Monday joys! A day of relax and prep for a new week.
This weekend was spent caking, delivering wedding cakes, tastings, and prepping for this week's orders.
It’s wedding season right?! Permission to stay busy!
In my Private Facebook Group, if you haven’t joined me there then you need to like ASAP, I did a 1-hour live stream Q&A about how to stop attracting budget customers.
Look I get it.
Attracting clients with a super small budget is suuuuuper frustrating.
You want to get your business off of the ground yet how can you when you are getting paid so low?
It’s like a never ending cycle.
So, how do you break the cycle of getting paid what you are NOT worth?
Let’s dive in.
1. It 10000% starts with YOU.
Clients will be more than happy to pay you $150 for a 3 tiered cake you took 10+ hours to create.
You set the price right?
Which means if you want to stop attracting budget customers, stop charging budget prices.
High-End clients actually devalue business owners who don't charge their worth. Wonder why some people shop at Whole Foods and not Walmart?
2. Create a new cake minimum.
In order to do business with you, clients must pay at least $_____ for a decorated cake. What’s that number? This will help you raise the bar for what you charge.
This means if a potential client comes to you and wants to pay less than your minimum, no cake for them!
Draw the line for what it costs to do business with you.
3. Upgrade the way you think about your self worth and money.
What you charge is a direct reflection of what you think about yourself.
Wonder how Starbucks can charge $6.75 for a Dirty Venti Iced Soy Chai? Because they know they can. And, they see themselves as an upscale coffee brand.
You have to see yourself in a new light. The only person who needs to value your work is you. It doesn’t matter who adores your cakes, you are the one charging for your work.
4. Be okay with leaving the Budget Customers Behind.
There are plenty of budget customers to go around for everyone.
Also, there are plenty of high-end customers who will gladly pay what you want to charge.
But, you have to be okay with leaving budget customers in the dust.
Are you worried if they will turn their nose at you because of your prices? Good!
Scared they will say you are too much? Awesome!
You have to be fine with customers willing to walk away to then welcome clients who will gladly pay.
You can’t work with both worlds. Leave them behind and embrace a new clientele.
5. Understand what your business costs you.
Get down and dirty with every single expense your cake business is really costing you. And most importantly, your TIME.
How much does it cost to operate your business? How much does it cost to actually make one cake? How much are your recipes really costing you?
I used to run a blind eye around the business side of my cake business because I thought it was “too hard” to understand.
Then I discovered that I can’t afford to not understand.
Your business is just like any other business, you have to know what’s going in, out, and how much it costs to operate it.
You want to always be growing!