Have you ever wanted to raise your rates, but the voices of fear keep you from actually doing it?
These internal voices say things like:
- Who are you to think you can charge more?
- Is it even spiritual to accept money at all?
- If you were really spiritual you would do this work for free!
- No one will sign up because they won’t be able to afford it. People will think you’re greedy or in it just for the money.
- Other _____________ (coaches, practitioners, massage therapists, nutrition counselors, etc.) charge ________. How can you even consider charging more?
How do we know about these voices?
Many years ago, we raised our hourly coaching rate (to a rate that sounds like a smokin’ deal now, LOL)…
I (Sharla) stood on stage in front of some of our best clients, offering VIP days (which we rarely offer because our time is so limited for private clients). And although I looked confident on the outside, I was trembling inside.
I KNEW that working with Jesse and me privately would help these clients position themselves like rock stars, attract the exact right clients, create a clear path to get from where they were stuck in their business to exactly how much income they wanted to make…while working less.
But suddenly I had the same feelings of insecurity and discomfort that I experienced the first time I raised my fees…and the second and the third.
No matter how many times you raise your fees, it’s common to “not feel ready” or to know you’re ready but still feel uncomfortable, especially when you start actually telling your potential clients about it.
But there comes a time when what you’re charging doesn’t feel balanced with the value you’re providing and you’ve got to do it in order to stay in integrity with yourself and in alignment with your values.
Here are 3 Tips to help you raise your rates:
Tip #1: Avoid looking to other coaches and holistic practitioners to figure out what you should charge.
Many of our members initially say, “Other [therapists, coaches, etc.] charge this much; so how can I charge more?”
Instead, look for how you can INCREASE the value you offer to your clients rather than be just like everyone else in your industry.
When I was pregnant with our first son, Jacob (now 7), my belly got too big to lie face down on the massage table and I noticed I was having a difficult time enjoying a satisfying massage. So, I sought out a therapist with an ergonomically designed cushion for expecting moms like me and was happy to pay the extra dollars for the added value.
Ask yourself, “How can I increase the value of what I’m offering? What do I offer that’s unique?”
Tip #2: “Feel Into” Your New Rate
If you’re charging too little, you’ll likely feel resentful and overworked. If you’re charging too much, you might feel greedy. There is a perfect balance that lies somewhere in between.
Unless you feel like you can truly own your new rates, you’ll stumble and feel awkward when sharing these new rates with potential clients.
To figure out what rate you can confidently own, here’s a short exercise:
Imagine you’re talking with a potential client.
And say the price you want out loud.
Then check in with your body to find out how it feels.
If it feels GREAT, you just might have your new price.
If it feels anything other than GREAT, you’re not there yet.
If you don’t feel anything in your body, don’t worry.
Sometimes the new rate just doesn’t have much juice.
Also, not everyone gets information from checking in with how their body feels. Some people just have a voice of clarity or inner knowing that it’s right or not right. Others need to imagine publishing this new rate on your website (although we don’t recommend this for reasons we can share in the future).
Just use the best way of discovering what’s right for you when you’re making a decision.
Still confused about it?
At the Client Attraction Summit, we will guide you through an exercise to find your perfect fees. Chances are you’ll give yourself a raise because at least 95% of our past participants have done so.
Tip #3: Be Willing to Feel Uncomfortable for a Short Time After You Raise Your Rates
I have always found that whenever I have raised my private coaching rates, I go through an “adjustment” period.
At first, it’s difficult to say (like in the story I shared earlier in the article). Then I justify this increase to myself by thinking about how my clients will get more value at this new rate and how I deserve to be paid well for the great work I do. Eventually, I settle into it as perfect and right.
What usually happens after I get the first big “Yes!” is I’m able to “own” my new fee and it fits perfectly. I have found that this is when the real shift happens.
After having a difficult time at that event sharing our new VIP day rates for the first time (with not one single client saying “Yes” by the way), I could have decided that I’d made a huge mistake and I should drop my rates back down.
Instead, I knew that going through the discomfort of the “adjustment period” was part of my process and if I hung in there long enough, I would eventually feel comfortable and confident.
A few weeks later we got our first client at our new rate. I felt a little nervous just before the initial consultation call, but I showed up with 100% of my energy, now fully aligned with the new fee. And because I owned my value, our client got tons more out of it than if we were charging our lower fee.
We haven’t raised our rates for private coaching for years because we feel so aligned with our rates for private work. (It’s all about alignment.)
When you feel great about your rates, you don’t question them….
But when something is niggling at you that it’s time to raise them, it’s common to experience this adjustment period and then eventual success.
If you’re willing to deal with the discomfort for a short time, knowing that it is part of the process of raising your fees (and not a sign you should shrink back), then you’re on the road to attracting more appreciative clients who will see the value in what you have to offer.
And the good news is:
Over time, you’ll become less intimidated by the prospect of raising your rates. You’ll just know when the time is right and become aligned with it more quickly. The adjustment period shrinks and you’re on your way to serving your clients in a deeper way, because you’re aligned with what your clients are investing to transform their lives by working with you.