Charging Your Worth: Three Things I Had To Do To Increase My Prices
Something we all have to understand about entrepreneurship is that how lucrative your business will be has a lot to do with YOU!
I see it over and over again. Entrepreneurs coming to me with heartbreaking stories about wanting to give up on their business because it's not making them enough money to keep their head above water. I know the pain all too well. I can remember back in 2012 when I had just starting out business coaching. I felt that I was not "experienced" enough so I was offering super low rates and constantly working. Things got so bad that I started to become even more miserable than I had been in my 9-5.
Then I got a phone call that changed my life and my business, forever. A former client called me and had so much excitement in her voice. She proceeded to tell how she started implementing everything I taught her and she was seeing $20,000 months in her business. While I was extremely happy for her, I realized that I had only charged her $300 for my services. The same services that were so valuable she started generated $20K + per month, effortlessly. This is when I realized that the problem was not my business, it was me. I did these three things immediately and the rest is history!
1) Calculate the value of your services
I realized that what I was teaching my clients was strategies that they would be using for years and years to come. To this day, I have old clients tell me stories of how they still go back and look at old notes from our sessions and how because I helped them leave their job they have now helped their spouse leave their job too. I had to realize that my services give people value long after they are done working with me, and the investment for my services needed to reflect that. 2) Change the target Everyone is not meant to be your client, they just aren't. I had to understand that my high-ticket services were reserved for highly-motivated people who think highly enough of their business that they see the value of investing in themselves. This changed everything. Not only did I start to get better clients, but because the price went up they appreciated the resources a lot more and their commitment level reflected that. We began to see even better success stories (such as clients having six-figure months!) and this led to our services being in high demand. I'm proud to say, we are still in high demand to this day. 3) Be unapologetic I'll be honest, ever since I became a wife and mom this one here has gotten a lot easier for me. I have a family, period. Every minute that I am working with a client is time that I could be spending with my Husband and our Son. That said, I value my time and I make sure others do as well. You have to unapologetically consider your family and your business over giving someone your services at a steal. If the shoe was on the other foot, I guarantee that person would choose their family and their business before they choose to give you a discount. BONUS: Up your value. I don't want anyone to be going up on their prices just because I said so. Always make sure that the value of what you are giving matches the price. PS- Many of my clients refer to me as the Queen of Charging More because as you can see, this topic is something I don't take lightly. If you need assistance with this, I got you boo! Click here to learn more about Raevyn's Revenue Rehab.