Are you one of the many women entrepreneurs struggling with pricing or charging their worth?
Feeling like you’re working harder and making the same amount of money in your business?
Wondering why you’re feeling a bit resentful and overwhelmed every time you get a call or email from a client or customer?
Maybe you’re on the verge of another inconsistent income month and not excited about this recent financial roller-coaster in your business.
I can’t tell you how often I talk to women entrepreneurs, coaches, healers or consultants who struggle with pricing. From raising their prices to charging their worth when it comes to their services, they constantly worry about timing.
When is the right time to raise prices – without pissing off clients; without losing business; without coming off as greedy? When is it the right time to finally make money doing what you love?
I get it! I’ve been there too and that’s why I love working with women entrepreneurs and coaches who struggle with pricing, to support them to know their value and own their worth.
And today, I’m sharing my top 7 signs that it’s time to raise your prices and finally charge your worth in your business.
Why Raising Your Prices or Charging Your Worth in Business is Important
Raising prices is one of the most challenging, yet important decisions you can make in your business. If you’re committed to building a long-term premium brand, then you may want to consider that it takes more than passion. It also takes money.
Just like identifying who you serve and the specific problem you solve, the amount of money you make in income and profits can make or break your business vision.
Not only will charging your worth radically increase your income while working less, you also create boundaries, joy and space to invest in and grow the business. And you jump off the over-delivering, under-paid, under-valued, overwhelm hamster wheel.
How Do I Know When to Raise Prices in My Business?
The truth is there is no price genie that will tap you on the shoulder letting you know that it’s time to raise your prices and charge your worth.
In fact, if you’re like many women entrepreneurs who are struggling with pricing, your money stories and limiting beliefs will do everything to hold you back from your desire to create profits. To protect you from losing clients who can’t afford you; to protect from charging your worth until you’re more qualified; to remind you you’re not enough.
But there are always signs that cue us in that growth is imminent; that success is inevitable. It shows in beautiful ways – irritability, frustration, overwhelm, dissatisfaction, and all the little ways that resentment is slowly bubbling up for you.
7 Signs It’s Time to Raise Your Prices and Charge Your Worth
You want to earn more money. Yes you! You’re thinking about it asking the question in your mind. Your little voice is telling you that it’s time to earn more money. Maybe you’re planning on buying a new house, making an investment in a coach, or traveling. Whatever the growing desire is, when you know, you know.
You’re resentful. You feel angry and frustrated when you see emails or calls from clients or customers. You’re wondering whether any of this is worth it and your joy; what joy? You’re starting to ignore client messages because you just don’t have the time or energy to deal with one more thing on your plate.
If you divide the number of hours you’re putting into your business by the income you created last month, you’re slightly above minimum wage. Things that used be fun in the business are no longer enjoyable, and you’re working harder than before for the same or less revenue. (Watch the video for my story).
Your clients tell you. Flattering as this is, you don’t want your clients to second guess their decision to work with you. When 90% of your potential clients or clients whisper “oh wow, that’s it?” when you tell them the investment in your services, you know it’s time to raise your prices. You know you’re not charging the value of your services. Not even close.
I see this a lot with hairdressers, personal trainers and massage therapists – what I like to call our well-being entrepreneurs. It also comes up a lot when coaching women entrepreneurs and coaches – the whole too spiritual to charge; or money is bad story dancing out in the shadows.
There’s an important tip I’ve learned while coaching women in business. And this especially applicable when working with women entrepreneurs facing pricing challenges.
I’ve learned that the more I live what I teach and coach, and truly embody the message of the work I do with my clients, the more ideal clients I attract and create in my business.
Your ideal clients know the value of your services. They want what you have. Their only concern is whether you’re the person who can help them with the problem they have. Not whether you’re feeling unqualified to raise your prices.
They are already aware of their problem and they’re choosing you. They will pay the investment. Trust yourself. (Watch the video to see this showed up for one personal trainer).
