Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through.
Speaker 2: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, my friends.
Speaker 1: And welcome that to another episode.
Speaker 5: If you've been thinking of starting a side hustle or
Speaker 5: a small business, my friend, you are definitely in the
Speaker 5: right place.
Speaker 1: I'm Victoria Devine. I'm an ex.
Speaker 5: Financial advisor who has a background in psychology and I
Speaker 5: currently run several successful businesses. As always on my Business
Speaker 5: Bible episodes, I am joined by Miss Jess Grici, who
Speaker 5: was one of my beautiful friends but also one of
Speaker 5: the hardest working side hustlers.
Speaker 1: I know, Jess, how are you?
Speaker 4: I'm good, I'm pumped. I've got my Stanley. I'm ready
Speaker 4: to dive into the episode because it's one that I'm
Speaker 4: super passionate about. I've been loving doing all the Business
Speaker 4: Bible episodes, and based on the feedback that we're getting
Speaker 4: in our dms, Hello, we see you, thank you, So
Speaker 4: you guys, which is exactly what's my friend, I'm.
Speaker 1: Yeah, social validation, Yeah, we love it.
Speaker 5: We'll talk about imposter syndrome later, but that has been
Speaker 5: really helping mine. I'm obviously very passionate about backing yourself.
Speaker 5: I'm really passionate about knowing your worth and then adding
Speaker 5: tax how many times? And she's on the money. Have
Speaker 5: you heard me say that? But today on the show,
Speaker 5: we are talking about the mysteries of pricing, how to
Speaker 5: set your prices, when to increase them, and most importantly,
Speaker 5: how to back yourself in the world of business, which
Speaker 5: is something that I feel like I'm constantly ranting and
Speaker 5: raving about when I meet small business owners in the wild.
Speaker 5: I'm like, so pricing, let's talk about it. Yeah, it's
Speaker 5: a little bit of a spicy topic, but we need
Speaker 5: to be across it. It makes you uncomfortable, I know,
Speaker 5: but that's why we need to dive further into it.
Speaker 4: Yes, it's so essential as small business owners that we
Speaker 4: back ourselves. Can you tell us, PHB why it is
Speaker 4: so important for someone to back themselves in the business world.
Speaker 5: Look, obviously you've got to back yourself, Like, there is
Speaker 5: nobody who's going to be able to back you as.
Speaker 1: Much as you can.
Speaker 5: I mean, there maybe are people who are passionate about
Speaker 5: she's on the money, right, but like, there is not
Speaker 5: going to be one person in this entire universe who
Speaker 5: cares more about she's on the money than me. Yeah,
Speaker 5: and you need to be able to validate that and
Speaker 5: back that, and if you can't be that person, is
Speaker 5: detrimental to your business. So the reality is, if you
Speaker 5: don't believe in yourself and your value, how on earth
Speaker 5: are you going to expect others to confidence? And having
Speaker 5: the confidence in your pricing is directly linked to I
Speaker 5: guess confidence in your worth as a human being as well,
Speaker 5: which it shouldn't be. But how many times do we go, oh,
Speaker 5: I only charge or oh don't worry, like we really
Speaker 5: undermine our own value, which to me is toxic. It's
Speaker 5: not just about the numbers, it's about knowing the value
Speaker 5: you bring to the table and being able to clearly
Speaker 5: articulate that.
Speaker 4: Yeah, I completely agree. So let's not start with the
Speaker 4: confidence piece. We can touch on that that we've spoken
Speaker 4: about it before, and you can go back and listen
Speaker 4: to those episodes. Let's start with some actual strategies, because
Speaker 4: more often than not, when I get a framework to
Speaker 4: build on, I feel like I'm a bit more confident
Speaker 4: in kind of following through on that. So let's talk
Speaker 4: about pricing strategies specifically. What are some of the popular
Speaker 4: ones that small business owners should maybe look into.
Speaker 1: Sit down with a notepad and paper. I have three
Speaker 1: that I want to go through.
