IS IT TIME TO RAISE YOUR PRICES? (WHEN YOU SHOULD, AND SHOULDN’T!)
There comes a time (in fact, many, many times) throughout the lifespan of a service based biz where the question - ‘Is it time to raise my prices?’ - gets thrown about.
As our experience grows, it’s natural for us to want to charge more for the services we offer, and be adequately reimbursed for the multitude of ways we add value to our client’s lives.
But you and I know that it’s not quite that simple. Haha, if only.
Price raising can trigger a lot within us.
It can make us question our worth; compare ourselves to our peers; worry about losing clients; fret about putting off future referrals, and question if our new prices will exclude people.
It also tends to trigger those pesky money fears and self belief blocks of ours.
As service-based business owners though, our time is limited and because of this, we have to ensure that we’re charging in a way that respects our energy, hours and expertise.
I want to be clear that I don’t think that you should rise your prices just because other people are/you’ve been in biz for 3 years/you need more money etc. I think it needs to be warranted and well thought out.
You also need to consider who you’re serving because if a price increase is going to alienate and exclude the exact people you live and love to serve, then this way forward might not be the right move for you OR you may need to diversify your offerings so you can meet a spectrum of income needs.
In saying all of this, I truly believe that you should charge in a way that feels like a fair energetic exchange of your time and wisdom AND nurtures your wellbeing. No one can pour from an empty cup after all. #selfcareforthewinalways
Some people are adverse to raising their prices, but I think that higher prices (I acknowledge that this will mean different things to different people) can serve our clients in many beautiful ways …
When people invest an amount that feels ‘stretchy’, then tend to show the heck up and go all in. They take the support seriously, they get themselves organised and they do what needs to be done. This has definitely been the case in my biz and personal life with my own investments!
They get us at our best because a price increase often allows us to decrease the amount of client work we’re doing and invest more time into our self care and joy - and a happy you = better quality work = a happy client! Rest and relaxation are essential to creativity and presence, and your clients will absolutely reap the beautiful benefits.
Us charging our worth does something magical to people - it helps them see and own their worth. They’re forced to see beyond their own limitations and look at the ways that they themselves are showing up, and perhaps keeping themselves small, in their own lives and/or businesses.
When was the last time you raised your prices , lovely lady?
Here’s 5 signs that it’s time to raise your prices:
Your skill set has expanded
Let’s be real - the biz babe you were a year ago, sure as hell isn’t the one you are right now.Every client gifts you new expertise, every course brings with it new knowledge, and every book expands your mind. The more you do and learn, the more you become an expert in your field. Your prices should reflect this honey!
Your biz is running along smoothly, and referrals are rolling through the door
You’ve created a name for yourself! Awesome! Are you getting adequately reimbursed for all that hard work you’ve done to get yourself to that point?You have a wait list
While I don’t believe in taking advantage of people, I would caution a guess that if you have a line up of aligned clients wanting to work with you … it’s because you’re awesome at what you do. Do your current prices reflect your awesomeness?
Your fellow (insert profession here) are charging more than you
Although we shouldn’t compare ourselves others and simply copy what they charge, knowing what’s happening in the industry can be helpful.
I’ve visited the websites of my fellow copywriting babes in the past only to find that I was charging MUCH less than them! Knowing this supported me to expand my mindset around what was possible in my biz, and show up in a new way (and with new costs!)
You’re burning out
While it’s 100% your own responsibility to prevent yourself from burning out (not your clients), charging prices that don’t support your wellbeing is a one way ticket to ill health.As I mentioned above, sometimes charging that little bit more can support you to decrease your workload, support less people and still hit your income targets. Your biz needs you to be your most well, and this is one way to do it.
On the flip side of all this though, I want to quickly explore when raising your prices may not be your best way forward:
When intuitively, it doesn’t feel like your next step. If you’re not sure, then get still, tune in and listen my friend
When you need to restructure your packages, not change your pricing (for example, maybe you offer less 1:1 support and hours, but offer more evergreen resources as part of your package)
When your ideal client’s can’t afford it. Offering a 15K website build to a start-up probably isn’t going to get you very far
When you’re burnt out because other areas of your biz need refining and improving (your clients shouldn’t have to cop a price rise because of this!)
When you’re not energetically able to hold space for your new pricing. If you don’t believe in it, or think you’re worthy of what you’re charging, you won’t sell it honey!
Keen to explore this topic more? This article, ‘Are You Charging Enough In Your Business?’ offers some more food for thought and journaling prompts.
Here’s to your prosperity,