Welcome to the fifth video in the Pricing for Profit Series! In this video blog, I am going to address the issue for Balloon Businesses who are situated in what might be deemed as a poor area and answer the common question – “Will my customers be able to afford my new prices?”. So grab a cuppa and learn how to stop guestimating and start pricing for profit in your balloon business!
Most of us, when starting a balloon business, don’t actually look at where we want to base our business… We simply serve our local community. As home-based businesses make up such a big proportion of the balloon businesses in the industry this is hardly surprising! So what happens if your local area is, like mine is, deemed as a poorer community?
I just want to prefix this video by saying that I totally get that in the UK our idea of poor or poverty is clearly not the same as areas of the world who truly live in poverty. The context of this video is set around what is deemed to be low-income households in the developed world, which for many in the world might be viewed as luxury…
When you live and work in an area of predominately lower-income households it can feel very icky to be putting your prices up… after all you don’t want to price yourself out of the market right?! That’s certainly how I felt when I first started my balloon business…
Determined to make it succeed I went off marketing my services to neighbouring richer communities assuming that it would attract larger orders and people who were happier to pay more for balloons… What I found was that actually having a greater disposable income does not necessarily mean they will value your balloons more and actually it was the people in the lower-disposable income area that became my best customers… What it also proved to me is that sometimes our own assumptions and beliefs direct our business decisions without us even testing them to see what works locally.
If you, like me, are growing your balloon business in a poorer community then this video is recorded especially for you!
In this video I am going to walk you through:
- My experience of growing a full-time balloon business in a low-income area.
- How sometimes our beliefs can cloud our judgment about what people can and are prepared to pay.
- How disposable income itself isn’t necessarily the factor that makes people decide HOW they spend their money.
- The 3 things you NEED to do to price effectively in your area
- The cold hard truth about your options if people locally really won’t pay your prices…
If you would like more help to GROW your business, you can also access the FREE Resource Library Here at the Balloon Biz Academy.
- Printable workbook to calculate your pricing on the go and have as a reminder.
- Helium Pricing Cheatsheet – a printable for most of the common cylinders – each showing how many of the most popular balloons you can get from it – Simply divide the cost of your cylinder by the number ~ fill in the sheet and either take a photo to store on your phone or print it for your diary. Now you won’t have to do the same calculations for helium every time! You will have it to hand for fast and easy pricing!
- How much helium is left in my cylinder Cheatsheet.
- 20 Ways to Market Your Balloon Business
- 200 Reasons People Need Balloons Other than Birthdays – open up a world of opportunities worth thousands of pounds.
- Free Cut files and so much more
I hope you found this video blog useful! – If so, please leave me some love!
Do you serve a lower-income area with your balloon business? Is pricing a major issue for you? Let me know in the comments – I will reply and try to help if I can 🙂
🎈Until next time… Stay Amazing!🎈
Sonia x
Find The Other Videos In the Pricing For Profit Series By Clicking on the Images Below
About Sonia
In today’s unpredictable world it’s not enough just to make amazing balloons. You also need to know HOW to grow your business.
Having run my own balloon business for over a decade I now help other balloon business owners, just like you, grow thriving and sustainable businesses.
