How to make your services more financially accessible

Want to know how to make your services more financially accessible, but still run a profitable business? Maybe you’ve increased your prices and are now worrying that you’ve raised your prices too high for some people. You want to find a way to make your services more accessible from a financial perspective, but still run a profitable business.  Keep on reading to find out how to make your services more financially accessible, whilst still running a profitable business.  

 

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As you become more experienced and provide more value to your clients the likelihood is that your prices will increase. This makes some business owners feel uncomfortable as they worry about the people who will no longer be able to work with them.  The fact is unless you are free there will always be some people who can’t afford you or aren’t willing to pay that price. However, I’m a big believer in the fact you can run a profitable online business, but still find ways to help those that you want to. Here are 3 ways that you can make your services more financially accessible.  

 

HOW TO MAKE YOUR SERVICES MORE FINANCIALLY ACCESSIBLE

 

1. Offer a payment plan

A fairly easy way to make your services more affordable without making any changes to the pricing is to offer a payment plan. A payment plan allows a client to be able to pay for your services over multiple instalments rather than in one go. For example, if your service costs £3,000 instead of requesting it all up-front you could set up a payment plan where the client pays 3 instalments of £1,000. Overall, you receive the same amount of money (so aren’t reducing your income), but because initially the client only has to have the money for the first payment rather than all of the money it will make your service more affordable.

Please note when offering payment plans, please check the rules of your country to ensure your company/business is allowed to do so.  

 

2. Scholarships

If your prices are so high that even with a payment plan, there are potential clients that you would love to work with but know they want to be able to afford your services then you can consider offering scholarships. Scholarships are where you offer a free or highly subsidised service. However, it isn’t available to everyone. In order to access a scholarship potential clients have to apply. This means you are able to set a criteria and ensure that scholarships go to those you want to be supporting. Often businesses will set their scholarship criteria in relation to their mission and who they’ve already stated that they want to support. Also, when offering scholarships you are in control of how many are offered. 

 

OVERWHELMED WITH THE NUMBERS AND WANT HELP TO ENSURE YOU HAVE THE RIGHT PRICING STRATEGY FOR YOUR BUSINESS?  I offer Pricing Power Hours where I will help you to quickly and confidently set, or reset, your coaching prices. You’ll leave confident that all the number crunching has been done correctly and you’ve set your prices to ensure financial success for your business and kept your bigger mission in mind. To find out more and book a Pricing Power Hour click here.

 

3. Different prices for different types of clients

Another way to make your services more affordable is to offer variable pricing. This is where your pricing differs depending on the client.  

 

I first came across this technique when I worked for a dance studio. The business had multiple studios that could be hired out and there was a different rate for independent artists to companies.  

 

This type of pricing works well if you have a clear differentiator between your clients. This means it isn’t that the prices varies on a case by case scenario, but instead a potential client is offered a fixed price, which is determined by the category they fit into.  

 

 

There you have it! You now know how to make your services more financially accessible.

 

As mentioned earlier raising your prices can be difficult especially if you are worrying about pricing people out. By using some of the tactics mentioned above there are ways to maximise the financial accessibility of your services, whilst still maintaining a profitable business.  

 

You can’t help everyone and someone will always get priced out, but there are ways to maximise the number of people who can work with you – even when you raise your prices. 

 

Let me know in the comments whether you are going to give any of the 3 suggestions a go in your business.  

 

 

WANT AN INTEGRATED MARKETING STRATEGY TO HELP YOU GROW A THRIVING ONLINE BUSINESS THAT GIVES YOU THE MONEY AND TIME TO LIVE YOUR BEST LIFE?  Getting your pricing right is part of the puzzle of building a thriving and profitable online business. I’m a Chartered Marketer that specialises in supporting solo coaches, consultants and online service providers to improve their marketing so they can shine online, attract their dream clients, and ultimately build a business they love and that helps them build financial wealth. The key to this is having an integrated marketing strategy that you can manage by yourself alongside all of the other hats you have in your business. Just need a marketing strategy? Check out my Strategy Days Want a marketing strategy AND ongoing training, support and accountability?  Check out my 1:1 business and marketing mentoring programme click here And to discuss your precise needs book a free, no-obligation, introduction call to discuss your business here.