,040 --> 00:20:55,600
Speaker 1: But you learn as you go. That's half of the

431
00:20:55,640 --> 00:20:59,000
Speaker 1: brilliance of small business owners. That's what we're willing to do.

432
00:20:59,520 --> 00:21:02,480
Speaker 1: So I need you to remember that. But also you

433
00:21:02,560 --> 00:21:04,600
Speaker 1: need to know that you are exactly where you are

434
00:21:04,640 --> 00:21:07,320
Speaker 1: supposed to be. It starts with mindset, and you need

435
00:21:07,359 --> 00:21:09,399
Speaker 1: to believe in the value that you provide, and then

436
00:21:09,480 --> 00:21:12,240
Speaker 1: remember that you're not just selling a product or a service,

437
00:21:12,359 --> 00:21:16,199
Speaker 1: You're solving a problem for your consumer. I also want

438
00:21:16,240 --> 00:21:18,800
Speaker 1: you to regularly assess your price and ensure that it

439
00:21:18,840 --> 00:21:21,520
Speaker 1: aligns with the value that you're a guess delivering, because

440
00:21:21,520 --> 00:21:23,880
Speaker 1: that will give you a level of confidence. You actually

441
00:21:23,920 --> 00:21:27,359
Speaker 1: know I am worth that price or no, my paintings

442
00:21:27,560 --> 00:21:30,359
Speaker 1: are worth that if people are messaging you onl because

443
00:21:30,359 --> 00:21:33,960
Speaker 1: people online have so much audacity, just uff going your

444
00:21:34,000 --> 00:21:37,320
Speaker 1: price is are too much? Okay? Noorries like go find less?

445
00:21:37,640 --> 00:21:40,800
Speaker 3: Yeah, do you think it's worth people popping a reminder

446
00:21:40,840 --> 00:21:43,320
Speaker 3: in their calendar once a year, twice a year to

447
00:21:43,400 --> 00:21:45,919
Speaker 3: check in with their competitors, to check in with their

448
00:21:46,000 --> 00:21:48,880
Speaker 3: own costs, to review their pricing structure, to make sure

449
00:21:48,920 --> 00:21:52,280
Speaker 3: that it is actually a guaranteed annual thing that they're doing.

450
00:21:52,520 --> 00:21:56,280
Speaker 1: Yes, one hundred percent. I think being aware of your

451
00:21:56,359 --> 00:21:59,760
Speaker 1: competitors is really important, but you can also end up

452
00:22:00,000 --> 00:22:02,360
Speaker 1: overwhelmed by them. So we need to make sure we're

453
00:22:02,359 --> 00:22:04,959
Speaker 1: not doing that too often because if we do that

454
00:22:05,000 --> 00:22:08,080
Speaker 1: too often, we could find ourselves in that sticky situation

455
00:22:08,240 --> 00:22:10,639
Speaker 1: where comparison is actually the thief of all joy.

456
00:22:10,840 --> 00:22:12,919
Speaker 3: Yeah, one hundred percent. So it's all about having that

457
00:22:13,000 --> 00:22:16,000
Speaker 3: confidence and reassessing your worth and just making sure that

458
00:22:16,040 --> 00:22:16,680
Speaker 3: you're being.

459
00:22:16,520 --> 00:22:19,840
Speaker 1: Paid what you deserve exactly. I guess when it comes

460
00:22:19,880 --> 00:22:22,720
Speaker 1: to a lack of confidence or imposter syndrome, I would

461
00:22:22,720 --> 00:22:25,760
Speaker 1: say it's the silent underminer that plagues a lot of

462
00:22:25,840 --> 00:22:29,240
Speaker 1: us small business owners and overcoming it. It's actually just

463
00:22:29,280 --> 00:22:32,840
Speaker 1: going to start with recognizing where you're standing, what's going

464
00:22:32,880 --> 00:22:35,480
Speaker 1: on going you know what, No, this is a joke.

465
00:22:36,160 --> 00:22:39,600
Speaker 1: Obviously more women than men suffer from imposter syndrome. So

466
00:22:39,880 --> 00:22:42,439
Speaker 1: if you're a man that suffers with it, fantastic. We

467
00:22:42,480 --> 00:22:44,000
Speaker 1: need to deal with it. But if you're a woman.

468
00:22:44,280 --> 00:22:46,959
Speaker 1: It's kind of expected that you go through something like

469
00:22:47,000 --> 00:22:51,439
Speaker 1: this because the entire universe somehow works against us and

470
00:22:51,480 --> 00:22:54,760
Speaker 1: makes us question our authority at all points in time.

