It’s no secret that setting up pricing for your pet services and products can be challenging to decide. Without the right pricing, your branding can be off, and your services can be overlooked, which also means you may be unable to scale and grow your business!
And I’m assuming that’s not what we want!
So, I’ve decided to share with you some steps that have helped many clients when taking my coaching program. Because pricing extends outside of accounting and finance. It also dives deep into your own marketing research and strategy. Let’s get your pricing finalizes so you can get back to business!
Research your competitors.
Now, there’s a fine line here when researching your competitors. It’s definitely not horrible to do some research! In fact, it’s actually a good thing. You don’t want your prices to be so far below the market that your potential customers will wonder about the quality of your work. But, you also don’t want to so expensive in comparison that people walk away because they “would rather pay less.”
This fine line comes in because you also want to avoid becoming too focused on what everyone else is doing. You are your own business, you have your own uniqueness as a business, which means you’re worth the price you set for yourself and for your goals.
Once you do that, it’s time to consider your own business.
What sort of business do you want to be? Luxury? Discount? “Every day?” Let’s say you own a pet grooming business. Your target customers are so much more than, “I want to target anyone that lives within 30 miles of my business.” You have to consider the age range and income level of the residents who live in your neighborhood. You should also note how many of the households own pets, and what kind. Are they small, medium, or large-sized dogs? Are the pet owners booking grooming once every few months, or are they doing it often to prep their pets for dog shows?
Partner with businesses that are on a similar caliber.
If you’re a luxury pet resort, consider partnering with a more luxury pet boutique in your area. That’ll help you maintain a higher price point because your brand is associated with a well-known, popular business. Having a strong referral network like that can help you grow your client base with ease.
Standardize your prices.
Typically, I recommend standardizing your prices. If you don’t, it’ll be more difficult for you to implement additional software in your business. It just creates more confusion – don’t overwhelm your potential customers! You can consider a tiered pricing structure, but if you’re charging $15 for one person’s dog walk and $25 for another, and $30 for another, this can steer potential customers away and also overwhelm yourself as well. Keep it professional, standardized, and easy (for both you and your clients).
Implement new softwares to help you automate onboarding and scheduling.
Speaking of software, when you’re establishing your prices, I reallllllly recommend implementing a software. That way, if you’re not confident in discussing your pricing with customers, a software can allow you to be more hands-off with it and automate it behind the scenes. Not to mention, it will enable you to have MORE time to actually perform your services and take on more customers.
Need some help finding a software that’s right for your pet business? Here are my pet business software recommendations by business type.
Get yourself in the right mindset.
At the end of the day, you need a positive mindset to set your prices. You have to believe in yourself and the quality of your work! It’s important to realize that you have basic needs AND MORE that need to be met… do you have a family and pets to look after? Do you have bills to pay and responsibilities to face outside of your business? Did you start your business so you can enjoy international trips and luxury vacations? You are in complete control here, so don’t ever feel sorry about your prices if you’re delivering quality products or services!
If this is something you’re struggling with, check out my blog post on Establishing Pricing For Your Pet Business.
You can change your prices.
Changing your prices is okay. If it’s not working for you, make a change. Obviously, give it time, but this is why you have your own business. You are your own boss. There’s nothing wrong with raising prices!
Is it easy for setting your prices? No, but it can be done. It requires a little bit of planning, strategy, and confidence! Pricing is a learning process and has a lot to do with the impression that you leave on your community and customers (i.e. brand identity). The sooner you do it, the faster you can scale your business to what you truly deserve. Us petpreneurs deserve all the success in the world, so take action and make it happen!