The statistics don’t lie, Ladies. It’s necessary and appropriate to raise your fees.
If you’ve been reading my articles over the last several months, you’ve probably noticed a strong emphasis on money mindset, boundaries and charging what you are worth. That’s because I am passionate about and fascinated by the relationship between these themes and see it as a huge gateway to women’s financial empowerment.
Because the reality is that in the United States 40%–50% of all first marriages, and 60% of second marriages, will end in divorce, placing women in the position of needing to generate a substantial income for themselves and their children.
And statistically, women still earn less than men for comparable work. (See AmericanProgress.org)
Not surprisingly, the gender gap is consistent in the entrepreneurial world, too. (See Forbes.com)
Whether you are happily married, contemplating divorce, divorced, happily single, or wanting to be happily married, money empowerment and getting paid elegantly for the value you bring to the marketplace are essential for today’s modern woman. It’s lovely to be taken care of by your man or partner, AND it’s oh, so satisfying and savvy to know you can stand on your own two feet and/or make a sizable contribution to the family income.
So when it comes to getting paid what you are worth, it’s simply a necessary and appropriate business decision.
But before your head spins with all the what if’s, fears and doubts about raising your rates and being financially self-sufficient…breathe while I reassure you of 3 key points my own mentor, Kendall SummerHawk, shares with me:
#1. Your current fees are not meant to be set in stone for the life of your business. Your skills, knowledge, expertise, confidence and results are always increasing, along with the cost of living and doing business.
#2. Any fear or doubt over raising your fees is actually a gift — reflecting something that is currently holding you back in your business (typically fear of rejection, loss, or of what others will think). Once you see it for what it is, you can create a breakthrough very quickly.
#3. When you know how to “transition” your fees, you empower yourself to charge what you’re worth and still provide great value. (I’ll share exactly how to do this in part 2 of this two-part series.)
To get you going, let me share with you the first steps to take so that you’re not trapped charging the same fees you’ve always charged, and so you attract ideal clients who value YOU and the results you foster.
Step #1: Don’t Let the Past Define Your Future
“That’s the way I’ve always done it” or “That’s how everyone in my industry does it” are not reasons to be attached to charging x amount or following the herd forever. Your first step is to decide what your services are worth going forward, starting today. This is independent of what you are charging current clients, and it represents your new rate for all incoming clients signing on with you for the first time.
Take Action: Write down your new fee and post it where you can see it every day. Notice the emotion that comes up for you. Is it giving you a clue about what you need to release in this process? Is it shame, guilt, self-doubt?
I assure you, the first new client you get is such sweet confirmation that YES, people will, in fact, work with you at higher fees and even have more respect for you.
Step #2 Define Your “How Many and By When” Limits
One of the tips I love to share with my private clients is that it is perfectly okay to raise your fees in increments, rather than making a big jump all at once. This is so reassuring to those new in business or those who haven’t raised their fees in eons and prefer to ease their way into it.
The key to this strategy is to decide ahead of time how many clients you’ll accept at the new (increment) fee and by when.
For example, let’s say that as a Dr. of Acupuncture, you want to double your fees and create packages instead of selling your time and services by the office visit. With increments you can decide to create your packages and raise your fees by 50% for the next 3 clients. Then raise them again after that. Plus, you set the goal of signing on those 3 new clients within 30 days.
Take Action: Write down how many clients you’ll accept at the new (incremental) fee and by when, and post where you can see it every day. What’s the emotion you most likely need to release in this process? Fear. Remember, you’re setting yourself up for success by chunking this down into phases…easy!
Bonus Tip: I recommend not posting your fees on your website. This will support you in making a smooth transition with your next rate increase. Plus, you don’t want people price shopping. A private conversation with you is where they will clearly see the value and invest.
Stay tuned for part 2 where I will show you how to transition your current clients to your new fees.
And if you feel like you need help with breaking through your money stuck points and charging what you are worth, click here to learn more about my How to Charge and Get What You Are Worth mini-intensive or call us at 303-499-0408 to schedule a 15 minute complimentary Get Clear and Get Paid call. It is one of the highest return on investment you will ever make in your business.