You want to raise your prices, but you aren’t quite sure how to do that.
It took a lot to just come up with the prices that you are charging right now.
Okay then, let’s discuss raising prices a little here.
If you have existing customers you want to raise prices for, check out How to Raise Prices for Existing Customers, as well.
Why do you want to raise your prices?
The first thing you need to think about when it comes to raising your prices, is why you want to do it.
There are a number of reasons that you may want to raise your prices:
You aren’t charging enough for the amount of work that you do.
You’ve been charging the same price for years now and the transformations that your clients have made just speak for your work.
When you first started your business, you had no idea what to price your stuff, so you just picked a number and went with it. But that number doesn’t feel good to you anymore.
You want to finally make a profit in your business and actually pay yourself a better salary.
You are more experienced at what you do.
You’ve done a lot of money mindset work and have finally realized you are undervaluing yourself and your products and services.
What other reasons would you add here?
I’m not saying that you can’t just raise your prices without thinking about any of this. But this process normally happens, whether you think about it or not.
There is a reason that comes to mind when you want to raise your prices.
Fighting the Money Mindset Issues
Money mindset issues pop up all the time. And they especially pop up in your pricing.
When you aren’t comfortable charging a certain amount of money, you won’t be able to raise your prices, or if you do raise them, you’ll constantly offer discounts and coupon codes.
I had one client who wanted to charge more for her services because she wanted to make her business her full time opportunity.
She was charging $25 an hour for her services. But wanted to make at least $1500 a week.
This meant she had to work 60 hours a week just for her clients. This doesn’t include any other work in her business.
Oh and she also had 3 kids, one of which was a newborn baby and a full time job, as well.
The 60 hours a week for her clients just wasn’t doable. She couldn’t spend that many hours working in her business along with everything else.
She definitely should have been charging at least $50 an hour for her services, which would have effectively cut her hours to 30 hours a week with her clients. That many hours was still too high, but there was a bigger issue here.
She was not comfortable in the least charging $50 an hour for her services, mainly because she didn’t believe in the value of what she was offering and herself, both of which are money mindset issues that she struggled with.
So we worked together on her money mindset issues and slowly raised her prices incrementally.
Raising Prices Incrementally
One of the easiest ways to work with your money mindset issues is to raise the prices incrementally.
In the example above, my client had to raise her prices incrementally, she couldn’t just go from $25 an hour to $50, her mindset was in the way.
So we started with raising her price from $25 to $35 an hour. Once she got 3 clients at $35 an hour, she then raised her price to $40 an hour. She got 3 new clients at $40 an hour, then she raised her price to $45 an hour.
You don’t have to go from charging $27 for your course that is worth much, much more, directly to charging $297 for that course. You can, though, if that works for you.
You don’t have to double your hourly rate. You can, though, if that works for you.
Those increases may not be comfortable for you and if it’s not comfortable for you, your customers can feel that and they can feel that you aren’t confident in what you are offering.
So just make those increases happen incrementally.
Raise your hourly rate a few dollars at a time.
Raise the course price from $27 to $67, then to $97 and so on.
The most important thing about your pricing is to feel comfortable and confident with the price that you are charging.
Pricing Includes Psychology
The number that you decide to charge as your price is only one component. There are other components to your price.
Pricing really is more than just a number.
You need to consider the reasons why people buy when you are thinking about your price.
You should also consider how much time your customers are going to save or you are going to save for your customers with your product or service.
If pricing was simply a number, there would be so many studies and books written on it. It really isn’t as simple as just picking a number.
Maybe Pricing is Easy for You
But if I was completely honest with you, you most likely would not have sought out and read this post if pricing was easy for you.
And based on the research that I have been doing over the past several years, pricing isn’t that easy for most people.
Business owners are always looking for help and more validation on the price that they chose for their products and services.
(The best validation is going to be having happy, buying customers!)
If pricing is easy for you, then I’m proud of you. You have a skill that many business owners struggle with almost daily.
You are the CEO
At the end of the day, you are the CEO of your business. You always have the decision making power.
I can give you guidance and tricks and tips all day long, but at the end of the day, it’s always going to be your decision.
You should be experimenting with your pricing and making sure that you are using your prices to continue to grow your business and serve your soul mate clients.
The clients who want to work with you, no matter what, because they love your mission and your voice and what and how you teach, will always find a way to invest with you.