Speaker 5: There are obviously auplethora of different pricing strategies out there,
Speaker 5: but I have picked these ones because I feel like
Speaker 5: they hit the nail on the head for our community
Speaker 5: in terms of like starting the conversation, starting your mind thinking,
Speaker 5: there's obviously way more go do some research, but here is,
Speaker 5: you know, biasly a very good start point.
Speaker 1: Jess love it.
Speaker 5: So the first one we're going to talk about is
Speaker 5: cost plus pricing. So you're calculating your costs and then
Speaker 5: you're just adding a markup. Then there's going to be
Speaker 5: value based pricing, where you set your prices based on
Speaker 5: the perceived value of your product or service. And then
Speaker 5: we can't forget about competitive pricing, and that's where you
Speaker 5: analyze your competitors and you then charge and position yourself accordingly.
Speaker 5: So I feel like I've picked three very different strategies
Speaker 5: to talk about because hopefully one of them fits with you,
Speaker 5: and I feel like in our business, Jess, we kind
Speaker 5: of do a mix of all three, like there's no perfect,
Speaker 5: one size fits all approach, and I think it's very
Speaker 5: important to me to be clear about that at the start,
Speaker 5: because I think sometimes we think, oh, there's frameworks, We've
Speaker 5: got to lock our into one of them.
Speaker 1: Absolutely not. Different products inside a business might be charged differently.
Speaker 5: So for example, Jess, you and I we work together
Speaker 5: very closely on the shoes on the Mayde podcast that
Speaker 5: is sold differently to our courses or our books. So
Speaker 5: I think it's important to put that there first. Up
Speaker 5: back to the start, we're going to talk about cost
Speaker 5: plus pricing. So this is a relatively straightforward method where
Speaker 5: you calculate the cost of producing your product or service
Speaker 5: and then you just add a markup and determine what
Speaker 5: the selling price is going to be. It ensures that
Speaker 5: you cover your expenses and also generate a profit. It's
Speaker 5: a pretty solid foundation, let's be honest, especially for businesses
Speaker 5: who are starting out, But do keep in mind it
Speaker 5: might not actually capture the full value that you are providing.
Speaker 5: Talking about value, we have value based pricing. This strategy
Speaker 5: actually revolves around the perceived value of your product or
Speaker 5: service in the eyes of your customer, not you.
Speaker 1: In the eyes of your customer.
Speaker 5: It's not solely based on the production costs, but rather
Speaker 5: on the benefit and the solution that you're bringing to
Speaker 5: your clients. So think about the problem that you're solving
Speaker 5: and then the unique value that you offer. Then what
Speaker 5: I want you to do is set your prices accordingly.
Speaker 5: This approach can actually lead to higher profit margins if
Speaker 5: your customer recognizes and appreciates the value that you provide.
Speaker 5: And I think this is one where that's a bit
Speaker 5: harder to wrap your head around, because if you're lacking
Speaker 5: a bit of confidence in business and you need me
Speaker 5: to come and like boot you up the bottom so
Speaker 5: that you actually go, oh, you're right, Victoria, I am
Speaker 5: really valuable. I do actually have a lot to offer,
Speaker 5: which you do that. One can be hard to wrap
Speaker 5: your head around if you don't have the confidence because
Speaker 5: your value based pricing like, oh, maybe it's not worth anything.
Speaker 5: V what are you talking about?
Speaker 4: It feels like you're pulling a number out of the air.
Speaker 1: That is not the energy that we are taking into
Speaker 1: twenty twenty four at all, Jess.
Speaker 5: And then let's move on to talking about quickly competitive
Speaker 5: pricing classic strategy. It involves analyzing what your competitors are
Speaker 5: charging for a very similar product door service, and then
Speaker 5: positioning yourself in.
Speaker 1: The market accordingly.
Speaker 5: So I think it's also important that while it's essential
Speaker 5: to stay competitive, I don't want you to undersell yourself.
Speaker 5: It's so easy to get into like we're the cheapest war.
Speaker 5: But that's where we need to also go back and
Speaker 5: kind of put our value based pricing hat on as well.