471
00:22:55,200 --> 00:22:57,960
Speaker 1: And it's really easy to, as I was saying before,

472
00:22:58,040 --> 00:23:01,320
Speaker 1: fall into that trap of comparing yourself to others and

473
00:23:01,400 --> 00:23:04,359
Speaker 1: going all right, well far out. Jess is really good

474
00:23:04,400 --> 00:23:07,520
Speaker 1: at creating content. You know, she creates content for herself

475
00:23:07,600 --> 00:23:10,440
Speaker 1: and like brands and puts it on her socials. Sometimes

476
00:23:10,480 --> 00:23:12,679
Speaker 1: brands pay her and they just put on there. So

477
00:23:12,880 --> 00:23:16,600
Speaker 1: like this is wild, like I could never imagine getting there.

478
00:23:16,720 --> 00:23:20,000
Speaker 1: But what you're doing is comparing somebody else's middle to

479
00:23:20,160 --> 00:23:23,800
Speaker 1: your beginning. And while looking into your competitors is really

480
00:23:23,840 --> 00:23:26,080
Speaker 1: important for market insights, I think it's very important to

481
00:23:26,119 --> 00:23:27,760
Speaker 1: have your finger on the pulse and understand where the

482
00:23:27,800 --> 00:23:30,679
Speaker 1: market is sitting, we also need to make sure that

483
00:23:30,760 --> 00:23:34,760
Speaker 1: you're not comparing yourself to somebody else's final destination. If

484
00:23:34,760 --> 00:23:37,000
Speaker 1: you've just entered the market and you're comparing yourself to

485
00:23:37,040 --> 00:23:39,800
Speaker 1: businesses who have existed for five years, they have had

486
00:23:39,840 --> 00:23:42,440
Speaker 1: five years of learning and mistakes, and I guess it's

487
00:23:42,520 --> 00:23:46,080
Speaker 1: really important to understand that everyone is at a different

488
00:23:46,119 --> 00:23:49,160
Speaker 1: stage in their journey. So instead of letting imposter syndrome

489
00:23:49,200 --> 00:23:52,560
Speaker 1: dictate your confidence, how about we start on focusing on

490
00:23:52,600 --> 00:23:55,400
Speaker 1: growth and the progress that you've made so far and

491
00:23:55,480 --> 00:23:58,440
Speaker 1: celebrating that. Like, how cool is it that you identify

492
00:23:58,480 --> 00:24:01,240
Speaker 1: as a small business owner? What are your next steps?

493
00:24:01,359 --> 00:24:01,560
Speaker 2: Yes?

494
00:24:01,640 --> 00:24:05,399
Speaker 1: Great, that business that has existed for five years. Of

495
00:24:05,640 --> 00:24:08,200
Speaker 1: course their marketing is going to be a bit slicker

496
00:24:08,200 --> 00:24:10,320
Speaker 1: than yours. Of Course their product is going to have

497
00:24:10,359 --> 00:24:13,080
Speaker 1: a little bit more refinement. They've had five years to

498
00:24:13,160 --> 00:24:16,000
Speaker 1: work on that. Yeah, but you might slip in and go, wait,

499
00:24:16,040 --> 00:24:18,399
Speaker 1: hold on, like, I'm pretty competitive. How cool is it

500
00:24:18,440 --> 00:24:20,119
Speaker 1: that they've been here for five years and I'm.

501
00:24:20,000 --> 00:24:22,320
Speaker 3: Not, Like, I'm on bath, it's excited, Like, we need.

502
00:24:22,240 --> 00:24:25,639
Speaker 1: To celebrate ourselves. So I guess when we stop the

503
00:24:25,640 --> 00:24:28,520
Speaker 1: comparison game, we're able to recognize our own worth and

504
00:24:28,880 --> 00:24:31,439
Speaker 1: imposter syndrome kind of starts to lose its grip and

505
00:24:31,480 --> 00:24:34,920
Speaker 1: it allows you to confidently set prices that are reflective

506
00:24:35,000 --> 00:24:38,320
Speaker 1: of the true value of your business. It's honestly, not

507
00:24:38,480 --> 00:24:41,360
Speaker 1: always about being exactly the same as others. It's about

508
00:24:41,400 --> 00:24:45,480
Speaker 1: being authentically and unapologetically you, and don't forget want to

509
00:24:45,480 --> 00:24:48,679
Speaker 1: remind people because I have been doing this recently. Social

510
00:24:48,720 --> 00:24:51,520
Speaker 1: media is actually only ever going to be a highlights reel,

511
00:24:51,840 --> 00:24:54,679
Speaker 1: even when small businesses are sharing their like behind the

512
00:24:54,760 --> 00:24:58,520
Speaker 1: seams content of them struggling, Jess, Let's be honest, they're

513
00:24:58,560 --> 00:25:02,080
Speaker 1: never going to show things that would actually risk their business, right, Yeah,

514
00:25:02,080 --> 00:25:04,040
Speaker 1: They're not going to go, oh yeah, messed up by

515
00:25:04,119 --> 00:25:07,280
Speaker 1: taxes last year, had the ADO chasing me. They're gonna

516
00:25:07,280 --> 00:25:09,200
Speaker 1: be like, oh my gosh, look at this product design.

