Open Letter from Allison Todd: How Chadwick Boseman Inspired Me

Chadwick Boseman is among the few celebrities whose life and death has been an inspiration. His flawless acting was gracious. On-screen and off-screen, he was a star. A shining light, depicting the ideal example for black males.

His work as King T’chala, the Black Panther, was a true rendition of a black king. It gave black people all over the world a vision of Africa as it should have been. It opened our eyes and gave us a beautiful representation of what we all knew; Black is powerful.

All through his life, Chadwick was an accurate depiction of black pride, and he inspired me to do better, to be better. On-screen and off-screen, he carried himself like the true black king that he was. There was no doubt that he was a man of great power and glory.

News of his death was as shocking as it was painful. More often, it seems we are losing our black heroes like Chadwick and lots more. However, as the pain eased off, and the wound began to morph into a scar, learning began.

If today was your last day on earth, what would you be doing?

Many times we have heard the question: If today was your last day on earth, what would you be doing? Would you spend it doing what you are doing right now?

The answer to this question varies from person to person, but I am almost certain that Chadwick’s response would have been a resounding yes. He spent every day of his life doing exactly what he loved.

He fought relentlessly for his dreams as he built his legacy and etched his name in cinematic stone, all while fighting for his life.

Referencing his speech at Howard University; I think it is fair to say that Chadwick found his purpose and spent every day of his life following it happily. In the days following his death, I have come to reassess my path in life.

Conclusion

I have asked myself if what I am doing is indeed my purpose on this earth. I was elated to find the answer to be yes. Inspired by Chadwick, I shall spend every day of my life, pursuing my purpose with all my power and might without losing grace or focus.

In old African cultures, our forefathers believed that kings never died but rather went on journeys. I liked that belief and shall stick to it. I wish Chadwick Boseman everlasting peace.

If you enjoy this article you’ll surely love reading this:

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Merry Christmas

Happy Holidays from Allison Todd & the Team

Happy Holidays from Allison Todd and the team. It is my sincerest hope that your heart is filled with joy, while surrounded by love, safe at home. I envision traditional holidays with abundant laughter, extra hugs, excited children, and food galore. And this year, we will make new traditions. Wherever you are may you be happy, healthy, and whole. The holiday season is truly about thanks and praise. Join me in a moment of gratitude?

I Am Grateful

I’m so grateful to be composing this blog for you right now. We’ve had a year of challenges and here we sit. And It’s so great to hear people sharing their new traditions while weaving in some of the old. It’s even nicer to be spreading holiday cheer via facetime and zoom. We may be distant but we don’t necessarily have to be apart. There are so many ways to share and celebrate with friends and family. Being away from loved ones is tough. But I am super grateful to see their smiling faces across the screen.

And they should have a contest for the cutest Christmas screenshot. This year is one for the history books. I look forward to sharing our 2020 stories with future generations. I truly wonder what questions they will have. Seemingly the same questions I have, present day. It’s the most wonderful time of the year….. we are here.

Connection is Love

There is such connectivity in the air right now. I hope that you will join me in sharing gratitude, love, and laughter via any medium you choose. Whatever works for you and yours. I don’t think there is anyone in the world right now that doesn’t want to be reminded they are not alone. More importantly, love is a super power so spread it everywhere. So call the people you normally text, share a video with an unexpecting recipient or write a beautiful handwritten note to someone.

Happy Holidays

I wish I could write each of you a beautiful note and mail you your favorite treat. Instead, here I am before I gather with my family for breakfast and dinner. I wanted you to know you are not alone. I’ve got tons of love to share with you. And no matter where you are or who you are with – you were uniquely and wonderfully made. Thank you for being a welcomed part of my new holiday traditions.

Merry Christmas and Happy New Year to you all. Cheers to good vibes and great energy.

Instagram strategy

Growing Your Social Media Followers: Instagram Strategy from Allison Todd

Instagram is one of the most famous social media platforms out there. Featuring over a billion users currently, Instagram is a relatively young platform with a vast young follower base compared to other social media platforms. 