Speaker 5: When looking at competitive pricing, there is always going to
Speaker 5: be someone who says, Jess, I could do it cheaper,
Speaker 5: all right, Well could you do it as well as
Speaker 5: I do?
Speaker 1: Yeah, And we also need.
Speaker 5: To see the value that we have because Jess, you
Speaker 5: and I could go into the market with exactly the
Speaker 5: same product. Let's pretend we both invented coke, and we
Speaker 5: are both selling cans of coke one way, but we're
Speaker 5: both selling cans of coke and we're sitting down and
Speaker 5: you just go, all right, well, v sells the same
Speaker 5: product as me. You're just going to sell the cheaper.
Speaker 5: Is that where you actually want to lead your business
Speaker 5: and your strategy? Is that actually a really good, you
Speaker 5: know strategy? Should you maybe differentiate yourself in the market,
Speaker 5: have a different target demographic, you know, maybe look at
Speaker 5: rebranding or changing it. We're not saying completely do a
Speaker 5: different product because someone else is there. But also you're
Speaker 5: going to find that there are a lot of people
Speaker 5: who don't want to buy Victoria's coke. It's victorious. It
Speaker 5: doesn't matter if the ingredients are identical.
Speaker 1: They really like Jess. Yeah, they really like Jess.
Speaker 5: They love her authenticity, They align with her value, they
Speaker 5: align with you. We need to remember that that exists
Speaker 5: in business as well, because you could sell exactly the
Speaker 5: same product, but your consumer might be attracted to you
Speaker 5: not because of the product or the fact that it's
Speaker 5: identical to someone else, because they're supporting you.
Speaker 1: And that's really cool.
Speaker 4: If everyone keeps undercutting each other, eventually no one's making
Speaker 4: any profit exactly. Yeah, and Laura and Laura and Laura.
Speaker 5: It's a really big balancing act between being in line
Speaker 5: with what the market expects and then ensuring that your
Speaker 5: prices are reflective of the value that you're actually bringing
Speaker 5: to your consumer. So for me, that's a good one
Speaker 5: to understand. And obviously these strategies are kind of like
Speaker 5: tool us in your business toolkit, and the key is
Speaker 5: to choose the one that aligns best with your unique
Speaker 5: value proposition.
Speaker 1: To me, the beauty is you're not confined to one jest.
Speaker 5: As I said before, you can mix and match, and
Speaker 5: do please feel free to mix and match based on
Speaker 5: your businesses evolving needs. I guess, as I said before,
Speaker 5: this is how I manage pricing in my business. There's
Speaker 5: not just one size fits all pricing strategy because sometimes
Speaker 5: that's just not going to work, and vice versa.
Speaker 4: I think there are all really good options. I think
Speaker 4: it can be super overwhelming when you're sorting out your pricing,
Speaker 4: especially when you're first starting out, because you have no baseline,
Speaker 4: you've received no feedback, you've got no idea, And that's
Speaker 4: where I guess assessing what other people are doing can
Speaker 4: be really useful. But I think that's also why it's
Speaker 4: really great to lean on the community of people around you.
Speaker 1: Like the business Bible.
Speaker 4: Community exactly, talking to other people in the business Bible community,
Speaker 4: talking to maybe other friends you have that have started
Speaker 4: businesses or people that are working in similar spaces. Because
Speaker 4: having those conversations, I think I've had a few are
Speaker 4: heart moments. It's where I've spoken to someone and said, oh,
Speaker 4: I'm charging this for this, and the I've gone, oh
Speaker 4: my god, you should be charging five times that, and yeah,
Speaker 4: oh my god, what have I done? Exactly? So I
Speaker 4: feel like I personally like to definitely look at what
Speaker 4: other people are doing, and depending on how I'm making money,
Speaker 4: as you said before, it changes. When I rent dresses,
Speaker 4: I do try and undercut the market a little bit
Speaker 4: because because you just want to see the dress out
Speaker 4: the door exactly right. But when it comes to I
Speaker 4: guess my small business and my price is for content creation,
Speaker 4: you do have to look at value, and it can
Speaker 4: be hard because sometimes people think it's such a simple thing.
