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Pricing for Predictable Profit with Dr. Sabrina Starling

How is the profitability in your business? The biggest factor in your profitability is making sure you are pricing appropriately, and you have to know your numbers to predict your profit! In today’s show, we will discuss how to set your prices, when to increase your prices, and what to do if your low margins don’t provide appropriate owner’s pay. There is a LOT to consider within this topic, but it’s relevant to every small business owner and can make all the difference in your profitability and your life! Join us to learn more!

Profit by Design is a Tap the Potential Production. 

Show Highlights:

  • A look at the bigger picture of “appropriate owner’s pay”
  • Why pricing for growth and investing in yourself are essential in your business
  • How the Tap the Potential Solution teaches you to plan for 30% growth year after year (Download your copy of the Chart of $10,000 an hour activities here!)
  • How to set your prices correctly, based on the cost of goods sold, consistent margins, and net profit margins (Follow my example to learn to do the calculations.)
  • An example to show why a 20% net profit margin will not allow sufficient owner’s pay and investment for growth
  • How our Better Business Better Life program teaches you to strategically raise prices
  • The bottom line: know your overhead costs, basic operating expenses, and cost of goods sold
  • The quick and dirty way to know if you can afford to increase your prices
  • The value in clarifying your sweet spot and who your ideal customers and clients are (Our Better Business Better Life Jumpstart can help! Sign up today to begin on Oct. 2!)
  • A real-life example of a client, Cathy Anesi at the Lighthouse Wellness Center, and how we helped her increase her net profit margin and implement the Tap the Potential Solution
  • Three ways to raise your profit margin: reduce costs, increase prices, and work on customer retention
  • Key steps in managing expenses: track your overtime, scope creep, and change orders

Links and Resources:

Connect with Take the Better Business, Better Life Assessment: www.tapthepotential.com/assessment

Our Better Business Better Life Jumpstart can help your profitability in every way. Sign up today for the next session that begins on Oct. 2!

Join the Tap the Potential Community on Mighty Networks: www.tapthepotential.com/group

Let us help you and your business! Book a call with us today!

Let us help you manage your time, your most valuable resource! Get your FREE copy of the Tap the Potential Strategic Planner for 2023 at www.tapthepotential.com/planner.

Download Dr. Sabrina’s Introductory Training: How to Make Your Time Worth $10,000 an Hour

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.