Summary

In this episode, I explore the psychology and strategy behind pricing for tutors and education business owners. We discuss why market research is not always the answer, how confidence and self-worth can influence pricing decisions, and how to create a pricing strategy that supports the business and lifestyle you want.

Takeaways

Pricing is influenced by psychology as much as strategy.
Market research is less useful for unique offers.
Your prices should support your business goals and lifestyle.
Fear of losing clients can hold you back from raising rates.
Pricing often reflects confidence, not just value.
Tiered pricing and grandfathering can make price increases easier.
Price increases are a normal part of business growth.
Build your pricing around your business, not your competitors.

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👋🏽 Hello! I'm Sumantha McMahon, and I've supported over 100 tutors and education business owners.

As a teacher 'dropout' turned professional tutor, combined with my 20+ years as a business owner, I'm in it with you! Yes, I'm qualified too :-)

My training leans on tried-and-tested methods that are completely tailored to our niche.

Work with me to breathe life into YOUR definition of success:

#1 Bespoke 1:1 Mentoring

High-touch 6-month programme for tutors who want to make their business more lucrative, in a sustainable way for the future, while protecting the impact they make.

#2 The Tutors' Mastermind

The leading membership for tutors that combines tailored training (live and recorded), a community of like-minded business owners and exclusive discounts.

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Sometimes, I share links to resources and apps that I recommend. They are all based on my experience - if I don't love them, I don't recommend them. In some cases, I earn a small commission for my recommendation, at no cost to you.