What is your hourly rate?

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This is a question many people are not able to answer but was discussed during the #BusinessHour yesterday at Maua and More.

The topic was Turning #Competence into #Cash with a focus on #pricing our services and products.

Some feedback from the participants here and in the comment section as well:

🟢”Thanks for organizing this amazing business hour. Some things we consider minor really affect our business profitability.

The simplified way of explaining this process was on point, even someone who has never done accounting can follow 👍🏿

I am actually going to start by identifying my desired revenue then design the packages and pricing.

I have always struggled using guessed prices. Now I know.

And for the networking.Hmm sometimes we show up not knowing we can connect and impact others. That was the icing to the event.”

🟢”Honestly I don’t know why I didn’t attend from the beginning!

Passion-competence-earn

Know your numbers

Pro bono, i.e. networking brings up other opportunities 

Know your 20-80% principle and then focus

Your value – work it out and break it down, adding the costs along.

Consider the outcome and work backwards – value factor, time, costs

ShrinkFlation!”

🟢

1. I need a community of like minded pple around me who challenge the status quo
2.  learnt that, the best way to handle certain things with my wife, is in a space like this, very ideal(finances)
3. Am going to work on my hourly rate. 
4. Your story is an inspiration, creating a business out of your passion 
5. Brand positioning”

🟢”Thank you for putting today’s session together. I felt safe and at home as a budding entrepreneur. Your storytelling and sharing and the like minded participants made it all worth it.

1.  You brought to light that our retainers are “precious” because there is not cost of conversion with them. I hadn’t noticed that. I leave with a mission to manage these accounts with more intentionality. 
2. You made me reflect more on the costs of running the business. Will take note of these costs more.”

🟢”It was truly eye opening and challenging in a good way.

1. Every Business must have the Visionary/Entrepreneur, Technician and the Manager 
2. I shouldn’t be afraid to price my products accordingly 
3. Am taking a look at my products individually so I can discover which are the most profitable and which products I might need to drop because they are not profitable.
4. How to Survive in a competitive market. – Value Addition is key.
5. Also I loved the networking”

🟢”Thank you as well for hosting us today.

Even though pricing was not my main pain point going into the session, I am glad I attended because I realized it was also an area where I needed improvement.

I have already started revising my rates while putting all the relevant factors into consideration.

It was a worthwhile session, and I truly appreciate the time and effort you put into organizing it.”

The event was sponsored by Zaddock Associates Ltd

Facilitated by Lilian

Written by

Lilian Katiso

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