Speaker 1: And it's not. And I've had that too before.
Speaker 5: Obviously, I think we should do a whole episode on
Speaker 5: how influencers get paid. I think people would be so
Speaker 5: perfect a bit interesting. But you know, I've had people
Speaker 5: approach me and say, hey, like, you know, we want
Speaker 5: a video for this, and you know a couple of
Speaker 5: photos for this, and this is what we would like
Speaker 5: you to create. And you know, Jess, you might go
Speaker 5: back with my prices and be like, cool the charges
Speaker 5: xyz and this is it, and they go, oh, well,
Speaker 5: such and such could do it way cheaper.
Speaker 1: Can you match it?
Speaker 5: And you go, well, I'm not such and such, Like
Speaker 5: there's a reason you came to me instead of that person.
Speaker 5: And I'm hoping that it's because you can see my
Speaker 5: value and my authenticity and what I bring to the
Speaker 5: table and how that is very different from what they do.
Speaker 5: And if that's the price you want to pay, go
Speaker 5: with that person. And I'm not going to match them
Speaker 5: just because somebody else is charging less. And I think
Speaker 5: there's a lot of power in being able to say that.
Speaker 5: Like I remember when we first went back.
Speaker 1: Jess, I was like, ah, they're going to ditch me.
Speaker 5: And sometimes people turn around and go yep, absolutely fair
Speaker 5: cool you go exactly yeah.
Speaker 4: So I think being able to articulate your value once
Speaker 4: you as a small business owner, know why you're charging
Speaker 4: what you're charging, you can articulate that to consumers, and
Speaker 4: it can also give you a little bit of confidence
Speaker 4: in what you're doing. And I feel like all of
Speaker 4: the strategies that you've mentioned can help people feel a
Speaker 4: bit more on top of it. And maybe we should
Speaker 4: address the elephant in the room, which is, once you've
Speaker 4: set those prices, how do we go about increasing them?
Speaker 1: Hello, I'm worth more today than I was yesterday. Good
Speaker 1: day to use end of conversation.
Speaker 5: Absolutely, so, I guess the question here is, like Lendy,
Speaker 5: you increase your prices. A good time is when you
Speaker 5: find out that somebody else doing exactly the same thing
Speaker 5: is charging five times what you're charging. But with this
Speaker 5: timing is key. It often really comes down to increased
Speaker 5: costs and an improved offering and market demand. So I
Speaker 5: feel like increasing prices a lot of people are like, Oh,
Speaker 5: I'm really bad at it. I think it should be
Speaker 5: an annual thing. It should be a calendar reminder, Hey,
Speaker 5: on the first of January. I increase and review my
Speaker 5: prices every single year. And I think that by setting
Speaker 5: that expectation with your consumer, they don't not expect it
Speaker 5: because it's very hard to be in business for ten
Speaker 5: years and have you know your candles selling at twenty
Speaker 5: dollars a candle, and then after ten years you go
Speaker 5: actually need to get back on par with the market.
Speaker 5: My candles are now seventy dollars each.
Speaker 4: Shocked at the system.
Speaker 1: Shocked to the system.
Speaker 5: You can assumer is really confused because you've put it
Speaker 5: off for so long, because we all bury our heads
Speaker 5: in the sand, but ultimately it shoots you in the
Speaker 5: business foot. So to me, the important thing here is
Speaker 5: to really communicate the value that you're providing. If your
Speaker 5: customers see the value, they'll be more accepting of the
Speaker 5: changes and increased prices. It's a topic that can make
Speaker 5: even I guess the most well seasoned business professional a
Speaker 5: bit jittery, like it's not something that is easy to
Speaker 5: have a conversation about, Like I am so good at
Speaker 5: empowering other people to increase their prices. Yes, the second
Speaker 5: I do, I'm like, is that reasonable? Jess, do you
Speaker 5: think that's reasonable? Do you think they're going to think that?
Speaker 5: I'm absolutely taking the mickey? Like I get the analysis
Speaker 5: paralysis as well. Don't worry.
