These are just a few simple reasons to charge Industry rates for your goods and services. The following list includes personal opinions from situations I've experienced in my photography and content creation business.
1. Earn Respect
You will get more respect from your peers, fellow business owners and those that purchase your work and products.
2. Keeping Your Business Alive #KeepYourBusinessAlive
When you charge Industry prices you have a better chance of keeping your business alive. You can buy the equipment, products or materials that you need to buy, or at least you'll be closer to the amount that you need to purchase.
It's also easier to take care of your bills, such as rent, electricity, food, transportation, insurance, and fuel when you charge the industry price.
3. You can build a better reputation for you and your services!
Sometimes charging your customers a lower price can put you in a bad light or financial situation.
a. You can get in a habit of giving discounts to keep customers excited or happy, after this, customers may expect that you give them a discount.
b. Customers may promote by 'word of mouth' the low price that you made just for them and you could feel forced to offer it to someone else or lose potential business
c. People just may not like the fact that you are less expensive than they are. This can take away from your business strategies an possibly cause issues in certain cases.
4. Sour Grapes Attitudes
When you charge Industry prices and you get the rate you ask, you won't have a problem. But if you name a much lower price and others that do the same or similar work as you do, are getting a higher price, that won't make you happy. Especially if your work is better. If you don't get paid what you are worth, you may begin to dislike your chosen field.
5. Better Perceived Value
If your work is good and you charge less than others, people may think less of your work. It's alright to have sales and discounts from time to time but use a standard rate so you will be looked at as just as good or better than your peers and competition. You will find when you use industry pricing, people will pay with no problem.
More Simple Ways and Reasons coming soon!