I have an important question for you. When was the last time you raised your prices? And what’s stopped you from increasing your prices before now?

The most common reasons business owners don’t put their prices up are:

– Don’t want to upset existing clients
– Worried about what other people might say or think
– Just been too busy to even think about it
– It feels uncomfortable and too much like you’re selling yourself
– Guilt, self-doubt and questioning self-worth

The problem is that we often take a very personal and emotional approach to what we’re charging. It can feel like a measure of self-worth and how on earth do you put a price tag on that?

Or we overcomplicate it and make it bigger than it needs to be.

When you’re too close, you can’t see objectively.
Because of this, there can be missed opportunities.

There are 6 things to do to start charging your worth with comfort and ease.

1. Research

Chances are, you’re all over this one. This is about having an understanding of your industry but not getting stuck in overthinking or comparisonitis! Spend just enough time here to understand what the cost-effective and premium options go for and where you might fit it. You have to consider point 2 before locking in any prices.

For you to answer – How well do you know your market?

2. Experience

Take a holistic look at what makes up your, and your teams, experience. Sometimes it’s not directly obvious so go beyond just your experience in this business.

For you to answer – what does your cumulative knowledge, qualifications, experience add up to? There’s often more to this than you first realise.

3. Sweet Spot

The sweet spot is the beautiful place where you are working with clients you love and they see value in paying you well for your services.

For you to answer – Who do you want to serve? What solution would this client see value in paying? Is this the service you have on offer?

4. Clarity

Take the feedback from the last question and now get crystal clear on your service offering and the benefit to your clients.

For you to answer – Are you confident your offer is valuable and can you clearly articulate this value to your clients?

5. Price Review

It’s only now we get to actually reviewing your prices. There’s a reason for this.

We need to first go through the process of understanding the market, your experience, who you want to work with, what solution they will pay for to then finally see if you’re undercharging or on the money.

For you to answer – Does the price fit? Remember if you undercharge you can turn off your ideal client because they won’t think it’s as valuable as it is. They likely have a number in mind for quality services. Do.Not.Undercharge. You won’t attract your ideal client if you do.

6. Comms

Map out a communication plan and consider the rollout to both your existing and new clients so everyone still feels taken care of (depending on your business, you can increase existing clients incrementally or set a date from which they’ll be charged the higher rate)

For you to answer – How will you communicate your price change to your existing and new clients?

If you’d like two experienced business coaches to bring their decades of knowledge into your business, book a chat and find out how COMPASS can help you get back in the driver’s seat of your business. 

With an instinctive curiosity for human behaviour, over 20 years of experience in sales and leadership, Nicky and Ness are obsessed with helping women in business break the cycles that hold them back from creating profitable businesses they love, without sacrificing time or life. 

Each having run their own successful coaching businesses for 7 years, they came together to start Business Together working with female led, service-based businesses with teams.

Their clients have often experienced rapid growth not being able to keep up with the systems, structures, and team growth. As a result the business owner gets stuck in the busy trap, they’re juggling all the balls in business and find themselves in a place of business chaos. 

If this sounds like you, book a complimentary chat with Nicky and Ness to see if they can help you find time freedom again, get peak performance within the team and have a focus on smart growth in the business.

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