If you happen to be running a business and wish to promote the same across multiple social media platforms, Instagram serves to be your one-stop destination to do so.

More business owners worldwide are shifting their attention to Instagram to draw the attention of the target audience while improving the overall ROI.

Top Instagram Strategy to Grow Your Followers

Allison Todd –the founder & chief strategist at SiMar –a leading social media marketing agency, explains Instagram’s importance for businesses out there. She says that Instagram can give your business a boost when utilized in the right manner. Instagram serves to be an effective way of enabling connections with consumers who are looking forward to a straightforward, inspiring, and enriching experience through stories, product links, or services.

When you wish to make the most of this leading social media platform, you must increase your number of followers. Some of the effective strategies are:

Promote the Instagram Page on Other Platforms

Most Instagram users are active on other social media platforms. Therefore, you can always take help from the idea of lending social media followers from other platforms to Instagram. 

It would be best if you linked your business Instagram account to the respective Facebook account. Therefore, you should always make it a point to share Instagram posts on Facebook as well; This will allow your Facebook users to peek into something that they could get out of your Instagram feed.

Hashtag is the essence of Instagram. Just like Twitter, when you use the right, trending hashtags at the right moment, it could deliver outstanding results for your Instagram page. Ideally, it would be best to use a hashtag that defines your brand identity and promotes the same in one way or the other. The popular hashtags keep changing from time to time. Therefore, it is recommended to keep track of the same and use the popular ones to obtain the best results.

Include Interesting Video Content

In addition to rich-quality pictures and other content, video content is of utmost importance to your Instagram business profile. The end-users on Instagram are always looking for fresh, short-form, and exciting videos that draw the target audience’s attention. 

Optimize the Brand Page

Allison Todd from SiMar –a leading digital marketing agency, emphasizes the importance of creating the right brand image with social media optimization. Your Instagram page serves to be the public face of your company. As such, the brand page is an opportunity to introduce your brand to the Insta-world while obtaining relevant traffic for your website.

Growing Your Social Media Followers: Instagram Strategy from Allison Todd

Conclusion

Make the most of the right Instagram strategies to boost followers and improve the ROI for your business!

Growing Instagram Followers

Top Digital Marketing Trends to Look Out For

We live in a digital era. With rapid digitization going on around in every industry vertical out there, it is high time that modern businesses should look forward to adopting the digital transformation as soon as possible.

As per a study report; In estimation, around 50% of individuals will be clicking on a particular brand name if they have relevant visibility on the search results. This is wherein the role of reliable digital marketing services from a reputed agency like SiMar is a leading digital marketing agency.

Allison Todd –Founder & Chief Strategist at SiMar –a leading business advertising agency, explains the importance of digital marketing and why follow the trends in this post.

As digital trends keep evolving every year, your business must be aware of the same. When you adopt the same in your business structure, it will provide your brand with a competitive edge.

At the same time, it will also increase the overall leads while improving the relationship with the existing customers.

Here are some trends to look out for:

There is no denying the growing popularity of voice search in modern times. A recent study report reveals that around 50 percent of the queries online will be voice-based by the end of 2020.

In fact, top brands are nowadays thinking about innovative ways to deliver the respective promises of utilizing voice-enabled devices. These solutions serve to be highly affordable while providing excellent capabilities to entice the visitors to your website.

2. The Popularity of Chatbots

Chatbots are highly AI (Artificial Intelligence) software solutions to serve as the virtual concierge that allows brands to connect with customers while assisting them in completing their respective goals.

Moreover, chatbots can naturally interact with humans –primarily with the utilization of advanced text chat windows.

Over time, as the system can collect more meaningful insights, Artificial Intelligence technology helps learn more about customers. 

Thanks to some innovative social media platforms like YouTube, Facebook, and Instagram, live content has become one of the fastest-growing segments in video-based traffic on the Internet. That is why live streaming of relevant content on these platforms becomes highly effective as it is available for free.

