Pricing Without Emotion® A Journey of Transformation and Empowerment
Pricing Without Emotion®: A Journey of Transformation and Empowerment
In the world of business, pricing is often viewed as a dry, mathematical exercise—a necessary but uninspiring part of running a company. However, I have learned through years of experience, pricing is not just about numbers. It’s a journey of self-discovery, empowerment, and ultimately, transformation. This realization led me to create and teach a course that has changed the lives and businesses of countless entrepreneurs: "Pricing Without Emotion."
The Unexpected Start: From Drapery Workroom to Financial Awakening
My journey into the world of business began in 2000 when I opened a drapery workroom. Like many entrepreneurs, I stumbled into the business with more passion than preparation. I loved the creative process—the thrill of selecting fabrics, the joy of bringing a client’s vision to life, and the satisfaction of seeing a beautifully finished product. However, what I didn’t realize at the time was that passion alone wouldn’t pay the bills.
In those early years, I was completely unaware of the financial aspects of running a business. I didn’t know how to price my services, how to account for my time, or even how to ensure I was making a profit. My background in developing financial software had not prepared me for the nuances of pricing custom products. I was so focused on the creative side that I neglected the financial side altogether.
The turning point came in 2003, three years into my business, when I was preparing my taxes for 2002. It was then that I realized the harsh truth: I was losing money. Despite working hard, investing my time, and delivering quality products to my clients, my business was not financially sustainable. I had two young boys at home, and my family relied on the income I was supposed to be bringing in. Instead, I found myself dipping into my husband’s salary to fund my business—a business that was, in essence, a labor of love but not a viable source of income.
This realization led to a pivotal moment in my life. I had a choice: either figure out how to make my business profitable or go back to the corporate world, where I had previously earned a six-figure salary. I chose the former, embarking on a journey to understand every aspect of my business—from where each dollar came from to where it went, and how much time each task took. This journey led me to a profound understanding: pricing is both an art and a science, especially when it comes to custom products.
The Birth of 'Pricing Without Emotion’
As I delved deeper into the intricacies of pricing, I realized that I was not alone in my struggle. Many business owners, particularly in creative fields, face similar challenges. They pour their hearts into their work, driven by passion, but often neglect to charge what their services are truly worth. This realization inspired me to create the "Pricing Without Emotion" course, which I launched in 2010.
The course was born out of necessity—my own need to understand how to price my work effectively. I recognized that pricing, particularly in the custom design industry, is not just about adding up costs and slapping on a profit margin. It’s about understanding the value of what you’re offering, both tangibly and intangibly. We are not just selling window treatments, bedding, or drapery; we are selling peace of mind, security, comfort, and beauty. These are emotions, and they have value.
However, the paradox is that while emotions add value to our products, they should not dictate our pricing. Too often, business owners price their products based on fear—fear of rejection, fear of not being liked, fear of losing clients. This emotional pricing can lead to undervaluation, where we undercharge for our services, thinking that we must lower our prices to be competitive. In reality, this only serves to devalue our work and our industry as a whole.
"Pricing Without Emotion" was designed to address these challenges. It teaches business owners how to remove the emotional factors from pricing decisions and replace them with logic and strategy. The course covers everything from understanding your costs to setting profit margins, conducting time studies, and learning how to negotiate effectively. It is a comprehensive approach to pricing that empowers business owners to take control of their finances and, by extension, their businesses.
The Emotional Impact of Pricing
What surprised me most when I began teaching the course was the emotional response it elicited from participants. I expected the course to be informative and practical, but I did not anticipate the depth of the emotional journey that many would experience. Participants would often break down in tears as they confronted the reality of their financial situations.
For many, the course was a wake-up call. They realized that they had been undercharging for their services, sometimes to the point of working for free. This realization was not just a financial issue; it was tied to their self-worth. Many of the business owners I’ve worked with, particularly women, struggled with valuing their skills and charging what they were truly worth. They were so focused on pleasing their clients and delivering beautiful work that they neglected their own financial needs.
