How to price yourself into your market


One of the biggest issues health practitioners, cafe owners and chefs face is how to price their product effectively. In particular, health practitioners, in particular, are a shy mob when it comes to billing and they find it challenging to charge their true worth.

So let’s take a look at what holds one person back and propels another forward with a clear strike.

Business Owner A – The Hourly Rater

  • Charges the going hourly rate for their consult
  • Spends 90% of time performing their modality
  • Handles many administrative tasks him/herself
  • Has no clear future or direction for the business
  • Majors in minor things
  • Days are filled with unplanned interruptions
  • Lives under the tyranny of the urgent a.k.a. panic mode
  • Prefers to ignore business issues
  • Always covers for other staff
  • Has a collegial relationship with staff
  • Rarely takes holidays

Business Owner B – The Entrepreneur

  • Spends 30% of time developing business
  • Delegates 80% of administrative tasks
  • Has a 5 year vision for his/her clinic/practice/PT business
  • Has an exit strategy in place to franchise, expand or sell the brand
  • Focuses on high payoff activities
  • Develops high-end products with clear value to the client
  • Rarely becomes distracted by small things
  • Works thoughtfully and diligently, and with a sense of calm
  • Keep a focus on the business
  • Rarely covers for others when ill
  • Acts as a leader of the staff
  • Takes a week holiday every 3 months

On The Bob Pritchard Radio Show recently I talked about the rise of the “Wellpreneur”. This is a great interview with great information for all of you entrepreneurs on leading a healthy lifestyle to enable you to be as productive and successful as you can possibly be. You can tune into the interview on VoiceAmerica and gain a better understanding of what you need to go from survive to thrive here

bob

What is the most important asset any business owner has?

Freedom.  The biggest mistake most health practitioners make in business include is not to prioritize time for personal and business development. Working on the business, not just in the business (the E-Myth) will develop systems and strategies. Not doing so is the most prolific harness that holds any business owner from realising their goals.

3 critical elements of a successful practitioner mindset
1. Adopt an entrepreneur’s mentality
2. Categorise your ABC class clients – scroll down
3. Reprogram your beliefs about money – and your right to be successful

Money is an accurate reflection of our beliefs

  • If you were programmed to be rich, what would you be?
  • Best place to be with money is not to need it.
  • Your level of income and wealth is governed by your beliefs and your comfort zone.
  • We will look for evidence to support our currently held beliefs Beliefs vs Truth.
  • Low level skill compared to relationships.

To identify your beliefs, habits and “programming” about money, look at your recurrent patterns of behaviour and experiences.

1st Step in letting go of old beliefs is simply to identify and thus illuminate them (beliefs vs truth).

2nd Step: Decide whether you want to hang on to them or let them go.

3rd Step: Replace them with new ones.

Money beliefs exercise
Sit comfortably. Take deep breaths. Relax and complete this:

Q. What is your main self-limiting belief about money?

A. My main self-limiting belief about money is_____________________________

Q. Do you choose to hang on to this?

A. Yes/no – “I choose to let this belief go”_________________________________

Q. What would you like to replace it with?

A. I am replacing this old belief with ____________________________________

Q. What’s the best way for you to reinforce this belief over time?

A. I am reinforcing this old belief by ____________________________________


Segmenting your customer base can optimize your sales efforts, directing attention towards achieving specific business objectives. The ABC method is widely utilized for this purpose.

In this system:

– A signifies the premium or ideal clientele.

– B represents excellent business customers.

– C encompasses the majority of clients, characterized by stability, reliability, profitability, courtesy, and prompt payments.

The ABC classification will help you efficiently organize clientele and communications.

The breakdown of the ABC classification system:

– A-grade clients had an annual spend or invoiced sales exceeding $100,000.

– B-business clients spent between $20,000 and $100,000 annually.

– C-class customers placed orders ranging from $1,000 to $20,000 per annum.

A client engagement plan may look like this:

– A-grade clients were visited weekly.

– B-business clients were visited monthly with additional phone calls interspersed.

– C-class customers were visited every six months with periodic phone check-ins.

Maintaining contact with customers at least every 90 days is crucial to staying top-of-mind and preventing competitors from taking precedence.

Additional considerations for your ABC Client Classification:

– Evaluate client profitability using methods like Activity Based Costing.

– Optimize jobs for clients, aligning with your machinery and processes.

– Assess suitability, ensuring clients align with your company culture, processes, and profitability.

– Factor in the potential for competitors’ clients to become A, B, or C grade customers in the future.

Implementing the ABC Client Classification can enhance your productivity.

Contact Me Now!


Wellness Business Mentor

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