Speaker 1: I wish I didn't I.
Speaker 5: Wish I could be like I don't follow in my footsteps,
Speaker 5: But let's be real, this is more about being authentic
Speaker 5: to me. It's crucial to recognize the value of what
Speaker 5: you're offering and the expertise that you're bringing to the table.
Speaker 3: Right.
Speaker 5: So small business owners are so guilty of this, Jess,
Speaker 5: and it is under re estimating their worth.
Speaker 1: But here's the thing. Your prices should actually reflect the.
Speaker 5: Growth and enhancements that you've made on your products and services.
Speaker 5: My friend, if you've been doing this for twelve months,
Speaker 5: you have twelve months more experience than what you did
Speaker 5: a year ago. That is worth something. Yeah, Like, whether
Speaker 5: it's twelve months or ten years, it doesn't matter. We
Speaker 5: should be consistently reviewing our prices and honestly, do not
Speaker 5: be afraid to back yourself and the value that you provide.
Speaker 5: Confidence in your pricing. It's going to sustain your business,
Speaker 5: but it's also going to make sure that you have
Speaker 5: the resources to continually improve and innovate. Like you didn't
Speaker 5: just jump on a hamster wheel, so it could be
Speaker 5: a hamster wheel forever, Like we need a whole hamster
Speaker 5: castle and we are.
Speaker 1: Slowly building it.
Speaker 5: And whether that is, you know your intention or not
Speaker 5: you need to be updating it. I don't care if
Speaker 5: it's your side hustle and you go, oh, vib it,
Speaker 5: you know, I'm like Jess, I just do some content
Speaker 5: creation on the side. It's not my full time job.
Speaker 5: I don't even know if it want it to be
Speaker 5: my full time job. Cool Well, indexation happens each and
Speaker 5: every single year.
Speaker 1: I don't even care.
Speaker 5: If it's your side hustle and you only do a
Speaker 5: few small gigs a year, they're more expensive next year
Speaker 5: because the cost of a dollar today is more than
Speaker 5: a cost of a dollar tomorrow. So I don't care
Speaker 5: if it's a small business or a side hustle or
Speaker 5: something you do occasionally. We need to revisit our prices.
Speaker 5: And I think the smaller your business, the more you go, oh,
Speaker 5: it's not worth it.
Speaker 1: Like I just do it on the side.
Speaker 5: You might be like a mum and you do like
Speaker 5: birthday cakes on the side. You might get one or
Speaker 5: two a month. They're more expensive next year, my friend.
Speaker 5: It's the way the world works. We need to keep
Speaker 5: up otherwise you're going to be undervaluing yourself. And that's
Speaker 5: not what we do in business. That's not very business Bible,
Speaker 5: is it not at all? So, Jess, when you back yourself,
Speaker 5: you're not just increasing your prices, you're investing in the
Speaker 5: future success of your business. And you need to remember
Speaker 5: that small business owners absolutely well and truly deserve to
Speaker 5: be well compensated for the incredible value that they bring
Speaker 5: to their consumers. Sometimes it's just really hard to see that.
Speaker 1: Like not the consumer.
Speaker 5: They see it, that's why they pay you, but it's
Speaker 5: so hard for us to see it ourselves. So shying
Speaker 5: away from acknowledging your worth and making necessary adjustments to
Speaker 5: your price strategy is going to shoot you in the foot.
Speaker 5: I promise you have earned it, and you are worth it,
Speaker 5: and you deserve it.
Speaker 4: Just do it. Yeah, I think as well, it's about
Speaker 4: communicating with your community. Like I follow a few small
Speaker 4: businesses that I've purchased from, maybe I follow them on Instagram,
Speaker 4: and particularly for product based businesses. In the last twelve
Speaker 4: months or so, I've seen people say, hey, everyone, like
Speaker 4: the cost of freight has gone up, the cost of
Speaker 4: my ingredients, all my materials has gone up. So as
Speaker 4: of you know, the first of July, we're putting our
Speaker 4: prices up x y Z, and that transparency can one
Speaker 4: help you seem really authentic and relatable and to help
Speaker 4: people understand why you're doing it. I think sometimes we
Speaker 4: worry about looking greedy, and particularly for someone like it, Yeah,
Speaker 4: particularly for someone like me who has a service based business.
