There comes a time when a business must start to charge customers for something it’s provided for free in the past. As consumers, we are all familiar with this phenomenon. Perhaps a local restaurant favorite, that previously furnished patrons with bread-sticks or chips, free of charge. Then, suddenly on one particular visit, that item was no longer provided for free. Why Businesses Start Charging for a Previously Free Product or Service Of course, there are a myriad of reasons for a business to transition from offering something at no cost to charging its customers for it. It could be due to a variety of situations, such as a lack in supply, an overall change in industry practices, perhaps a transition from one owner to another, or a simple revenue loss calculation. One of the secrets to business success is pricing your products properly. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome. —Inc.com Whatever the underlying reason for the change, it is usually out of necessity, rather than just a capricious decision on the part of the business. Perhaps your company is experiencing this and you’re wondering if it is feasible to charge for something you have previously provided at no cost to your customers. It’s a tough decision because you’re obviously worried that it might hurt your business, either in the short- or long-term. How to Know When it’s Time to Begin Charging for a Service or Product Previously Provided at No Charge Of course, there’s always a risk entailed in going from no cost to charging for something, be it a service or a product. So, let’s take a look at a few reasons when it is appropriate to start charging for a service or product you previously offered at no cost: There’s a change in your cost. Let’s begin with one of the most obvious signs, a change in your expenses. You might have experienced an increase in how you acquire a product or need to keep up with the industry and start charging for a particular service you offered for free prior. Other businesses already charged for the same thing. Here’s another fairly straightforward reason — companies in your line of business already charge for that certain product or service. Perhaps you did not in the past because it was a way to drive business. But now that you’re established, it’s time for customers to pay for it. The industry itself is changing. Sometimes, market forces simply dictate a change in the way some companies do business. This might be one of those circumstances, when others in the same industry are starting to charge for something that they previously provided for free. It’s simply time to make the transition. There are times when it’s necessary to take a loss-leader and transform it over to a revenue generator. It isn’t really all that uncommon for businesses to take a small loss on a product or service for some length of time, only to begin to monetize it at some point. What other advice would you give about transitioning from taking a product or service from no cost to charging? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Networking fears are far more common than people think. Having jitters when out at a conference, while professionals get together, or any other event, can make even the most astute business person feel overwhelmed. It’s difficult for some people to get past their nervousness, and they wind up avoiding everyone else, which completely defeats the purpose of being out-and-about in the first place. But, you don’t have to be paralyzed by anxiety, if you rely on some effective coping methods. Why Business Networking is Important Everyone starts somewhere in business, which is to say at the bottom. Most people don’t open a business and get flooded with tons and tons of sales right away. So, it is necessary to get you and your brand out in front of the public and networking is a great way to build a reputation. Everyone experiences bouts of networking anxiety! Rather than avoiding a handshake or resorting to only interacting with your smartphone when you’re at a conference, use [proven techniques] to face your networking fears head-on. —Inc.com It’s also a terrific way of keeping your interpersonal skills sharp, as well as learning your preferred choice for dealing with awkward situations, including breaking the ice. Ultimately though, it’s about building a network of contacts that can benefit your business, as well as those of others to be a help to them, thus building a two-way, win-win street. 3 Effective Strategies for Dealing with Networking Fears It’s quite common for people to experience at least a small or slight level of apprehension when networking. Of course, some have more severe anxiety than others, but there are effective ways of dealing with these types of feelings. Here are some of the best ways to deal with networking fears: Ground yourself in reality. Start by asking yourself, “What’s the worst thing that can happen?” You already know the answer but your fears can get in the way. When you feel nervous and apprehensive, it’s very easy to blow things out of proportion. Rest assured there is really nothing to be afraid about. Open yourself to other options. Networking doesn’t have to be done at large events with dozens upon dozens or scores galore of people. Instead, think of some alternatives, like having breakfast or lunch one-on-one. Or, get together in a small group of just a few individuals, instead of having to brave a super-sized group of people. This strategy works best for people who are afraid of large groups, especially those who like to avoid a chaotic fish bowl. Be confident in your value to others. The best source of strength you’ll have in any networking situation is to be confident in what you have to offer others. You do have something of value and are competent in your wheelhouse. So, draw on you are sense of confidence in order to project an attractive and positive energy. What other advice do you have to deal with networking fears? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.