One of the most common revelations in the course is when participants calculate their hourly rate and discover that they are making less than minimum wage, or even less than their teenage children working part-time jobs. This stark realization is often the catalyst for change. It’s a moment of clarity where they understand that their current business practices are unsustainable and that something has to change.
The course helps participants move from this place of emotional pricing—where decisions are driven by fear, guilt, or a desire to be liked—to a place of logical, strategic pricing. They learn to set boundaries with clients, to say no when necessary, and to charge what their services are truly worth. This shift is not just about making more money; it’s about reclaiming power and control over their businesses and their lives.
Evolving the Course: Adapting to a Changing World
Over the years, "Pricing Without Emotion" has evolved to meet the needs of business owners in a rapidly changing world. When I first launched the course, it was a two-day, in-person workshop. We would start at 9 a.m. and go until 5 or 6 p.m., with participants absorbing as much information as they could in a short amount of time. The live format allowed for deep interaction, with participants asking questions, sharing experiences, and supporting each other through the learning process.
However, as the world changed—particularly with the onset of the COVID-19 pandemic in 2020—I had to rethink how the course was delivered. People were no longer able to gather in person, and I realized that the traditional workshop format was no longer feasible. At the same time, I was hesitant to move the course online. I valued the personal connection and the emotional support that came from being in a room with other business owners, and I worried that an online course would lose that vital component.
After much deliberation, I decided to move "Pricing Without Emotion" online, but with significant enhancements to maintain the course’s effectiveness. The online version of the course is designed to be flexible and accessible, allowing participants to learn at their own pace. The material is broken down into 15-minute lessons, making it easier to digest and revisit when needed. Participants also have access to a question-and-answer field, where they can ask for clarification and receive personalized feedback from me.
In addition to the online lessons, we’ve added Zoom coaching calls to provide real-time support and interaction. These calls are spread throughout the course, giving participants the opportunity to ask questions, share their progress, and receive additional guidance. We’ve also created an online community where participants can connect with each other, share resources, and support one another. This sense of community is crucial because, as many of you know, running a business can be isolating. Having a group of like-minded individuals to lean on can make all the difference.
Empowering Business Owners: The Impact of 'Pricing Without Emotion'
The impact of "Pricing Without Emotion" on business owners has been profound. Over the past decade, I have had the privilege of working with over a thousand entrepreneurs, many of whom have credited the course with transforming their businesses and their lives. The course has helped business owners reclaim their power, set boundaries, and, most importantly, run their businesses profitably.
One of the most powerful aspects of the course is that it doesn’t just teach you how to price your products or services. It teaches you how to think about your business holistically. You’ll learn how to create financial goals, conduct time studies, and understand profit margins. You’ll also learn how to negotiate, set boundaries with clients, and recognize the value of your work.
I’ve seen participants go from feeling overwhelmed and underappreciated to confident and empowered. They learn to value their time, charge what they are worth, and, most importantly, to run their businesses profitably. This transformation is not just about making more money; it’s about building a sustainable business that supports your life, your family, and your future.
One of the most rewarding aspects of teaching this course is hearing from past participants who have successfully implemented what they’ve learned. Many have shared stories of how the course changed everything for them—how they went from struggling to make ends meet to running thriving businesses that provide for their families and allow them to live the lives they’ve always dreamed of.
Looking to the Future: Continuing the Mission
As we look to the future, my hope is to continue empowering business owners through this course. I want to see more people in our industry standing up for their worth, charging what they need to sustain their businesses, and ultimately thriving in their work.
Join My 2024 Fall Coaching Program: Pricing Without Emotion®
During this 8-week program, we will go through my step-by-step process that teaches you how to remove emotions from your pricing, and start being paid an amount you deserve. The Pricing Without Emotion® method has been used by over 1,000 designers, window treatment professionals, and showroom business owners all over the United States to understand their pricing at such a basic level that their confidence and belief in themselves skyrockets. This program will take place from September 5th through October 24th.
Are you hungry for more? Subscribe now to receive two free coaching emails per month, personally crafted by Michele! Delivered every two weeks, these emails are packed with valuable insights, actionable strategies, and thought-provoking ideas to guide you on your business transformation journey towards greater success.