Speaker 4: I'm providing content. I'm editing content for brands, or I'm
Speaker 4: producing content for them for my platform, for their platform,
Speaker 4: whatever they want. It can be harder to quantify because
Speaker 4: if I was working a pay as you go a job,
Speaker 4: I'd have an hourly rate and that would.
Speaker 1: Be but that's not what you're doing.
Speaker 4: Yeah, And so it's kind of one of those things
Speaker 4: where I think, even if people are going to come
Speaker 4: back to you and question it, saying, oh, as you
Speaker 4: were saying earlier, I am an expert in my field,
Speaker 4: or I produce quality at a higher rate than perhaps
Speaker 4: other people do, or I put time to do research
Speaker 4: on your brand and create something that really speaks to
Speaker 4: your history or whatever that might be. I think articulating
Speaker 4: that to whoever you're talking to can really help you
Speaker 4: feel a bit more confident talking about those prices and
Speaker 4: those price adjustments. But let's go to a really quick break.
Speaker 4: I think and on the other side, we're going to
Speaker 4: chat about some of the hurdles that small business owners
Speaker 4: face when it comes to making the decisions around their pricing.
Speaker 4: Don't go anywhere, all.
Speaker 5: Right, Jessic Gorici, we are back, and I am excited
Speaker 5: because it's about to get a little bit juicy. We're
Speaker 5: in the midst of exploring the intricacies of pricing in
Speaker 5: the world of small business and how to actually back yourself. Obviously,
Speaker 5: I am Victoria, and Jessica thankfully has it run away
Speaker 5: from yet. We are discussing pricing strategies and the importance
Speaker 5: of backing yourself.
Speaker 4: So let's address some of the hurdles that small business
Speaker 4: owners face when it comes to those pricing decisions. Vidie,
Speaker 4: what are the common challenges and how can we as
Speaker 4: small business owners try to overcome them? All right?
Speaker 5: So, one of the main challenges that I see from
Speaker 5: small business owners and side hustlers alike. I touched on
Speaker 5: it really early on in the show. It is imposter syndrome,
Speaker 5: which is that nagging feeling of not being worthy or
Speaker 5: not being up to scratch, or that someone's going to
Speaker 5: tap you on the shoulder and be like hey, Victoria.
Speaker 5: So yeah, you know how you were a financial advisor
Speaker 5: and now you're not. Yeah, you actually have to leave.
Speaker 5: You don't know what you're talking about, your fraud. Regardless
Speaker 5: of your degrees, it's just not good enough. Please sit down,
Speaker 5: like gooded. How many times have we all had that
Speaker 5: feeling in the back of our minds when trying to,
Speaker 5: you know, push forward with a new product or you know,
Speaker 5: offer a new service, or just show up on social media.
Speaker 5: Like the amount of times I'm like, oh, like if
Speaker 5: I'm coming from somebody who has a lot of followers,
Speaker 5: but like I'm either all there and you're getting twelve
Speaker 5: Instagram stories a day or it is dead pan from me.
Speaker 5: And that's usually when I'm sitting there going, oh am
Speaker 5: I doing the right thing? Do people think I'm silly?
Speaker 5: Like I still have those moments. So it's really important
Speaker 5: that small business owners recognize their unique skills and experiences
Speaker 5: and understand that that's what actually sets you apart. Another
Speaker 5: one of the hurdles is, and I get this a lot,
Speaker 5: a fear of losing your consumer or your audience. But
Speaker 5: the reality is that quality and value will always outweigh
Speaker 5: price in a customer's mind, and if it doesn't they're
Speaker 5: not the right customer for you.
Speaker 4: Yeah, imposter syndrome is the worst. It's something that I've
Speaker 4: definitely struggled with, and I want to know a bit
Speaker 4: more about you kind of maybe struggling with it too.
