Earning Tip: Charging more and feeling worth it!
January 16, 2006
Am I worth charging more money?
In the course of coaching, I teach women how to set and raise their rates. I know the theories, the exercises, the philosophy etc behind how to raise your fees, and have done a lot of speaking on this very topic. So it was time to put it to the test. It was time again to raise my own rates! I did the research on what other coaches charged and thought deeply about what I would need to charge to continue enjoying my work and living my life. I went through all the exercises. It was difficult. There was fear. What if I raised my rates and some of my clients left? What if the new fee kept new clients from hiring me? Was I WORTH charging that much money? These questions kept me up a few nights, and I went back and forth. I talked to my husband and close friends about it. (Of course they think I am priceless, which is nice to hear, but not necessarily helpful.) The research I had done helped me considerably, since I knew logically that the fees I charged where not out-of-line, and could even be considered a good deal. It also helped that I was willing to lose some clients in the rate adjustment. (You need to create room for higher-paying clients on top.) But it still came down to worth. Luckily, I’ve sent a lot of time this past year collecting testimonials, and re-reading these helped me tremendously. Hearing the wonderful things that happened in my clients lives helped me believe I was worth the money. And so in January, I raised my rates. I’ll keep you posted on what happens. In the mean time, I have to cook a huge pork roast for my “seven fabulous women” dinner that I am hosting this Thursday! It will help to talk about this with other business women who go through this as well.
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Comments
Hi Mikelann!
I always enjoy your newsletters, workshops and talks. I have a topic that I am dealing with right now that is a huge obstacle for me, and I’m wondering if you have any thoughts on how to help me with this topic. It’s fear. You mentioned fear in this posting, but I would like to hear more in depth on how to battle it. I have been reading a lot of materials on marketing, I have a new website for my business,and I have some great ideas that I would love to pitch to businesses on how I can offer them my services –and they can pay me!—But, I am having this huge obstacle. I am doing everything (towards preparing my idea) EXCEPT actually contacting the businesses. I think I have figured out that I am just plain scared. Scared that they will reject me, scared that I will put all of this time, effort and creative juice into something that will produce no financial return for me, and will end up having been a huge waste of time. I’m afraid that I’ll be poverty stricken at the end, with nothing to show for myself.
As I’m writing this it sounds a bit silly, because I think my ideas are actually very good, and the 2 businesses that I have contaced sounded very interested. So why am I having such a block from moving forward, and actually contacting more businesses, and polishing my proposals? I think a lot of it has to do with deprivation, feelings of “why would they want to pay me”, and some ingrained beliefs that it’s not ok for me to ‘have’.
I have the tools (for marketing, negotiating, etc) thanks to you and other resources, but my fear is hugely in the way. Any words of wisdom on how I can overcome this?
Thank you,
Mimi
Mimi
January 19th, 2006