Moreover, it takes just a short time to produce the same while offering real-time user engagement. Moreover, using this leading digital marketing strategy, the viewers can view the content on your time.

Top Digital Marketing Trends to Look Out For

4. Engagement-oriented Email Marketing

With email marketing’s scenario getting smarter, marketers are now focusing on sending emails to subscribers who tend to be quite active on the given email lists.

Moreover, email marketing is also headed towards delivering a highly personalized experience to the end-users.

Conclusion

In conclusion, make the most of the latest digital marketing trends for optimum results!

Best Times to Post

Social Media Business: Best Times to Post

When it comes to publishing content on social media, many important questions must be answered, such as; “What to post” and “how to post”. However, a very crucial question that is often neglected is “when to post”.

Creating good content and presenting them in an appealing way is all fine and good. However, to ensure optimum impact and engagements, timing must be considered. What time do you post on your business social media account?. When you feel like, after a long day or at a specified time of the day.

If you fall into the category of a specified time of the day, then you are on the right track. Posting regularly at a particular time helps your customers stay up to date with your brand. Your customers would digest your content and interact with other fans while your post is still new and fresh.

However, choosing a time of the day or week at random isn’t ideal. To get the best possible results, you have to pick the right time and the right day of the week. Luckily for us, research into what these times and days are have been carried out.

Research has shown:

Social Media Business: Best Times to Post

These time points are products of the latest data analysis and reflect the effect of Covid-19 on social media usage. They are bound to change. Therefore you should keep your eyes out for new data and new reports.
It is also important to note that your optimum posting time might differ from the norm.

Your subscribers and followers might have different engagement patterns. To determine the best time for your business, a bit of experimentation and trials are needed. However, these peak times would point you in the right direction.

Conclusion

Building and maintaining the online influence of your brand is a very technical task. It’s more than just posting whatever flies into your mind. Even when it is a personality brand, your customers deserve quality.

To give your customers quality, you must consider the what, how, and When. When changes over time. However, constant research and experimentation of your customer’s engagement pattern would help you build your fan base much faster.

Need more help with your social media posting, check this amazing guide:

Learn to Love Instagram

Social Media Business: Best Times to Post


strong online influence

Social Media: How to Build a Strong Online Influence For Your Business

When it comes to advertising, the days of newspaper and TV ads are long gone. Today, successful businesses have learned to take their adverts to where their customers are, the internet .

With the advent of social media, the internet has become even more accessible and user friendly, therefore changing the way we communicate and socialize.

However, the internet is full of weak and ineffective ads. Both sides of the spectrum are mostly dissatisfied with most online adverts. Business owners sometimes find it hard to measure their online adverts’ effectiveness, while customers mostly get irritated by the countless unsolicited contents that disrupt their online experience.

Pop up ads are the number one culprit in this crime ring, proving both irritating and useless at the same time.

How to build a Strong Online Influence For Your Business (2)

Advertising Online

As a business owner, advertising online can be quite tricky. There are so many factors to consider. First, you want your adverts to reach a broad audience, and not just any audience but the right audience.

You want potential customers, not window shoppers. Then you want to be able to keep track of the effectiveness of your adverts.

  • Are your adverts well received by your audience,
  • what is the conversion rate of each of your adverts,
  • are the contents of your adverts appropriate and welcoming.

These are some of the few questions that you must answer and attend to if you build a strong online influence for your business.

Taking all these factors into considerations can be a lot to handle, especially coupled with your business’s effective running. As much as you would like to give your customers your personal touch, you would have to hire a professional as your business grows.

Social Media: How to build a Strong Online Influence For Your Business

Conclusion

In conclusion, publishing compelling and enticing online adverts is a mix of science and art. Science to effectively link and dominate all platforms while keeping track of customer’s feedback.

