“Charge what you are worth, tax it, twerk it, and offer the upgrade.” – Aisha Adams
Meet Aisha Adams:
Aisha Adams is a serial entrepreneur. She is the founder and CEO of the Aisha Adams Media Group as well as a few other ventures including the Asheville View, a daytime-style talk show, Nappy Thoughts, a personal blog, and the Entrepreneurial Accelerator, a business bootcamp. More information about Adams and all of her programs can be found on her personal website.
Navigating The Unknown
As an entrepreneur Aisha has had to resort to trial and error in regards to how she sets her price and reinforces value in the products and services offered by her companies. When asked about her journey as an entrepreneur Adams offered the following feedback:
“When I started creating webinars, I didn’t know how to price myself. My mentors and coaches would say “you need to go up on your prices” and, to be honest, I was afraid. Oftentimes I would just let people tell me what they wanted to be charged. For a long time, I just took what I could get. As a young woman, I heard a lot of mumbo jumbo about my worth. “Know your worth, but don’t calculate it by your accomplishments, education, or marital status,” people would say. Every now and again, my dad still reminds me not to sell myself short… usually whenever we are discussing my life choices and he thinks I should go the opposite way. I honestly don’t think a person’s worth can be measured, but in business, we have to make a profit, cover the cost of goods sold, and charge for the value our products and services added.
Eventually, I learned to use the following tips to give me a better idea of what to charge:
Make A Budget And Stick To It
It doesn’t matter if you are starting a side hustle, a small business, or if you aren’t interested in business at all; everybody needs a budget. Your budget or personal spending plan deeply affects your overall financial health. Your credit score, your ability to take risks, and the ability to invest in yourself are all contingent upon your spending habits. Your budget is a tool to help you accomplish your financial goals, like buying a home or going on your dream vacation. You should utilize your personal budget to plan, track, and make adjustments to your spending plan. Whether you are in business or not, your personal budget gives you an insight into the minimum you need to make every month to cover your expenses.
Create Forecasts And Yearly Projections
By the time you are creating yearly projections for your business, it means you have your monthly overhead, cost of goods sold, break-even, etc… and you are ready to do some advanced financial planning. Don’t skip any of it. Your cost of goods sold helps you figure out how much per unit you actually make. Your break-even will inform how much of something you have to sell before you make back the money you initially invested. These things all inform your projections. This type of planning can inform your marketing and operations strategies. Therefore, working through your financials all the way up until you have twelve months of projections is a necessity.
Know Your Numbers
Your balance statement is a list of your assets, liabilities, and owners’ equity at any particular point in time. Simply put, your balance sheet illustrates your business’s net worth. This document is critical when it comes to making sound decisions in your business. An up-to-date, accurate, and complete balance sheet is essential for a business owner looking for additional debt or equity financing, or who wishes to sell the business.
Twerk It! Find your unique value proposition and honor it
Your unique value proposition is a unique way that only you can solve your customer’s problem. It is what distinguishes you from your competitors.
Oftentimes this can be found displayed on the first page of the website, but beyond the words your unique value proposition is a part of your brand messaging, and it is why your customers chose you. I see a lot of new entrepreneurs get stuck here because they feel they have so many competitors. Just like we don’t all twerk the same, some of us drop lower than others; we all add our own secret sauce. You have to do the same in your business. Twerking it is how you stand out in the busy marketplace and how you will make an impact in your industry or lead in your niché.
Upscale and Grow
So many new businesses leave money on the table because they didn’t take the time to flush out their distribution channels or customer segments. Your business model is the combination of practices and procedures you use to generate revenue, earn profits, and position your brand in the marketplace. You have probably been told the business model is a one-page business plan, but it is not. The business plan is a document for loan officers, investors, and others who want a bird’ eye view of your business over the next three to five years. Your business model is a living document that is less about planning and more about experimentation. In other words, your business model will help you test your ideas, monetization strategies, and value proposition. These things will help you run a viable business and help you minimize your risks and assumptions.
In conclusion, starting a new business is exciting and scary at the same time. If you’re new to business in general, it can be complicated and overwhelming. There is so much to learn, but if you take your time and learn the basics it will take you a long way.
Read More: “What Does It Take To Become Legendary”
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