Speaker 5: Yeah, obviously I have mentioned that I have, and if
Speaker 5: I'm being honest, like I would say, it's a weekly struggle,
Speaker 5: not daily anymore. Sometimes I wake up but I'm like, oh, hello, Audacity,
Speaker 5: let's go. But it's something that I definitely struggle with still,
Speaker 5: and it's something that I often find myself checking in
Speaker 5: regularly with because it's so easy to feel like you're,
Speaker 5: you know, beyond your depths, but we need to remember
Speaker 5: that we're not. And ultimately, Jess, we're all just out
Speaker 5: here making it up. Like if you see someone selling
Speaker 5: a very similar product to you online and you're like,
Speaker 5: oh my gosh, they know everything. No, they just are
Speaker 5: pretending to know everything, Like every single one of us
Speaker 5: has been on the journey before of where you're like, oh,
Speaker 5: I don't know how to do a website. Cool, now
Speaker 5: I've done my own website, Jess Slay, I know how
Speaker 5: to do that. But you might look at me online
Speaker 5: and go fi right. I can't believe these just finished
Speaker 5: all of her own websites.
Speaker 1: I'd never mate.
Speaker 5: Do you know how many times I cried over that
Speaker 5: because I didn't understand the process. I didn't know what
Speaker 5: was going on. But you learn as you go. That's
Speaker 5: half of the brilliance of small business owners. That's what
Speaker 5: we're willing to do. So I need you to remember that.
Speaker 5: But also you need to know that you.
Speaker 1: Are exactly where you are supposed to be.
Speaker 5: It starts with mindset, and you need to believe in
Speaker 5: the value that you provide, and then remember that you're
Speaker 5: not just selling a product or a service, You're solving
Speaker 5: a problem for your consumer. I also want you to
Speaker 5: regularly assess your price and ensure that it aligns with
Speaker 5: the value that you're a guess delivering, because that will
Speaker 5: give you a level of confidence.
Speaker 1: You actually know.
Speaker 5: I am worth that price or no, my paintings are
Speaker 5: worth that if people are messaging you onl because people
Speaker 5: online have so much audacity, just uff going.
Speaker 1: Your price is are too much? Okay? Noorries like go
Speaker 1: find less?
Speaker 4: Yeah, do you think it's worth people popping a reminder
Speaker 4: in their calendar once a year, twice a year to
Speaker 4: check in with their competitors, to check in with their
Speaker 4: own costs, to review their pricing structure, to make sure
Speaker 4: that it is actually a guaranteed annual thing that they're doing.
Speaker 1: Yes, one hundred percent.
Speaker 5: I think being aware of your competitors is really important,
Speaker 5: but you can also end up overwhelmed by them. So
Speaker 5: we need to make sure we're not doing that too
Speaker 5: often because if we do that too often, we could
Speaker 5: find ourselves in that sticky situation where comparison is actually
Speaker 5: the thief of all joy.
Speaker 4: Yeah, one hundred percent. So it's all about having that
Speaker 4: confidence and reassessing your worth and just making sure that
Speaker 4: you're being.
Speaker 1: Paid what you deserve exactly.
Speaker 5: I guess when it comes to a lack of confidence
Speaker 5: or imposter syndrome, I would say it's the silent underminer
Speaker 5: that plagues a lot of us small business owners and
Speaker 5: overcoming it. It's actually just going to start with recognizing
Speaker 5: where you're standing, what's going on going you know what, No,
Speaker 5: this is a joke. Obviously more women than men suffer
Speaker 5: from imposter syndrome. So if you're a man that suffers
Speaker 5: with it, fantastic. We need to deal with it. But
Speaker 5: if you're a woman. It's kind of expected that you
Speaker 5: go through something like this because the entire universe somehow
Speaker 5: works against us and makes us question our authority at
Speaker 5: all points in time. And it's really easy to, as
Speaker 5: I was saying before, fall into that trap of comparing
Speaker 5: yourself to others and going all right, well far out.
Speaker 5: Jess is really good at creating content. You know, she
Speaker 5: creates content for herself and like brands and puts it
Speaker 5: on her socials. Sometimes brands pay her and they just
Speaker 5: put on there.
