How to Raise Your Prices With Confidence
One of the most powerful aspects of being a business owner is having the freedom and control to set and raise your prices how you see fit. No more waiting for an annual, company-wide pay raise that the entire staff receives, no matter how hard you work or how much business you bring in. Being an entrepreneur allows you to be in charge of what you charge! However, raising your prices can come with some challenges, mindset blocks, and imposter syndrome. Read on to learn what key factors to consider when raising your prices so you can do so with confidence and clarity!
Why Business Owners Raise Their Prices
I always say this to my clients, but as an entrepreneur, you deserve to raise your prices!
Inflation, growing your expertise, expanding your team, and investing in more advanced programs all increases your cost of doing business, and your pricing should reflect it.
Raising your prices is about addressing the value you provide your clients and your commitment to going above and beyond to help them get results and experience the transformation you promise.
Beyond that, you deserve to raise your prices because you are a smart, wise, and talented entrepreneur who deserves to be compensated for your incredible skill set! Don’t ever forget that or let imposter syndrome or entrepreneurs that have been in business longer than you tell you otherwise.
Key Factors to Consider When Raising Your Prices
When you’re ready to raise your prices, there are a few key factors to consider to help you feel confident in your pricing decisions and gain clarity on the value you provide.
These factors are:
How long have I worked with this client? (The longer you’ve worked with them and the more experience, knowledge, and expertise you have, the more you should charge).
How much value per month do I provide? (AKA, how much does your support save them or earn for them?).
How am I invaluable? (Think about the expertise you bring to the table, the tasks you do, and how they impact the business, both monetarily and energetically).
When you have the answers to these questions, you’ll have more clarity on the impact you make and the value you provide so you can feel confident in raising your prices. Just be sure to add tax to that number as well!
Once you land on a new price that feels good to you, send a genuine, honest, and authentic notice of rate increase to your clients with at least 30 days notice of the rate increase taking effect. This allows them to plan for this change accordingly.
I know it can be a little nerve-wracking to raise your prices, but more often than not, your clients will be happy to pay you more and celebrate the pay increase with you! And if they question you, make you feel unworthy of that price, or spend hours trying to negotiate a lower price, then chances are, they are NOT your ideal client after all!
If you need more help setting your prices and solidifying your offers, apply here for 1:1 mentorship with me where I’ll help you gain clarity around the value you provide and set your prices with mega confidence!