Today I wanted to talk to you about the signs you’re seeing that indicate it’s time to put your prices up. I’m going to be talking about this in 30 minutes in my Facebook group so please if this email strikes a chord, come and join in the live discussion in my group in 30 mins. I have copied the link below for you to join if you haven’t already:
I want to start by reminding you that YOUR business is YOUR business. And as the CEO of your business you need to have the autonomy to raise your rates as and when you see fit. However I think there are 5 signs that something needs to change and I want to share these with you.
Before you ask it’s not a case of ‘tick test 5 boxes and it’s time’ – be sensible, be pragmatic but also trust your instinct.
1) You’re getting bookings
The first sign is that you actually have bookings. If this isn’t you then I wouldn’t necessarily be recommending that now is the time. It could be, but possibly not. Nor am I saying that you need to be inundated with bookings. Fully booked isn’t the only time to raise your rates. The first time I raised my wedding photography prices was when I reached 30 weddings per year. I know that some people do more, some people do less but that felt like a mega year for me and I knew I must have been doing something right to get to that number.
And before you even mention it, yes, it’s terrifying. Like full cold sweat inducing. And I get that, I really do. Every single time I have put up my prices I’ve had some sort of physiological effect. In the early days it was more of a blood draining type feeling when I pressed ‘save’ to reveal my new prices on my website. These days it’s more of a very deep breath and a quick prayer to the universe. It gets easier basically.
2) Clients or colleagues are telling you that you’re too cheap
So this is a two part one and I’ll cover off the quickest part first. If other people in your industry or friends with experience of your industry that you trust and respect are ringing alarm bells about your pricing then for goodness sake, listen and take on board their feedback.
The second part is when clients say you’re cheap. Now they might not just blurt it out but there are certain behaviours that accompany this belief. This can include booking you on the spot. Of course this can be linked to the fact they that just LOVE you but if it happens time and time again it could be because they don’t want to let you and your low price get away.
Ask yourself if your pricing is actually in line with your brand. Your price isn’t just the final product – it’s your time, your profit, your experience, your training and every other little ounce of you that you give to your clients.
3) You feel out of alignment with your clients
A really big indicator to me about raising my prices was when I felt in a different energy than my clients. The things they seems to like and value were not the same as me.
Now that’s not always a price issue – but in my experience of working in such a visual industry it quite often was.
I had experiences where I was charging waaaaaay too less, massively over delivering in every way and still having luke warm relationships with some clients. Not a good energetic match for me at all.
On the flip side, when I work with clients now who massively value me, my work and my time, the relationship is unbelievable. Like we were meant for each other 🙂
I know when my ideal client steps into my life and it’s not necessarily one that whips their purse out straight away and declares ‘take my money’. I want someone who is energetically aligned.
A sure fire way to know when someone isn’t my ideal client is when one of the first things they say is ‘do you offer discounts’, because they aren’t seeking to find the value of my proposition. This isn’t a relationship I desire in my business.
4) Your clients love you.
Are you getting amazing reviews? Do your clients absolutely love you and what you’ve done for them? Are they telling everyone about what you do and encouraging them to book you? If so this means you’ve got great results for your clients. And part of that result will be in relation to the value of money they invested.
If this is you then I really do believe that it’s a sign you’re ready to raise your rates.
5) You want to make more money
OK this one is not rocket science. It’s pretty simple in fact. If you want to make more money you need to raise your rates. Because you can’t clone yourself or make more hours in the day.
I’m pretty sure you’re not the sort to charge excessive amounts and deliver bog standard work. I know it’s just not your thing. So deep down I want you to start trusting your instinct on when is the right time to make a change to your pricing.
It’s never the right time, you’re never going to feel 100%, you’re going to feel scared. And I’m here today to tell you that this is OK.
Everything is temporary. You’ll change, you’ll grow, and before long the prices that you’re fretting over will become too cheap.
2019 is upon us. It can absolutely be your best year in business. In fact 2018 hasn’t finished yet – you could have the best end to the year you’ve ever had. Start today, make a change.
Trust yourself, you’re ready.
I’m Faye and I’m a business and mindset coach who helps creative entrepreneurs maximise their success and create the business of their dreams.