The Worst Pricing Mistakes Made By Interior Designers.
Would you like to hear the greatest trade secret ever? It can’t be shared with anyone. You’re sworn to secrecy if I tell you. Other developers are going to ask. Don’t say it to them. This is for you alone. I’ll offer you the Magic Pricing Model Super Secret.
I’m sure you know I’m talking about the Magic Pricing Model.
The one where customers accept your charges and purchase without issue all the item you pick. It is the one that always pays for your bills and invoices on time. The one you can quickly make a ton of cash. It’s the one you’ve never had to have an unpleasant discussion with customers about cash so easy.
In running a design company and in my coaching sessions, pricing is the hottest subject. So here’s the Super Secret Magic Pricing Model’s secret: It’s not there. Every designer, really every designer, is dealing with pricing and charges questioning customers. Every developer at one moment has past-due invoices and unpleasant cash discussions.
Here’s why I understand there’s no model for magic pricing. I’ve been talking to hundreds of designers, I’ve been researching famous designers, and I’ve been to many large designer discussions (where somebody who’s looking for MPM inevitably asks how they charge). The one thing good developers have in common is not an MPM, it’s trust in their pricing, even an unapologetic one: I’m worth it.
That’s how I charge, bring, or leave. Working with your perfect customers is also about it, but that’s another post.
Okay, so now that we’ve discovered that there’s no model for magic pricing, let’s speak about pricing errors that you may be making right now. Thinking there’s an MPM.
Thinking that (Magic Pricing Model)MPM exists.
Looking for the Super Secret Magic Pricing Model will concentrate on discovering your own magic pricing model away from you. All the moment you’re searching for the MPM you can invest in developing and upgrading your own model that works for your distinctive company and customer.
It’s frightening to run your own company. It may be intimidating to start something fresh. You’re not on your own. I hear frequently from The Golden Blueprint respondents that they are amazed that their struggles are the same as other designers ‘ struggles. Every successful designer was there and they didn’t get there by hemming and hawing about every company choice, their model of pricing, and if they did it right.
Discounts underestimate your service. Discounts provide a precedent for reduced rates in the future. Discounts demonstrate that you lack trust in your service. Whether you agree to lower your markup at the beginning or charge less per hour, or if you do not charge for all the hours you spend on the project during the project, you lose money.
Hiding your pricing.
Secrecy is hurting the company of design. Designers already have a reputation for deception and the only way to overcome this is through radical transparency with our complex pricing systems. I think you should let your client know what you’re paying for. This isn’t (yet) a popular practice in the interior design industry, but if your pricing is transparent, check it out and see if it doesn’t feel like a lifted weight.
Not knowing your numbers.
It’s essential to understand your bottom line when you run a company.
I mean you understand the minimum you need to create in order to survive and how many jobs you need to get there. If the overhead and wage of your business are $100,000 and you have to do 10 projects with $10,000 design fees each, Or you have to pay $120/hr and work 834 hours per year, which is about 17 hours per week.
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