Speaker 1: So like this is wild, like I.
Speaker 5: Could never imagine getting there. But what you're doing is
Speaker 5: comparing somebody else's middle to your beginning. And while looking
Speaker 5: into your competitors is really important for market insights, I
Speaker 5: think it's very important to have your finger on the
Speaker 5: pulse and understand where the market is sitting, we also
Speaker 5: need to make sure that you're not comparing yourself to
Speaker 5: somebody else's final destination. If you've just entered the market
Speaker 5: and you're comparing yourself to businesses who have existed for
Speaker 5: five years, they have had five years of learning and mistakes,
Speaker 5: and I guess it's really important to understand that everyone
Speaker 5: is at a different stage in their journey. So instead
Speaker 5: of letting imposter syndrome dictate your confidence, how about we
Speaker 5: start on focusing on growth and the progress that you've
Speaker 5: made so far and celebrating that. Like, how cool is
Speaker 5: it that you identify as a small business owner? What
Speaker 5: are your next steps?
Speaker 2: Yes?
Speaker 5: Great, that business that has existed for five years. Of
Speaker 5: course their marketing is going to be a bit slicker
Speaker 5: than yours. Of Course their product is going to have
Speaker 5: a little bit more refinement. They've had five years to
Speaker 5: work on that. Yeah, but you might slip in and go, wait,
Speaker 5: hold on, like, I'm pretty competitive.
Speaker 1: How cool is it that they've been here for five
Speaker 1: years and I'm not, Like, I'm on bath excited.
Speaker 5: We need to celebrate ourselves. So I guess when we
Speaker 5: stop the comparison game, we're able to recognize our own
Speaker 5: worth and imposter syndrome kind of starts to lose its
Speaker 5: grip and it allows you to confidently set prices that
Speaker 5: are reflective of the true value of your business. It's
Speaker 5: honestly not always about being exactly the same as others.
Speaker 5: It's about being authentically and unapologetically you, and don't forget
Speaker 5: want to remind people because I have been doing this recently.
Speaker 5: Social media is actually only ever going to be a
Speaker 5: highlights reel, even when small businesses are sharing their like
Speaker 5: behind the seams content of them struggling, Jess, Let's be honest,
Speaker 5: they're never going to show things that would actually risk
Speaker 5: their business, right, Yeah, They're not going to go, oh yeah,
Speaker 5: messed up by taxes last year, had the ADO chasing me.
Speaker 5: They're gonna be like, oh my gosh, look at this
Speaker 5: product design. We ordered it and thought it would be
Speaker 5: perfect and it just didn't work out. You're like, okay,
Speaker 5: so we're not really being that authentic here, are we.
Speaker 5: We're trying to obviously share as much and be unapologetically
Speaker 5: us and authentic with our audience, and I think that's
Speaker 5: really important. But when you are comparing yourself to other businesses,
Speaker 5: just to remember they are never going to.
Speaker 1: Show the shit show. Yeah, no one would, it would
Speaker 1: be silly to do.
Speaker 4: So it's always going to be on some level curated
Speaker 4: because they're selecting what they do and do not show you.
Speaker 4: And it's so easy to get wrapped up in how
Speaker 4: well other people are doing and forgetting to focus on
Speaker 4: yourself and your business. But I'm feeling like I need
Speaker 4: to give my side hustle a little bit more love
Speaker 4: and get clear on my pricing strategies moving forward. So
Speaker 4: what do you say we call it today? And I
Speaker 4: jump right in.
Speaker 1: I think that is a good idea.
Speaker 5: I think it's time that you and I actually took
Speaker 5: ourselves out there and well deserved tacos. Thank you so
Speaker 5: much for another beautiful episode. I cannot wait for next months.
Speaker 5: I wish they were more frequent than monthly. We'll work
Speaker 5: on that after I've had a baby and sorted my
Speaker 5: life out. But have the best week, guys, and we'll
Speaker 5: see you on Friday.
Speaker 4: See then.
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