Art to provide top-shelf content that would attract your audience and convert them to customers. The ability to combine these two crucial spheres of online marketing is what makes an effective online marketer.

In hiring a company or individual to handle your online presence, the ability to effectively balance online marketing’s scientific and artistic spheres is the significant criteria you must look out for.

Learn 2 Love Social Media for Business Owners

Learn 2 Love Social Media for Business Owners will help business owners position their brand for growth. You already know how to post content, but does it fit into your digital marketing strategy? And is that strategy working to attract your ideal client? During this 3-Day Challenge, you will understand the value of social media for small businesses.

Above all, you will gain a greater understanding of your data which improves your social media strategy. Learn why businesses need social media. Then understand how to grow your business simply by telling your brand story. With some simple tips and social media management strategies, businesses of any size can grow. Plus this event provides a community to connect with other supportive business owners.

No more missed opportunities. I love social media and hope you will Learn 2 Love it too. Let’s get to work and reveal your brand’s true potential. Let’s have some creative, strategic fun. As a result, you will Learn to Love LinkedIn, Instagram, and Facebook Groups.

Learn 2 Love Social Media

Event Highlights:

 Collect digital marketing tips, tools, resources

 Content creation templates from digital marketing experts

 Understand the types of content perfect for your social media plan

 Automate your social media tasks and increase the engaging personal touch

 Create meaningful digital business connections

 Execute your social media plan for real-time results

PLUS, all registered guests receive a Learn 2 Love eBook, Email Marketing Cheat Sheet, and a Digital Marketing Planning Tool. Most importantly, you do not have to post 12x a day to get something done. And you do not have to be on social all day to make an impact. And….. it can be tons of fun.

This is a fully interactive event. What better way to jumpstart your 2021 business goals! Learn 2 Love Social Media for Business Owners only has 20 virtual seats available. Act now! If you market your brand, your audience will find you.

Join Position 2 Profit with Allison Todd to receive event updates and exclusive content.

Are You a Terrible Boss? These Four Subtle Signs Will Show You

How Bad Managers Prepared Me for Entrepreneurship

Bad managers prepared me for entrepreneurship in many ways.  I think back to the beginning when my first managers. I was in awe. I thought they were geniuses. And as I grew, I learned they were humans, not superheroes. And then my managers became more like my teachers. There were some good and some bad. There were some that taught me a lot and some that I never quite understood. With each opportunity, I learned something new. My past managers taught me a lot about what type of leader I wanted to be.

I learned both what type of leader I wanted to be and the traits I knew I didnt want. I can best remember the managers who were great teachers. They modeled good leadership behavior, encouraged curiosity and innovation, and by all means, they understood that micromanagement was an unwelcomed characteristic. This is definitely how I started compiling my recipe of the traits of a good manager. And then, I started my business and became a teacher for others.

Managers as Teachers

I figured early in life that human beings have a natural curiosity for learning and new things. It’s how you present those things that lead to the curiousness of learning. It is no secret that passion leads, not power. In school, the best teachers had a passion for their work with affection for their students. In managers, that is translated into compassion, patience, and inspiration. All of these traits create an opportunity for development and learning. For me, I can appreciate a manager who is understanding of you as a person and your knowledge and skills. After all, employees should be encouraged to grow whatever their job description. But this isn’t always the case.

The best teachers were consistent in sharing important facts, transparent in communication, and laid out “what’s next”. They reinforced the things we did right and worked with us on the things that needed improvement. No one is perfect, in school or business. A good manager teaches you what you need to do to complete your job best.

However, a bad manager is more focused on getting the job done than the development of his team members. That type of manager is more of a task director than a teacher. Unfortunately, this results in high team turnover. Developing the right team has far more benefits than continuously onboarding new team members. That’s why a good manager doesn’t mind going the extra mile to make sure their team has what they need. They also make learning interesting in spite of the task. Thus team members are more committed to learning their subject matter.

