Are you ready to charge what you’re worth?
Do you ever wonder how the average pricing for your industry was set? Pricing your professional services is a sensitive topic. Your fees reflect your relationship with money.
Core values frequently conflict with a desire for more money. This causes entrepreneurs to undercharge. Their thoughts go something like this: “If I become too successful with too much money, then I would change and not be the same person.” Basically, your income will remain constant until you’ve resolved this clash.
Take the challenge
Consider the possibility of doubling or even tripling your rates. Notice what thoughts arose. Were they positive or negative?
Any resistance may be due to an underlying belief that clients will not pay more than your current fees. Or you may lose clients if you raise your rates. Or admitting you would not afford to pay those new fees so why expect anyone else to pay that price.
Here’s a five step process that helps you connect to your value.
- Clarify. Clarify your beliefs related to money and wealth. Are they positive or negative? Is there a difference between money and wealth?
- Identify. These thoughts affect your outlook and your actions. Identify which specific thoughts may improve your cash flow and which hinder profitability.
- Explore. Consider alternative points of view. Write down as many different perspectives as you can.
- Highlight. Highlight the ones you find appealing. This will help you create choices.
- Release. What would you have to let go of in order to raise your fees? How would greater cash flow make a difference?
Letting go of old beliefs is very difficult. Instead consider embracing a new and different belief.
Learn from children
Children are like this. They don’t break habits; they create new ways of doing things.
Sharing your new rates can be uncomfortable. So I teach my clients a simple strategy. First practice stating your new fees aloud. Either do this with a partner or in front of a mirror.
The big gulp
Use the big “gulp” technique. Take a big gulp of air before you tell your new fees to a potential client. Then quietly wait for a response. Getting your first client at new rates is scary and exciting.
This is one way to increase your income without working more. Your business will change. You already are a success. Adjust your fees so they reflect your true value.
Loren Fogelman, is founder of Business Success Solution. An internationally recognized business success coach, Loren helps business owners double their income working half the time. Claim your free Get Paid What You’re Worth book at BusinessSuccessSolution.com/worth
Sign up for a free trial with Iris Works!