If it has been a while since you’ve raised your fees, you know you’ve been undercharging, or you want to attract clients who don’t struggle to pay your fees, then it’s probably time to revisit your pricing.
Here are 3 reasons why raising your fees is a sure-fire way to improve your service-based business:
- When you charge more, you feel confident, validated and take your craft to a new level of mastery.
- Clients who invest at a higher level value it more and get better results (and those people are the most fun to work with!).
- Sometimes, raising prices may simply, and beautifully, lead to a much deserved increase in profit.
Raising your fees is quite often the fastest and easiest way to increase your income without working harder or longer hours. However, there is more to it than just increasing your prices – especially if you want to inspire more YES’s.
In the How to Charge and Get What You Are Really Worth program, I take my clients through 7 very specific, practical steps that make raising your fees a clear and simple process.
Here are 4 get-started tips from that program for confidently raising your fees:
1 – Clear the emotional blocks to increasing your fees.
We all have them – a belief, conscious or subconscious, that controls how much money we allow to flow in. Have you noticed that you just can’t seem to get beyond a certain income barrier? I guarantee you have a belief holding you there.
Couple that with shadow beliefs and fears like, “I’m not good enough as I am” or “I question whether or not what I’m offering is worth what I’m charging” and you’ve got a recipe for sabotaging your fees and income.
Look at your pricing as an opportunity to heal old patterns of relentlessly driving and doubting yourself, and use your fees to expand your sense of value and personal power.
2 – Reveal the value of your service, program or product
The mistake many entrepreneurs make, especially women, is pricing their services based on time. This dollars for time pricing paradigm is a painful trap that places value on the wrong thing. Time is not what your clients are buying from you. They are investing in a desired result, a thoughtfully designed path to get there (I recommend packages instead of sessions), and your expertise to help them achieve it in less time and with less struggle.
To inspire more YES’s at your new rates, you’ll need to be able to clearly lay out what gets to happen for them when they work with you.
3 – Choose your new amount
Rather than setting your new fees based on what you think people are willing to pay, (yes, ladies and heart-centered men, I know the temptation is there) choose your new amount based on the value you just revealed.
Once you’ve chosen your new number, double it and test it out by asking yourself, “What would have to be true for me to charge that amount?” Most women seriously undercharge so this exercise might rattle your nerves a bit. I’m not suggesting that you simply double your fees. I am suggesting that you feel into a more expansive version of yourself and what you deliver. Then settle on your new number that you can stand fully in your integrity with and feel confident about.
By the way, that doesn’t mean that getting your new numbers out of your mouth the first few times will be easy. Practice saying them until they are as easy as, “Please pass the salt.”
4 – Create winning payment plan options
As your fees go up, you’ll be able to work with more people if you offer payment plan options. Some people will still love paying in full and others will appreciate being able to spread the investment out. This is especially true if your program spans 3 to 12 months.
Bonus Tip! Make sure that any payment plan you offer is paid off before the completion of your service delivery.
***Ready to have a breakthrough in your value and pricing? Contact Support@DinahSnow.com to get the details on a special introductory offer for a How to Charge and Get What You Are Really Worth private virtual intensive with Dinah Snow. Hurry! 40% savings ends August 30, 2013 and only 4 spots are available.***