Show Notes115: 5 Signs You Should Increase Your Prices Now
Was there a time that you felt to raise prices, but you just couldn’t because you were afraid your customers wouldn’t like it?
The first thing I want to say here is that you can always choose to increase your prices whenever you like.
You don’t have to wait for a literal sign from the universe or someone like me telling you it’s time to increase your prices! Let’s go through these five signs because these just might be the little tipping point that you might need and it might be that final thing that breaks your back and goes, “It’s finally time to increase my prices!”
You’re getting really booked out
03:03- 03:36 First, you’re getting really booked out. Now, that doesn’t mean that you have millions of clients. I’m talking about your version of being booked out. When I was doing one-to-one coaching, my booked out level was around about 15 to 20 clients a week. People could easily handle 100 clients a week. Because I was doing one on one, my time is limited and I just want to be chill-preneur sometimes. So, yours is whatever feels right for you and right now, and you might feel that you’re being really busy.
03:52- 04:06 Guess what? Pricing is all about supply and demand. If you have a lot of people who desire your services, chances are you can afford to increase your prices a little bit. It’s natural if you’re scared.
04:50- 05:03 So you’re thinking, “No one is going to book in with me,” and sometimes that does come true for a couple of days, but it usually it levels out and people will pay your new price if you’re in demand and if you’re really good at what you do.
05:30-05:36 That’s the first sign you should raise your prices when you’re getting a bit too busy for comfort.
Clients tell you you’re too cheap
05:41- 05:48 Number two, clients tell you that you’re too cheap. I received that quite a fair bit when I was doing my mentorship program.
05:59- 06:10 So that’s the second sign and this is a major one. When you tell your prices to people and they say “Oh, it’s so cheap.”
06:19- 06:28 When you hear that repeatedly, take it as a massive sign that people have a different perception than you do around your worth.
06:58- 07:06 If people are telling you that repeatedly, listen to them and ask yourself this, "Is my pricing hurting my brand?"
You’re attracting painful clients
07:39- 08:13 Number three, you’re attracting painful clients. If you’re getting a lot of pain in the butt clients who are constantly complaining, playing thug of war of you, they are negotiating on price, nitpicking with you over different things, delaying your installment plans, and making it unreasonable, and generally making your life hell – that is a huge sign that you’re an energetic mismatch to your current pricing.
08:18- 08:23 You know what, you deserve a client who gladly pays for you for what you do.
Consistently creating amazing results for your clients
11:11- 11:20 Number four, you’re consistently creating amazing results for your clients. Especially when you can create results that have an impact on their income.
11:42- 12:08 This isn’t just for people who teach business or money because you might have a business completely outside of that realm. Maybe you help people to save time, so they can make more money elsewhere, or spend more time with their family. Save money by outsourcing a task or helping them become more efficient with their resources. Help them to become more efficient in their business by doing something they aren’t good at. Again, time = money.
You want to earn more money
13:24- 13:52 Number five, you want to earn more money. It’s okay to just decide, “I’d like to get paid more for what I do.” Maybe you already know that you’re an energetic mismatch to your prices and you simply just want to earn more. That’s totally ok. And it’s going to happen regularly over your entrepreneurial journey. Each time will feel scary and it’s normal to think, “Is anyone going to pay for this? Am I really worth this?”
14:06- 14:20 As you get even better at what you do, you might feel like you’ve outgrown your pricing again. Totally normal. So if you have been feeling itchy or feel like it’s time to expand, then do it.
14:24- 14:43 Raise your prices. That is a huge, clear sign to get out of your comfort zone and go to the next stage. Nobody else is going to give you permission but you. You have the diamond that is within you and you deserve to shine. You have to claim it for yourself.
- You’re getting really booked out.
- Clients tell you you’re too cheap.
- You’re attracting painful clients.
- You’re creating amazing results for clients.
- You want to earn more money.
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