Do you really want to wait until your clients tell you to raise your prices? Probably not.
You’re the cheapest in your industry/niche. When it comes to online business, coaching women entrepreneurs to compete on value and not price is key. Competing on prices is the quickest race to the bottom of any industry. There will always be someone much cheaper than you or willing to go cheaper than you.
Premium, ideal clients are usually suspicious when the price is too low. They look for the catch. They wonder why? If you’re looking to grow a long-term premium brand, being the cheapest doesn’t serve you or your business. Find your happy medium in your industry. Stay away from the bottom.
You’re attracting pain-in-the-ass clients. Yes, I said it out loud. If you’ve been in business long enough, you know what I’m talking about. When your prices are too low and you’re playing the people pleasing game (I don’t want to leave anyone out), then you’ll start attracting clients that you have to twist yourself into a pretzel to please.
They won’t get the results they want. Their experience working with you will be mediocre and you might be frustrated all the time.
You have a waiting list of amazing clients who want to work with you. This is one of those experiences that many of us entrepreneurs and coaches dream about. Imagine having a list of 10 or 12 or 5 clients waiting for space to open so they can finally get to experience your magic.
As amazing as that sounds, here’s the deal. If everyone you get on a sales call with is saying yes to working with you without hesitation, it may also be a sign that it’s time to raise your prices. I see this a lot with coaches who get their clients via referrals. Your client raves about you and voila! You have a line at the virtual door.
If you’re a product-based entrepreneur, like a fashion designer with a long list of backorders, especially during the holidays, raise those prices, lady (Watch video for more on this).
You’re offering premium packages. When you’re offering premium packages with solutions for your ideal clients, and those clients are getting amazing results, it is probably true that they will pay the rate you decide your services are worth.
For your ideal clients, solving their specific problem is priceless and they are investing in the value and results they get from working with you. Not in your time.
How much do you think it is worth to them to solve that problem? Focus on that aspect of your business decision more than “it’s in my zone of genius and easy for me.”
That doesn’t mean it’s easy for them. All they care about is solving their problem, and if you can give them equal or greater value then step into that high level and charge accordingly.
You’re not raising prices for the sake of raising prices. You’re not taking advantage of your clients’ loyalty. You’re not stealing candy from a baby or robbing your client. You’re charging your worth for service at the highest level.
What if I’m Still Struggling with Pricing?
Look, if you’re a woman entrepreneur, coach, consultant or healer who is still struggling with pricing, I invite to get support.
This is not something to beat yourself up about. There is nothing wrong with you. You’re still great at what you do, and this is an opportunity to shine a light on any broken money stories that are holding you back.
Hire a coach or get support from other entrepreneurs you know – those who seem to be doing OK with charging their worth. Figure out what is holding you back and work on it in a way that serves you, your clients and your business.
I invite you to step out of your head and all the logical reasons why it is scary to raise prices. All the ways clients won’t be able to afford your services.
And just come from your heart, from service at the highest level. Check in with yourself to create the awareness for shifting your money mindset around this.
How does it really feel when you think about raising your prices or charging your worth?
Is it exciting?
Is it scary?
Is it confusing?
What do you believe today about yourself when it comes to raising prices in your business?
Is it true?
What would you have to believe about yourself to raise your prices?
What beliefs would you have to put down or give up to finally charge your worth?
Are you willing?
What can you commit to?
What would life and business look like with your new prices?How will this improve or benefit your business?
Cheers to your fabulous success!
I’m MiMi Dabo and I support Women Entrepreneurs who struggle with Creating Premium Clients and Charging their Worth, to Confidently Package, Price, Market and Sell their Services to their Ideal Clients in a Profitable Niche.
I help them to ditch the crappy Money Blocks and stories, and package their services into irresistible high-end offers for their ideal clients, raise their prices or charge what they’re worth, and market and sell with ease so they can radically increase their income and work less – while changing the world in the process. Visit www.lifecoachforwomen.com.