How Bad Managers Prepared Me for Entrepreneurship

Don’t be a Bad Manager

Nobody wants to learn from a bad manager. Admittingly, it’s a challenge to do so. And if your team members can not do their jobs, it reflects poorly on management. Have you ever noticed the difference between a manager who is forced to train you vs a manager who enjoys training you? I have! You either get all of the information you need to do the job or spend all of your time trying to gather what I need to do the job. The latter doesn’t make anyone happy.

It’s fairly easy to spot the difference between the two types of managers. One is committed to understanding the business goals and the team goals. The other type of manager is task-focused and primarily transactional. They often leave their team members feeling like they are something to check off of the to-do list. Undoubtedly, developing a dedicated team has far more benefits than continuously onboarding new team members.

How to Be a Good Manager

It may sound cliche but it reigns true. Empower your team to be the best they can be. You want your team to grow out of their positions rather than resign. A team member who understands the business, the goals and the consumer is a commodity. The management style includes creating a connected workplace culture in which all members can thrive.

This leads to your team communicating with you and others, with ease. Team members are eager to contribute and have a good attitude about their job. They are motivated to produce. They take ownership of their work. And they are willing to help other team members as well. All of these attributes are a result of the leadership you model. The business, in turn, grows and scales.

The Entrepreneurial Lessons Learned

Can you tell which traits I learned from a bad manager? I hope those would be the things I do best. It’s odd but learning about micromanagement prepared me for entrepreneurship. As the team member, I was forced to keep a well-detailed list of the work I was doing and the results. I had to be prepared to answer questions at all times. And it taught me to automate as much as possible. You don’t have to hoover your team members to know what’s happening in your business. Plus the time commitment to micromanagement is a time-waster.

But that’s not all I learned. First of all, as a small business, you can not afford to continuously train new employees. It’s costly and non productive. You end up spending more time working in the business than on the business. As a result, you can not position your business for profit. If you can even make a profit at all.

Secondly, all of my team members complete an extensive onboarding experience. If there is a mismatch, it’s often revealed during this time. We use all of our communication tools – email, video, manuals, templates. This provides an opportunity for continuous learning. It also motivates the team member to learn more about their job responsibilities.

Lastly, the team is often recognized for their effort and commitment. It’s not easy working for a business owner who is also a coach. Of course, I am going to motivate them to stretch their knowledge and skills. The key is a fine balance of teaching, understanding and information share.

To be the best teacher, be ok with being honest and direct. Your team will appreciate you for it. Remove the ambiguity and get to work. Everyone makes mistakes. Those mistakes only have value if you learn from them. Having this understanding creates an environment where employees feel understood and valued. Rest assured there are business challenges. However, those challenges are addressed with solutions and reasoning.

Conclusion

I learned every lesson, good or bad, is instrumental in the entrepreneurs’ world. It is your job as an entrepreneur to open your eyes to learning and opportunity and take them to heart. Becoming a good leader is a continuous process of learning and fine-tuning. It is as much science as art.

Entrepreneurship is hard but you don’t have to do it alone. Position 2 Profit Membership is for an online business community of leaders who want to position their business for profit. Business evolves at a different level when profit begins and how does your business grow from there? The group is led by Allison Todd, Operations & Digital Growth Strategist. Our members are committed to building a network of referrals, resources, and accountability. 

Position 2 Profit Membership

how to monetize your expertise

5 Ways to Monetize your Expertise

A company works by buying skills and expertise and transforming it into a finished product; This translates to hiring employees and utilizing their labor to produce goods and services. 

However, the soul-crushing venture of climbing the corporate ladder isn’t for everyone. 

There is a massive increase in the number of people who want to enjoy financial freedom while still controlling their time and life.

A few decades ago, this was nothing more than a dream or a fairytale. However, today the story has changed. 

Ways to Monetize your Expertise

There are numerous avenues for you to cut past the corporate world and monetize your skills. Here are a few income streams that you might find convenient.

