When is it time to raise your rates (OMG)?
Do you feel valued for what you get paid right now in your business?
I hope so!
Unfortunately, too often, I see entrepreneurs who don’t feel valued, or they feel a bit resentful even sometimes. OR I see entrepreneurs who don’t REALIZE what they’re worth – THAT happens most often actually. You just don’t know what people really will pay you for your time, expertise or a product or offering.
AND… if you leave it up to YOUR mindset about what to charge, sometimes we say things to ourselves like “Well, no one will pay THAT of course” or “people don’t have that kind of money” as you prejudge others as to what THEY will invest!! WTF? Seriously?
Stop it. Stop prejudging your potential customers and clients on what you “think” they can afford. Instead you need to STAND IN YOUR OWN TRUE VALUE & KNOW YOU DESERVE TO BE PAID THE AMOUNT YOU CHOOSE.
Many of us can charge whatever we want, that’s just how it goes with being an entrepreneur.
Others of you could have jobs or businesses that are regulated like Financial Planners or Insurance Agents perhaps or even Realtors (Don’t get me started on Realtors – they work WAY too hard before even getting paid a dime. I would never be a Realtor just because of that.)
So for those of you who CAN set your own rates, how do you know when it’s time to raise them or change up your business model perhaps and do something different?
I think, as soon as you even remotely start feeling undervalued or resentful for sure, but every year or couple years at least in most cases.
What about those of you who have the regulated type of business? Well, YOU can create other income streams perhaps. You can always write a book, or get paid to speak or do a training that can be outside your normal working services. You can host an event perhaps too or deep dive retreat if that’s more your thing. You just have to think “outside the box” and/or talk with someone like me who can help you strategize ideas and possibilities!
For those of you who maybe are unaware of what you could truly get paid for what you’re already doing, you need to start talking to people like me and others in other industries or in entrepreneur groups to get bigger ideas, see proof of others making more – they’re out there, you just may not come in contact with them!
For those of you who are NEWer in business, often times you think just because you’re new you have to start lower and that’s TOTALLY FALSE! You don’t. Many of the people I talk to who think this have so much darn expertise or experience in the area they’re now building a business around that they could charge 4 times as much as they’re initially thinking but they don’t see how that experience plays into their new business (yet). It does and you can come out of the gate at a much higher rate.
Either way you slice it, most of you who are reading this are probably NOT charging enough OR there are other ways you can easily sell your knowledge or experience but you just don’t know how to get that going.
It could be to launch a course or group program? A live event or start speaking. There are so many ways to make more money in your business but if you aren’t having conversations around this, then you’re not seeing those ways or seeing that it could be YOUR REALITY too.
I always say, “You’ve got to stay in the conversation” to continue learning, growing and expanding around your worth, your value, your skillset and more.
And another fun saying I say to people at my events and when I work with them is this: “You want to charge as much as you can possibly say without stuttering!” (Because when you stutter then you don’t look as confident of course.)
So… WHAT IS THE MOST YOU CAN SAY YOU’RE WORTH RIGHT NOW, TODAY, WITHOUT STUTTERING?
Do it, raise your rates! What have you got to lose? Besides, you can always negotiate when talking with a potential client if you want? “Start high and go low” is another thing I say. Don’t start with the one time call when you’re making an offer – start with the annual program and go down from there, then everything else seems like a much more doable option.
Getting really good at the “SALES CONVERSATION” is a critical skill that all entrepreneurs must learn, I don’t care what business or industry you are in. There is NO way around learning this and becoming better at sales. So no matter what you’re charging, you have to be able to show the value of what you offer in that conversation. The other person has to feel your worth and confidence, plain and simple.
If this all makes sense to you and it could be POSSIBLE that there are some “missing pieces” to YOUR business, your offerings or your sales process then why not “TRY ME OUT”!
Let me help you figure out what those are for you (sooner than later)?
Here are 3 options – PICK ONE!
- If you are new to me or want to truly “TRY ME OUT”… Join the International Entrepreneur Network for just $7/month and get help on our monthly zoom mastermind calls that happen three times each month and various times and days or get inside the private Facebook group. This is a community for masterminding, collaboration, resources, support and more. Become a Member today or find out more at www.iEntrepreneurNetwork.com!
- If you love learning and growing at live events, then attend my next event, Love & Money LIVE! It’s all about attracting more of your ideal clients and finessing your sales process so they “get you, trust you and want to hire you or buy from you”. Join me and 50 or so other entrepreneurs April 20-22, 2020 and let me help you jumpstart your business around the kind of life you want to live, not fit your life in around your business. www.LoveandMoneyLive.com
- If you’ve been following me for a while and/or are ready for a bigger step, come to a 1on1 call with me and let’s talk about coaching options! Schedule at www.AskKat.biz today.
Here’s to creating and enjoying a life full of lots of LOVE & MONEY!!
Award Winning Speaker, Jumpstart Your Biz Coach & International Best-Selling Author with 10 books
Contact me anytime! Office Landline: 916-872-4000 Email: firstname.lastname@example.org