517
00:25:09,560 --> 00:25:11,439
Speaker 1: We ordered it and thought it would be perfect and

518
00:25:11,480 --> 00:25:15,080
Speaker 1: it just didn't work out. You're like, okay, so we're

519
00:25:15,080 --> 00:25:17,520
Speaker 1: not really being that authentic here are we. We're trying

520
00:25:17,560 --> 00:25:21,520
Speaker 1: to obviously share as much and be unapologetically us and

521
00:25:21,560 --> 00:25:24,120
Speaker 1: authentic with our audience, and I think that's really important.

522
00:25:24,320 --> 00:25:27,440
Speaker 1: But when you are comparing yourself to other businesses, just

523
00:25:27,480 --> 00:25:30,280
Speaker 1: to remember they are never going to show the shit show. Yeah,

524
00:25:30,400 --> 00:25:32,360
Speaker 1: no one would, it would be silly to do.

525
00:25:32,440 --> 00:25:35,080
Speaker 3: So it's always going to be on some level curated

526
00:25:35,160 --> 00:25:37,479
Speaker 3: because they're selecting what they do and do not show you.

527
00:25:37,520 --> 00:25:39,440
Speaker 3: And it's so easy to get wrapped up in how

528
00:25:39,480 --> 00:25:41,720
Speaker 3: well other people are doing and forgetting to focus on

529
00:25:41,760 --> 00:25:44,840
Speaker 3: yourself and your business. But I'm feeling like I need

530
00:25:44,840 --> 00:25:46,800
Speaker 3: to give my side hustle a little bit more love

531
00:25:46,920 --> 00:25:50,880
Speaker 3: and get clear on my pricing strategies moving forward. So

532
00:25:51,040 --> 00:25:52,200
Speaker 3: what do you say we call it today? And I

533
00:25:52,280 --> 00:25:52,880
Speaker 3: jump right in.

534
00:25:53,200 --> 00:25:55,320
Speaker 1: I think that is a good idea. I think it's

535
00:25:55,320 --> 00:25:57,320
Speaker 1: time that you and I actually took ourselves out there

536
00:25:57,440 --> 00:26:01,040
Speaker 1: and well deserved tacos. Thank you so much for another

537
00:26:01,080 --> 00:26:04,040
Speaker 1: beautiful episode. I cannot wait for next months. I wish

538
00:26:04,040 --> 00:26:06,159
Speaker 1: they were more frequent than monthly. We'll work on that

539
00:26:06,200 --> 00:26:08,000
Speaker 1: after I've had a baby and sorted my life out.

540
00:26:08,240 --> 00:26:10,480
Speaker 1: But have the best week, guys, and we'll see you

541
00:26:10,520 --> 00:26:11,120
Speaker 1: on Friday.

542
00:26:11,320 --> 00:26:11,760
Speaker 3: See then.

543
00:26:18,680 --> 00:26:21,200
Speaker 1: The advice shared on She's on the Money is general

544
00:26:21,280 --> 00:26:25,119
Speaker 1: in nature and does not consider your individual circumstances. She's

545
00:26:25,160 --> 00:26:28,639
Speaker 1: on the Money exists purely for educational purposes and should

546
00:26:28,640 --> 00:26:31,840
Speaker 1: not be relied upon to make an investment or financial decision.

547
00:26:32,200 --> 00:26:34,640
Speaker 1: If you do choose to buy a financial product, read

548
00:26:34,680 --> 00:26:38,840
Speaker 1: the PDS TMD and obtain appropriate financial advice tailored towards

549
00:26:38,840 --> 00:26:42,119
Speaker 1: your needs. Victoria Divine and She's on the Money are

550
00:26:42,200 --> 00:26:47,200
Speaker 1: authorized representatives of Money SHERPA pty Ltd ABN three two

551
00:26:47,240 --> 00:26:50,240
Speaker 1: one is six four nine two seven seven zero eight

552
00:26:50,560 --> 00:27:01,520
Speaker 1: AFSL four five one two eight nine, will be that

553
00:27:01,760 --> 00:27:01,960
Speaker 1: you w