Are you set 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. What would it take for you to charge what you’re worth?Do you ever wonder how the average #pricing for your industry was set? Click To Tweet
Charging too little shows you undervalue your service. Charging too much may raise concerns of judgment. Most entrepreneurs will determine the average rate for their profession and then set their prices close to that rate. As a result, it’s likely that the professionals in your industry are undercharging.
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.
The affordable dilemma
Consider the possibility of doubling or even tripling your rates. Notice the specific thoughts which popped into your head. Were they positive or negative thoughts?
Any resistance to raising your rates may be due to an underlying belief that clients will not pay more than your current fees. Or you may lose clients and can’t afford to do that. Or admitting you would not afford to pay those new fees so why expect anyone else to pay that price.
Follow this 5 step process to confidently charge what you’re worth.
- 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 charge what you’re worth? What would happen if you raise your fees tomorrow? How would greater cash flow make a difference?
Breaking habits doesn’t work
Letting go of old beliefs is very difficult. Instead consider embracing a new and different belief. Choose one that’s aligned with business growth.
Children are like this. They don’t break habits; they create new ways of doing things. Once your resistance is gone, begin to visualize the possibilities.
Raising your rates
Sharing your new rates can be uncomfortable. So I teach my clients a simple strategy to reduce the discomfort. First practice stating your new fees aloud. Either you can do this with a partner or in front of a mirror.
Then 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 truly reflect the value of your services.
You gain confidence in what you do. Your self-worth improves. Your mindset gets upleveled.
If it was solely left up to you, how long would you think about raising your rates before you actually took action? By working with a mentor or business coach to develop new beliefs congruent with your goals, you will be amazed it is so easy.
Values and actions
Get a sheet of paper and create two columns. Over the left column title it “Values” and list all of the values you have, your strengths and qualities. Now over the right title “Actions.” Under the Actions the top half will be “Pros.” These are the actions which support your business growth. After you have written all the pros, then write the “Cons.” The things you do which interfere with your business growth.
Next to each Action on the list, the pros and the cons, write which value it supports. After you have paired each action with a value, notice if a pattern emerges. This will help you see where your conflicting values lie. As a result, you’ll begin to understand why you might be holding yourself back from growing your business.In order to be a #success, you must already believe you are a success. Click To Tweet
In order to be a success, you must already believe you are a success. Mindset is crucial. Once you begin to step out of the box and stretch yourself your business will respond. Make a decision to charge what you’re worth – it’s a game changer.