You decided long ago that life was too short to spend it working a typical J-O-B, so you made the leap into pursuing your passion. You’re committed to making a difference in the lives of your clients… and the world. You’ve even built a business around it.
But instead of having more freedom and fulfillment in your life, you’re running 24/7 because you’re just not bringing in enough clients at fees high enough to make your business work financially.
Too many heart-centered entrepreneurs know they’re undercharging for the real value and amazing results they deliver, but they’re afraid to raise their rates. That’s not only bad for their business; it also undermines their clients’ ability to get real, lasting results.
In my previous post, I showed you why charging by the hour or session will make it very difficult for you to consistently earn 6-figures or more.
Now we’re going to dive into the second big mistake that keeps so many ambitious entrepreneurs undercharging and struggling to make their businesses work.
Big Mistake #2
Thinking you can’t raise your fees because if you do, you’ll lose clients — or not get any at all
Now, I know at this point, you may be saying to yourself, “That’s great, Christine, you’ve explained why I need to charge more, BUT I really don’t see how it’s possible for ME. I couldn’t possibly raise my fees. I’d lose all my clients or not get any to begin with!”
I hear you! I was skeptical at first, too.
I want to address some of the doubts and concerns that are probably bouncing around in your head right now.
When I talk to people about raising their fees, I’ll often hear these kinds of reasons why they can’t do it:
“My clients won’t pay higher fees.”
Yes they will! People pay for premium programs and products every day… from luxury experiences to high-end yoga retreats to premium coaching and personal trainers… IF they feel that the program and mentor is right for them.
The truth is people find the money for the things that are most important to them. Someone may say they don’t have any money, yet they spend $2000 on a Chanel handbag or a vacation or $1200 in a year for haircuts and color at a salon. People base their spending decisions on their priorities, so if it’s a real priority for your clients to solve their problems (and it will be when you position yourself correctly) and you connect with them authentically, then they will “find” the money to make the investment to work with you.
“I’m new(er) in my business, so I can’t charge more than I am.”
Yes, you can… and you should! You can SKIP a lot of the hardship and struggle that comes from working for pennies. Charging higher rates naturally helps establish you as an expert in the minds of your clients. Assuming you deliver amazing results and a premium experience, you can charge more with integrity.
New businesses set themselves up to fail by charging as little as possible thinking that it’s an effective strategy for attracting new clients. Charging the bare minimum may get a few clients in the door to start, but what kind of clients are you getting? Probably not the ones who truly value you and your work or who will stick with you for the long-term.
Statistically about 20% of your potential clients WON’T work with you unless you offer a premium service option. Why? Because perception is reality for the client and when you position yourself as “cheap”, they think you can’t possibly be all that good!
“I don’t want to leave people behind.”
You’ll be surprised how many of your clients who you thought wouldn’t stick with after you after you increase your rates actually do. Plus, once you are earning 6-figures consistently in your own business, you can then easily afford to create lower-priced programs or give away scholarships to your higher priced programs or services, if that’s what you choose to do. As they tell you when you’re on a plane about to take off, put your own oxygen mask on first! If you don’t make enough money to keep your business alive, you won’t be around to help anyone at all! (You might even end up back in a corporate J-O-B you hate.)
More importantly, though, when people have more “skin in the game”, they are much more likely to actually follow through and get the change they so desperately want and need. You are actually able to better “take people with you” when you hold them to a higher standard of engagement and commitment.
Think about it… how many times have you bought something for $200 or $300 — or even $2000 — and never used it? Have you ever had home exercise equipment or self-study courses that ended up gathering dust? You probably tried to make yourself feel a bit better about not following through by thinking, “Well, it wasn’t really that much money.”
But deep down a part of you felt like a FAILURE all over again… just one more time that you didn’t follow through. And, that’s exactly how your clients feel when they don’t achieve the results they want and need!
You are NOT serving your clients if it’s too easy for them to wiggle out of their commitment, avoid changing and continue playing small. That’s what everyone else in their life does… which is exactly why your clients need you!
What fee you charge is part of that gentle push forward for your clients that helps them follow through on their commitment to themselves and finally cross the finish line… and it’s hugely important for not only their success but their self-esteem that they do!
“I’m not sure if charging higher fees will work for my clients or in my industry. I don’t teach people how to make money. ”
Take a look around… EVERY business has the opportunity to offer increased levels of service at higher prices. Airlines have done it for years and they keep finding ways for fliers to pay more for the privilege of a bit more leg room, for example.
I know many people working at both ends of the pricing spectrum and I can tell you without a doubt that those who are charging more for their programs and services are less stressed, more joyful and have waiting lists of people wanting to work with them. That can be you!
In every industry, there are those who charge a little (and struggle to find clients who will pay), and those who charge A LOT — and get it. Which do YOU want to be? No matter what, it’s important for you to decide and not leave your income and success up to chance.
Whether you’re a business or lifestyle coach, health and fitness trainer, nutritionist, life purpose coach, author, speaker, spiritual intuitive, hands-on healer, transformation leader or in one of the more “woo woo” fields of practice, increasing what you charge clients to work with you will transform your business and deeply benefit your clients, too. Some of your clients are undoubtedly wondering why you haven’t done it yet!
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“I work with clients who don’t have a lot of discretionary income.”
That can be true… AND people will invest with the right mentor or practitioner to solve their problems if the need to get their problems solved is urgent.
I did it myself when I didn’t have two nickels to rub together (I invested over $11,000 in a program at the time)… and it was the single most important decision I made to get myself out of massive debt, create incredible transformation and up-level my life across the board.
