Entrepreneurs know there are “normal costs of doing business” and many times those are passed along to the client, but other times I urge business owners don’t charge these fees — certain fees that might show up as a line item that could lead to a discussion with your client that won’t leave a good taste in either of your mouths.
Keep in mind, clients don’t mind paying fees as part of doing business with you, but there are some fees that will rock the boat and could cause your relationship to capsize.
Business Owners Don’t Charge These Fees
Perceived value. There are times you will invest in a higher quality suit because you know the quality makes the higher price tag worth it, right? But if you buy the suit and find out you need to pay extra for the buttons — the perceived value is dimished. Sure, there are aditional costs that need to be added to the production or delivery of services but you’re better off adding them into the overall price rather than tacking them on as an add-on cost.
Your normal cost of doing business. If you have to pay a parking fee to pick up a delivery from the printer for your client, you don’t want to bill your client for the parking fee. This is your cost of doing business, not their cost.
Don’t inflate your prices to cover your expenses. When you have your records transferred from one doctor to another and yoru doctor is charging you .25 a copy when you know copies can be sent electronically or printed for only .10 a page, you will come to question every cost they have ever charged you.
Fees that have to be explained. If you need to have an explanation or disclaimer with your fees, you need to get rid of them. If a client doesn’t understand the fee, he will question it and then just might start questioning all of your fees.
What kind of fees can you charge?
- Legitimate fees
- Added products or services
- Variable costs as long as your client is aware there could be a range of fees from X to Y.
Are your fees in line with your industry? Do you struggle with add on fees?
Cryptocurrency. Chances are you have heard the word bandied about. You may have an in depth knowledge of it or you may still be scratching your head and wondering what is cryptocurrency. I’ve put together a few cryptocurrency basics to help you gain a bit of an understanding.
Cryptocurrency (a populra one is Bitcoin) took the world by storm, it seemed in 2017. It’s also known as digital or virtual currency. Much the same as other currencies, cryptocurrency allows its owner to buy goods and services with it. The concept is sometimes difficult to grasp but here are a few things I have gleaned in my research.
- It is a form of payment you can use in exhange for goods and services. In some instances you will need to trade your cryptocurrency for real currency to access some services.
- Cryptocurrency operates on a technolgy called blokchain — a decentralized technology that manages and records transactions.
- As of this month (January 2018) there are about 1,500 cryptocurrencies trading hands. It’s estimated they will continue to proliferate.
- They are popular because they are viewed as “the currency of the future.” Other people like that it is a decentralized currency.
- Are they a good investment? Some say yes, others say no. The cryptocurrency goes up in value and it goes down in value, much the same as real currency.
- You can buy cryptocurrency through any of a number of different companies. You will buy it and store it in an online wallet that you have registered to use.
- Cryptocurrency is legal.
Many people who use cryptocurrency, currently, are those who are not adverse to some risk and uncertainty. You need to know how you feel about this rollercoaster ride before you jump in. To protect yourself in the cryptocurrency market you will want to know: Who owns the company you’re purchasing it from, who the other investors are, how much of a stake will you own and will it be in the company or in the cryptocurrency you’re buying, it is already developed or are you jumping into a start up?
Be aware, though, it is more of a conversation than can be had in a blog post. If you have questions, are curious or want to gain a deeper understanding, reach out to me. Let’s talk.
What do you want to accomplish in 2018? What did you leave unfinished in 2017? We have put together some tips to boost your business growth in 2018. You don’t have to implement everything all at once — in fact I recommend you take it one at a time. Test. Measure. Repeat!
Boost Your Business Growth In 2018
What is your business? No, really what is it? Who is your ideal client? What is your core competency? So many business owners get fractured in their businesses and spread themselves too thin and after a point, they aren’t certain who they are or what their business is.
Get back to basics. What brought you your initial success? Do you have clients who have been with you since the beginning? Get back to basics and make sure you are taking care of those individuals who have been with you.
Cultivate multiple streams of income. While you don’t want to spread your business message too thin, you also want to have other streams of income to fall back on. What is your core business and how can you make multiple streams of income from it?
Who is your target market? Are you reaching out to them? Where do they congregate online and are you there with your business as well?
If you are a multi-passionate entrepreneur write down your passions but pursue them one at a time.
Know your budget and work within it. Don’t spend money you don’t have. Start small, grow from there when you have the funds to do so.
If you’re jumping into business ownership this year, make certain you have a business plan in place and understand the strategies you will take to make your business a success. Your business plan should have your mission, your vision, your ideal client, what you will be charging and how you will measure your success.
Need help with your entrepreneurial idea but aren’t sure where to begin? Reach out. We can help.
What are your small business resolutions for 2018? While I am not an advocate of making wholesale, sweeping changes simply because the calendar has flipped to a new month, there are some steps that entrepreneurs can take to set themselves up for success in the new year. Here are a few that I have undertaken myself and talk with my coaching clients about.
Small Business Resolutions For 2018
- Work with a good accountant. Accounting and tax laws are full of moving parts. If you work with a good accountant, you can focus on your business and let the trained professional focus on your numbers and the financial aspects of your operation.
- Hone your focus. Many entrepreneurs are scattered in that they try to do too many things at once and don’t keep their eye on what is the most important aspect of their business — the core competency that brought them there in the first place. Delegate tasks to others that you don’t have to be fully involved in.
- Organize your workspace. Take time to organize the office, contain the clutter and set up file systems. Go through any stacks of paper on your desk or in your file drawers and ask, “Do I need this?” Toss it if you don’t, file it for future reference if you need it. Ask your accountant how long you need to keep financial records.
- Put yourself on a “digital diet.” By this I mean, unsubscribe from newsletters that no longer serve a function in your business or that clutter your inbox but remain unread. There’s no reason to clutter your inbox (and your thoughts) with unnecessary items.
- Automation is your friend. Look for ways in which to automate your processes. What are you currently doing manually that can more easily be done automatically?
- Get off the launchpad and just LAUNCH. Today is the day that you need to launch items that you’ve been talking about and thinking about but haven’t pulled the trigger. Done is better than perfect. You can tweak after the launch.
What do you resolve to do this year? What do you need help with? Let me know!