94: How to Raise Your Rates

“Do I need to raise my rates?” Have you asked yourself this question recently? If you’ve figured out that this is our topic for today’s show, then you are probably already grimacing, but stick with me as we talk out this issue. This could be the show that brings more profitability to your business!

Maybe you know you should raise your rates, but you just don’t know how to do it. Maybe you are afraid of how your clients will respond. I heard a motivational speaker recently who said that most of us who offer services are probably charging up to 30% less than what we should. Let’s explore the topic together.

What you’ll hear in this episode:

• Why don’t we raise our rates?
  • Most often, we’re too busy with appointments and forget to make adjustments based on inflation
• How do I handle raising my rates?
  • Let your clients know ahead of time
  • Encourage them to lock in lower rates with package deals
  • Change rates on brochures, website, and ALL materials
• Things I noticed when I raised my rates:
  • Clients didn’t complain and thought the increase was reasonable
  • My mindset was blocking my good fortune
  • My certifications and training justify charging more than minimal rates
  • Clients can see the benefits of my services and are willing to pay
  • I could track the specific client who is seeking my skills and willing to pay the price
  • I had to learn to acknowledge my value and take credit for my abilities
• How do you know when it’s time to raise your rates?
  • Know what your numbers are
  • Network with other professionals
  • Keep it simple and use email, social media, or your website to announce the changes

No one wants to sabotage their business and kill their profitability. Knowing when it’s time to raise your rates (and doing it successfully) is another piece to game-changing your business.