Raise Your Value AND Your Prices!
© 2006 - 2009 Kendall SummerHawk
Why is it that the topic of money can make even the most confident entrepreneur start squirming in her seat? For one thing, what we charge seems to get tangled up with how much we value ourselves.
And honestly, our sense of self worth and our rates really ARE in synch with each other. Which is why it's crucial to take a good, hard look at how we spend our time, plug up leaks in our "money bucket" and switch our focus away from worrying about "the number."
If you know you undercharge (hey, who doesn't?!) then let me share with you a few pointers:
Tip #1 Quit worrying about getting the number right
Ever noticed how much time and energy you spend worrying about what
to charge? Now imagine taking 90% of that time and energy and devoting
it to getting more business, or improving your packages! I bet it
feels like a huge relief, doesn't it?
There is no such thing as the "right number" to charge. Follow the rest of these tips (or better yet, get your hands on a copy of my 'How to Charge What You're Worth and Get It!' CDs and workbook), choose a new, higher fee, quote it and move on. More worry will only zap your confidence.
Tip #2 Start 'upping' the value on your time
It's tough to command higher fees if behind closed doors you're doing
tasks you can pay someone else $10, $15, or $20 an hour to do for
you. I know that it can feel like a stretch to pay someone for support
when you might not be bringing in that much yet yourself.
Here's what I recommend: you have to start somewhere so rather than waiting until you make more to get help with the more mundane tasks in your life or business, make a commitment to get support with something.
Maybe it's having someone clean your house or help you organize your office once a month. You can have a teenager do your grocery shopping and run errands for you for as little as $50 a month yet the time and energy you free up you can plow right back into your business.
Tip #3 Plug the leaks in your boundaries
This is a BIG NO-NO. Letting people steal your time is like throwing
money out the window of a speeding car. Seriously! Yet it happens
every day. You know, those client calls that go over time, the person
who calls you with the request they "just need a minute"
or letting yourself be interrupted with phone calls while you're working
on your marketing or new information product.
If I stood next to you and rang a cash register every time that happened we would hear a steady, "ka-ching", "ka-ching."
Get hold of your boundaries by tallying up how much you are giving away. Yes, I mean in terms of real dollars (or pounds, Euros, yen...you name it). Now, start using a timer. The crisper you are with your boundaries the more crisp money you'll have in your bank account!
Tip #4 Switch your focus from you to your client
It's ironic that even though most of us are genuinely motivated to
be of service and help people, we're really being quite selfish. How?
By overly focusing on ourselves—our feelings of fear, worry
or doubt about raising our fees—instead of focusing on what
our clients value: results!
Hint: Every time you're wondering whether "they'll pay that much" immediately ask yourself this instead, "what is the value of the results they'll get?"
Tip #5 Add-ons MORE than pay for themselves
I bet you have something you can easily add to your package or service
that costs you nothing, or next to nothing, yet adds appreciable value
to your clients results and experience.
For example, in my Brand Authenticity Coaching Circle Master Mind (Multiple Streams of Income) I include a weekly Online Accountability Journal. It's a simple weekly email from me that costs practically nothing to create and send, yet for my Brand Authenticity members, it adds tremendous value because it keeps them focused and on track week-by-week. Each Brand Authenticity member feels motivated to complete their journal each week because they know I'm on the other end, hearing what they have to say. It's a win-win connection that adds up to significantly better results.
It's okay to have some doubts or even fears about raising your fees. What's not okay is to stop there. Once you start changing your inner relationship with money, you'll find it easier and easier to charge what you're worth...and get it!
About the author:
Kendall SummerHawk, the "Horse Whisperer for Business" delivers smart, savvy ways entrepreneurs can turn their hectic business into a smooth-running, fun, 6-figure money-making dream. To learn more about her book, Brilliance Unbridled, and sign up for more FREE tips like these, visit her site at http://www.kendallsummerhawk.com
NOTE: You are welcome to “reprint” this article online as long as it remains complete and unaltered (including the “about the author” info at the end). I would also appreciate a copy of your reprint sent to kendall@kendallsummerhawk.com