5 Ways to Monetize your Expertise

1. Writing for online publications

With many websites fueling the beautiful world of the internet comes a high demand for quality content. Writing for online publications is one easy way to share your wealth of knowledge with the world. 

We are in the information age, and your knowledge is worth a lot more than you think. Writing for online publications is the easiest method to monetizing your expertise. 

It doesn’t require a complicated process, and there are little or no barriers to entry. If you are skilled and you have excellent content to deliver, then you can start earning. It’s that simple.

2. Publishing a book

Before now, you being an author, required years and years of dedication, sweat, and ink. However, with the internet taking the world of reading by storm, all that has changed. 

Gone are the days of spending years on a manuscript and another couple of years hoping and lobbying for a big deal. Being an author still requires dedication and intelligence, but you don’t have to lobby and pray for a book deal anymore. 

With platforms like Amazon offering free publishing, you can write your book and start earning immediately after launch. Writing and self-publishing is a very lucrative way to monetize your expertise while still retaining your work and brainchildren’s rights.

3. Public Speaking

Perhaps being hunched behind a system and writing articles and books feels a lot like the corporate world you are trying to escape. Not everyone is cut-out to be a writer. Another way to share your knowledge and content with the world is public speaking. 

You might not be a writer, but if you find yourself an excellent speaker, public speaking is a path you must consider exploring. Be it informative, motivational, or political, find the niche that works best with your style and expertise, and grow from there.

4. Online Courses

If you want to do more than share information, you can go the extra mile to impart knowledge. The future of learning isn’t in brick and mortar classrooms. The future of education is on the internet. 

Online courses are slowly becoming people’s preferred way to learn. Rather than waiting to be hired by that university or that high school and find yourself in the rat race, why not teach an online course.

Either on your platform or other available platforms. Delivering online classes to a broad range of students worldwide is one easy and convenient way to make money and monetize your expertise.

5. Consulting

Although this is very similar to having a regular job, it affords you a lot of freedom. When your survival isn’t tied to one boss or one company, you get to dictate your service terms. 

Working as a consultant can be very satisfying and fulfilling. As a consultant, you get to control your time, your earnings as well as your portfolio. Working as a consultant gives you the freedom of an entrepreneur without the need for massive managerial and executive expertise.

Conclusion

These are some of the few ways you can monetize your expertise. There are other money-making avenues not mentioned here that you might find more applicable to your skill and expertise. However, the key is to choose a path that suits you best.

For maximum earnings and freedom, a combination of two or more of these income streams is most advisable, especially during the early stages of your freedom from the rat race.

Exploration is the best way to find what you do best. You also don’t want to be too dependent on one income stream as that would take away from the freedom you so rightly cherish.

Position to Profit Membership

Entrepreneurship is hard but you don’t have to do it alone. Members learns about the Scale to Profit System, business development, business operations, sales techniques, building the perfect team.

how to determine prices for services

How to Determine Prices for Business Services

Coming up with a business idea is only half the battle. Determining a price for your services is another huge part. As a business owner, you need to specify a price for your benefits before you can start offering them to potential customers, and if you can’t provide your services, you can’t make any money. So setting the right price is one of the crucial first steps in setting up your business.

If you were giving away your services for less than cost or just breaking even, you’d be operating a non-profit venture – or a business that’s likely to fail. There are various components that factor into whether or not a business is profitable, including location, leadership, market demand, competition, and so on.

Many service-based businesses struggle to come up with a fair and profitable pricing strategy. Unlike product pricing, you can’t precisely quantify all the costs that go into providing a service. 

The expenses that go into providing a service are more subjective than those that go into making a product. How much you charge customers doesn’t always directly correlate with the amount you pay to perform services. If you own a retail store, you buy goods at a specific price. 

To earn a profit, you need to sell the goods for more than what you paid. You determine how to price a product according to its cost. In service industries, finding a target profit margin is not as simple. You don’t have an original price to reference. Instead, your pricing formula for services should account for the intangible aspects of running your business, such as time and value.