In fact, I never would have had the opportunity to work with T. Harv Eker and his peers if I hadn’t invested in his programs. And what a HUGE missed opportunity that would have been!
Please also realize that you don’t need to serve everyone… in fact, it’s much better if you don’t even try to! You only need to attract a small percentage of the population that are committed, willing to invest in themselves and who you can uniquely serve best. You don’t want to simply attract anyone with a heartbeat and a few bucks. You want to work with clients who are happy to pay what you’re worth for all of the reasons I’ve detailed above.
“I’m not “perfect”, so I’m not qualified to charge premium fees.”
This a common way people quit before even trying: “I’m not a… or… I don’t (fill in the blank)”… a millionaire, have the perfect body, have all of my challenges cleared up… , know how to create my own program… (you choose an excuse to fill in here)… so I can’t raise my fees / work with my dream clients / offer high-end programs and services.”
This is one of the most destructive thinking patterns that keeps you playing small and stealthily smothers your chances for being really successful and prosperous by tricking you into holding back your gifts.
Your clients don’t want you to be perfect! That’s unattainable for anyone! They just want you to be genuinely invested in their success and be a few steps ahead of them showing them the way to their desired result.
Here’s the harsh but freeing truth: you will never be perfect… because there is no such thing as a perfect person! As long as you’re alive, your learning is never done. So you need to let go of this excuse quickly if you want to be massively successful.
As Harry Truman so accurately observed…
“I’m not ready!”
You need to get over this one now. You may feel unready because of any of the reasons listed above.
Let’s be honest, if you’re reading this, you ARE ready because you know it’s time to step into the life you’re meant to live and help those you’re meant to serve in a bigger way.
If you’re charging at all for your services (and even more importantly, if you’re NOT charging!), you’re ready to position and package your talents, wisdom and services as premium.
You and I both know that there’s no “perfect time” to get out of your comfort zone in order to go for greatness, but aren’t you ready right now to make a heck of a lot more money in less time and create more freedom in your life? (I’m betting you’re saying YES!)
And, what is it that you’re “not ready” for, anyway? Are you not ready –right now — to…
… Wake up every day excited to do work you’re passionate about and get paid generously for it?
… Do the things that your heart is calling you to do while building a 6- or 7-figure business?
… Be of service to your clients in the highest way?
… Put yourself out into the world in a big way so that the people who need your help the most can actually find you?
This last point is one that I’m extremely passionate about.
Here’s how I see it…
If you’re not raising the bar for how you do business, so that you have the financial resources to continue spreading your message and raising awareness of who you are and how you help others, you are denying others the help they need.
By withholding your gifts — because you’re either stressed out, burned out or out of business — you’re keeping those people who need you the most from the new opportunities, improved health, greater financial prosperity and incredible happiness (and more!) they could have if they worked with you!
And that is a terrible tragedy for those you are meant to help.
I know these may be controversial statements… but I feel they’re 100% accurate… and I’ll tell you why.
If my mentor had thought that he didn’t have much to share… that he should just play small and not build his business… that he couldn’t really charge much for his services, then…
I never would have found my own healing that I so desperately needed more than 10 years ago.
You see, if he hadn’t thought that people wanted to hear what he had to say, then he never would have been standing on that stage where I first met him.
I never would have enrolled in his programs (which he wouldn’t even have created if he were playing small), I wouldn’t have attended his seminars (where I met lifelong friends) and…
I would have been robbed of the opportunity to change my life.
I might still be stuck in the depression that swallowed up my life and still be buried up to my eyeballs in debt. My life certainly wouldn’t have turned around as quickly as it did without those incredible programs and events.
I never would have had any of the amazing and totally life-transforming experiences and opportunities that occurred as I stepped out of my darkness and toward the hope that he offered.
My mentor’s programs allowed me to find my strength again, heal my profound grief and discover my voice and calling. Without that, I wouldn’t be the person I am today.
So, when you keep yourself stuck on the treadmill of running yourself ragged, stressing out about money or playing small with your business so you can’t get your message out there in a bigger way because you don’t ask your clients to pay what you’re really worth, ask yourself…
Whose dreams are you unknowingly shattering?
Whose healing are you unwittingly denying?
Whose hope for a new life are you crushing?
Whose lives will be LESS THAN they could be because you didn’t ask your clients to pay you for the true value you deliver, create your thriving business and step up to being of bigger service to the world?
I can guarantee that it’s not just yours.
Your decisions affect not only your life but those of the people you are meant to serve.
THAT is the power of what you do… or do not do.
Here’s the truth…
Everyone benefits when you truly thrive doing the work you love. There are no losers in this scenario.
And, for some of you reading this, in order for your business to thrive, you must raise your fees starting right now.
When you raise your fees and earn more money in a way that is in alignment with your passion and values, you can reclaim all of the energy that’s sapped by struggling and worrying about how to make your business work.
When you get that energy and focus back , you are able to show up more fully to serve your clients, which helps your clients get even better results… and that impacts every area of their lives and each life they touch. Not to mention how many more people you are able to help through charitable giving, if that’s important to you.
So, you can see how your amazing success truly benefits everyone.
I’d love to hear from you.
- Do you feel you are undercharging for the value you deliver?
- Have you tried raising your fees? What was the outcome?
If you’re not happy with what you’re earning, I can help you Raise Your Fees with Integrity and Ease.
Originally published at christineparma.com.