How to stop undercharging, with Jasmine Parasram

How to stop undercharging with Jasmine Parasram "Pricing" remains a pervasive challenge in every business, regardless of its nature—be it product-based, service-oriented, freelance, or corporate. Many find themselves grappling with uncertainty, pulling random numbers without a clear strategy. However, embracing a more inquisitive approach and investing in finding optimal solutions can yield greater respect, more opportunities to show your genius side, and increased financial gains. Clients place their trust in us to solve their problems, and it is our responsibility to take that trust seriously and determine the value we offer to provide the right pricing. By taking ownership of our offerings, value, and worth and pricing them right, we will ultimately get better outcomes for our businesses. In this episode, we are joined by Jasmine Parasram, a pricing queen, to talk all things PRICING to shed some light on the complexities of pricing, particularly when your brand or business is based around you, your skills, or your services. Jasmine is a designer, pricing expert, and Creative Business Kitchen's founder, helping business owners and freelancers confidently sell their worth. Episode Highlights: [00:01] Episode intro and a bit about our guest today, Jasmine Parasram [02:36] A bit about Jasmine's background and what she does [06:15] What makes freelance and services based brands so hard to gross [09:34] Why most of us are undercharging and how to start charging your worth [12:17] 3 things to help you get clear on the value you provide to price your offering right [18:14] Macro and micro experience and the role they play in our relationship with clients [23:53] Mind pricing play and how to overcome these mental blocks [26:57] How to get out of a cycle of raising and lowering prices to get clients [31:13] Commercial Break [33:44] Pricing differently based on long-term relationship and lifetime value [38:04] How to monetize time you spend in your business and justify your pricing incrementally [42:41] The trap of raising your prices and why it doesn’t work for most business [46:47] Building relationships and experience with individual clients, not businesses [50:06] Market research and how to deal with comparison in pricing [54:43] How to reach out to Jasmine and the things she has going on [55:27] Ending the show Standout Quotes: “To get someone who can invest in you, you need to invest in the success of what they are going to have and your thought process in what is going to bring the best results to them.”- Jasmine [12:40] “It’s hard to charge cheap and then work your way up, and it’s hard to charge expensively and find the right client; everything has a difficulty level, and you choose your hard."- Jasmine [17:12] “Problem-solving will sell more than skills, sales, and services; if you can solve a problem, that is where your secret sauce can really shine.”- Jasmine [31:00] “Just charge more is not a strategy; it’s a lack of one; it means that you have no strategy around your pricing; you need to calculate your pricing for yourself, and if it feels high, that is an opportunity for you to earn value.”- Jasmine [40:16] You need to make your own version because if you make what everyone else is making, you become a choice in the lineup, and they will go for the lowest price; people, when faced with the cheaper options, they are looking for a temporary solution.”- Jasmine [51:22] Stay Connected Jasmine Parasram Website: https://creativebusinesskitchen.com Instagram: https://www.instagram.com/yourpricingqueen/ Pricing calculator: https://creativebusinesskitchen.com/calculate Emma Edwards Website: https://thebrokegeneration.com/?v=518f4a738816 LinkedIn: https://instagram.com/the.brokegeneration Instagram: https://instagram.com/the.brokegeneration Thanks to our Season Sponsor H&R Block. As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.