Factors to Consider For Pricing

In short, pricing services is a tricky business. Because there is no set-in-stone method for pricing services, you have some flexibility in setting your price, but there isn’t a guaranteed formula that will enable you to set your price.

Here are the factors that experts say you should consider when trying to determine what price to charge for a service:

1.       Cost-plus pricing

This standard method of pricing in business seeks to determine the cost of making a product or, in this case, providing a service, and then add an amount to represent the desired profit. 

To determine the cost, you need to figure out direct costs, indirect costs, and fixed costs. Those costs include a portion of your rent, utilities, administrative fees, and other general overhead costs. When you make a deal to sell a service, you have to cover all your expenses.

2.       Competitors’ pricing

You need to be aware of what competitors are charging for similar services in the marketplace, Osteryoung says. This information could come from competitor websites, phone calls, talking to friends, and associates who have used a competitor’s services, published data, etc. 

If you have to compete on price to win a customer, you may ask yourself whether they will be loyal to you if they find someone offering a service at a lower price. 

To be relevant in the market, you need to convince potential customers that you are giving them tremendous value in terms of use and quality. To do that, you must be aware of what the competition is charging.

3.       Perceived value to the customer

This is where a lot of the subjectivity comes in when setting a service price. The critical factor in determining how much they are willing to pay for a service may not be how much time you spent providing the service to your customer. Still, ultimately what the perceived value of that service and your expertise is to them, Osteryoung says. That is where pricing becomes more of an art form.

How to Price Business Services

Guidelines For Setting Pricing For Your Services

Calculate your costs

Before you set a price for the services your company will provide, you need to understand your costs of providing these services to customers. The U.S. Small Business Administration advises that the cost of producing any use consists of the following three parts:

1.       Materials cost: These are the costs of goods you use in providing the service.

2.       Labor cost: This is the cost of direct labor you hire to provide a service.

3.       Overhead costs: These are the indirect costs to your business in providing services to customers. Examples include labor for other people who run the firm, whether administrative assistants or human resources personnel. 

Other overhead costs include your monthly rent, taxes, insurance, depreciation, advertising, office supplies, utilities, mileage, etc. The SBA suggests that a reasonable amount of these overhead costs should be billed to each service performed, whether at an hourly rate or a percentage.

Determine a fair profit margin.

Once you determine your costs, you need to mark up your services to ensure that you achieve your business profit; This is a delicate balance. You want to ensure that you complete a desirable profit margin. Still, at the same time, particularly in a down economy, you want to make sure that your business doesn’t get a reputation for overcharging for services.

Pricing Models.

Now that you understand what it costs you to provide a service, what your competitors are charging, and how customers perceive your services’ value, it’s time to figure out whether to charge an hourly rate; a per-project rate, try to negotiate a retainer for your assistance. This may be predetermined by your industry and the type of service pricing that predominates in your sector. 

For example, lawyers tend to charge hourly rates for their services, although those rates can vary. Many construction firms charge a project fee and require that one third be paid upfront, another third be paid at the half-way point, and the remaining third be paid upon completion.

1.       Charging at an hourly rate.

2.       Charging a flat fee.

3.       Variable pricing: Involves taking advantage of the flexibility afforded by service pricing to negotiate different prices to varying customers.

Conclusion

In a service business, your highest costs are usually your people’s costs — salaries, benefits, etc. If you are having a hard time selling services at an acceptable profit, the problem may be that your employee costs are too high rather than the price is too low. 

You may also want to re-evaluate your overhead costs to determine whether there are other cuts you can make to bring your price down and your profit margin up. Keep track of the profitability of your company every month. Always be testing new prices, new offers, and new combinations of benefits and premiums to help you sell more of your services at a better and better price. If you never raise your expenses, you won’t be in business for long. 

You have to continually monitor your worth and your costs to be competitive in the market and make the kind of money you deserve to complete in your business.

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