No matter where you are in building your business, it’s likely that when it’s time to review, raise or evaluate your prices, you likely feel a little trepidation.
Why is that?
It’s often as a result of not being in alignment. When you don’t see yourself as an expert that adds tremendous value to others, you’ll struggle with whether you should and can charge what you know you need to charge in order to position your business for profitability. Conversely, when you see yourself as a gift to the world and you see the value that you add as “priceless” and “transformative”, you won’t struggle to set rates that position your business for growth and profitability.
I always recommend that entrepreneurs learn how to think like a CEO. CEO’s don’t allow their fears and emotions to impact the business building process. They know, that business is quite simply a numbers game and the one who has the best command of their numbers is usually the one who experiences big wins.
The question I’m often asked is “but how?” And that is very similar to the question Tenaka asked that we are featuring in this BRAND NEW episode of Incredible Factor TV. Check it Out:
“Hi Darnyelle. I’ve been struggling with my confidence around the rates I charge and it’s affecting my ability to hit my targets. Because I flip flop on my rates, I’m experiencing a lot of ups and downs but I just don’t feel like people will pay me what I want for services and info that is common knowledge, like they could find it on Google. What advice do you have for someone like me who knows they need to raise their rates but keeps letting outside concerns keep them from it?”
See my response to Tenaka here:
As I shared in the episode, I’m actually proud of Tenaka. The fact that she’s willing to be honest with herself and me about this challenge in her business is half the battle. As I said, if you are unwilling to confess it, you’ll never conquer it. If you struggle with your pricing, you’re not alone. Most entrepreneurs and business owners grapple with pricing on a consistent basis. But it shouldn’t and doesn’t have to be that way.
The truth of the matter is that you don’t have a business if you’re not earning revenue. And, if you are afraid to price what you need to in order to profit in your business, you’re not going to be in business very long. From my vantage point, after having worked with hundred of entrepreneurs and business owners, it really boils down to these five keys if you want to get out of your way and build a true business with pricing that supports your lifestyle, your business goals and your desire to be a fiscally responsible entrepreneur.
Key 1: It’s as honorable to sell, as it is to buy. The truth is life is a transaction, and if you want to build your business you’ll have to remember the universal law of business – “get found by a group of people who have the problem you solve that are ready right now to invest in a solution.” When you see yourself as a problem solver and understand that business is simply solving problems for profit, you’ll make a shift that will help you to stop taking your pricing personally and see yourself as a business owner.
Key 2: Believe that you deserve to be paid for the gifts and talents you render in service to others. This one is completely on you and your mindset. If you don’t believe you deserve it, you’ll never earn it. Everything starts with the power of belief. The way I see it, you quit your job to start your business because you believed that you could make a better living, help more people and add more value, right? So, keep believing in why you started and fuel that belief by solving a real problem for which others will gladly pay you!
Key 3: Get into alignment. In one of my favorite books, Ask and It is Given by Esther and Jerry Hicks, they share a feelings chart because our ability to have or not have is often tied to how we feel about things and the emotion we expend there. On the left side of the chart, there are positive feelings like gratitude and emotions like happiness, and on the right, there are negative feelings and emotions like fear. Interestingly, I have been conducting a study and it seems that most entrepreneurs are on the left when it comes to life-related issues but they are on the right when it comes to their business. Yes, they are out of alignment. If you are unable to be completely on the right, you can’t achieve what you desire because alignment is part of the equation.
Key 4: Release the Emotion. As a business owner you have to remind yourself (although this is your life’s work) that you are a service provider for people with a problem. If you are emotionally charged and tied to the work you do, it can have a damning affect on your ability to grow your business. Here’s what I mean: you may find yourself offering discounts or under charging because you don’t want to hurt your potential client’s feelings, or you just want to get a client, which is not good. Desperation never built a business. Has there been a time when you’ve worked with a client that you helped them to get truly transformational results?
Key 5: The livelihood of your business depends on it. This one may be tough to read but it’s the truth. If you’re unwilling to confidently articulate rates that ensure that you are building a business that serves you, you will work way too hard for way too little and/or you may find yourself one time too many on the wrong side of the feast or famine epidemic that hits business owners who don’t understand the importance of charging more than it costs to perform their services in excellence.
Please keep this in mind – if you’re in business, reviewing and raising your rates should be a natural part of the process. Use these keys to get on board with what it will take to position yourself with rates that will serve you and your client.
And, be sure that no matter what, you price based on the value you add and the Return on Investment you are able to offer those you serve.
Struggling with your pricing? Here are a few other posts I’ve made around pricing to help you:
- 7 Costs Entrepreneurs and Business Owners Must Consider to Determine Prices
- 7 Things Entrepreneurs Must Consider When Setting Prices
- 3 Things Entrepreneurs Should Consider Before Putting Their Prices on Their Website
Now I want to hear from you. What’s your two cents? Do you struggling with confidently articulating your rates? Have you not raised your rates out of fear? Have you quoted a lower rate before you feared that you’d lose the sale?
©2017 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Business Optimization Coach and Mentor, is the founder of Incredible One Enterprises®, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program so you experience financial and spiritual abundance in your life because of your business. For more information and a FREE audio CD “7 Critical Mistakes Even Smart Entrepreneurs Must Avoid for Clients, Connection and Cash Flow!” just fill out the form below.