Charging for something you love

When you create a business from something that you love doing, it can be difficult to put a price on it. Still, you know that you have to do it and so you price it up. You take everything into account and a number bigger than anything you would ever consider charging is the result.

“I can’t charge that”, you think to yourself, as you start trying to make this number come down, cutting costs wherever you can. Then, when you finally realise you can’t cut anything else, you just stare at the number. You’re still not happy, still not comfortable with charging that much for something that you love doing.

Sound familiar? You are not alone.

When you first start a business it can be difficult to charge what your service or product is worth, and not because people won’t pay – they will!

Instead, the problem lies with your notions of how much what you do is worth, firstly to you and secondly to other people.

Here’s an example. Say you’ve been a gymnast all your life. You’ve grown up doing cartwheels and swinging through hoops, going to classes every week and really making sure that you’re the best at gymnastics that you can be. You didn’t start gymnastics thinking you would be a world famous gymnast, you started because you loved doing it.

Now say you got a chance to do what you love AND get paid for it. You’ve spent a huge part of your life training, probably giving up lots of other things that were less important to you in order to get to where you are. Think about it. How much have you given up or not done because you were so in love with what you were doing that it didn’t even feel like you were missing out? Truth is, you might think that what you do is super easy and not that important in the grand scheme of things, but the truth is that there are very few people with your talent and skills out there, which is why you are needed, and which is why people will pay.

Whatever your gymnastics is, regardless of if it’s coding or music or yoga, remember how much experience and expertise you have in your area. How accomplished you are. And then be confident that you can offer other people that great service that you already know is inside of you – If you’ve gotten this far and think you have an amazing idea for a business then you already know you have talent.

Charge what you are really worth and not a penny less!

“Everyone cooks noodles with boiling water.”

It’s the phrase of the week here at Hatch HQ – and not just because we’re obsessed with noodles.

We’re obsessed with ideas.

Every business is created from a single idea, just like everyone cooks noodles with boiling water. However, it’s how you bring the final dish/ business to fruition that counts.

Imagine trying to cook noodles with cold water, or boiling orange juice. The result just wouldn’t be the same; just like making an idea happen isn’t creating a website, logo and business cards.

To really have a successful business you need to take small steps. Test your idea out. Sell it to family and friends, and most crucially get feedback.

Without feedback in the initial stages, you could miss something crucial about your target market, or identify a need that you hadn’t thought of already.

Identifying these issues in the early stages and carrying out market research is incredibly important, you don’t want to create a product that nobody wants to buy after all. Plus, once you’ve carried out this initial research, you are more equipped to getting stuck into building the foundations of the business.

A business isn’t something that you can create overnight, regardless of what you may have read. It takes time, but the time you invest in the beginning really does make a difference. The time you put into developing your idea and getting to know your customers can be the thing that differentiates you from your competitors which matters as much on day one as it does five years from now.

This is why we have created a brand new programme called Launchpad. Launchpad is our pre-incubator programme that has been created specifically for individuals that have an idea, but haven’t tested it out yet. If you have an idea, no matter how big or small, we want to hear about it.

Interested in finding out more? Contact us and we’ll be in touch!