5 Proven Strategies to Raise Your Fees

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July 27, 2017
5 Proven Strategies to Raise Your Fees

As a business owner you accept all the risk of being in business for yourself, but what about accepting the rewards? Do you have time to spend with your loved ones, time to travel, time to pursue your personal passions?

What is your time worth?

Having coached business owners and consultants for over a decade now, I’ve discovered this is a loaded question!

I know when I first started my business I was exhausted, overwhelmed and worn-out from all the work I was doing for my clients to obtain a minimal fee. Pretty quickly I realized that I needed a new approach. I’ve worked hard to increase my fees while reducing my labor so I can enjoy more discretionary time to be with my family, travel and simply enjoy life.

But many still hesitate to raise their fees. It can be intimidating. You might worry that you’ll no longer be competitive or that you’ll lose the clients you already have.

Here are five proven strategies, that have worked for my private coaching clients, to help you raise your fees, attract new clients and keep your current clients happy at the same time!

1. Increase Your Fees Annually

If you’ve been at the same fee structure for years that signals a problem. As more and more clients work with you, especially if they’re providing you with positive testimonials, it’s time to leverage all that valuable experience into more money. I actually increase my fees twice a year, but once a year would be the longest you should go between increases.


2. Pay Attention to What Your Numbers Are Saying

Too many business owners, especially consultants, aren’t familiar with their numbers. If you don’t know your average client sale, how often you close a sale, the percentage of clients purchasing a higher end program, etc. you’re working in the dark! Start tracking where the majority of your profits are coming from, how often your programs sell out, or how long your waiting list is. These are signals that it’s time to raise your prices, but you have to look for them!

 

3. Stretch Up

Here’s a mindset strategy you can try. When I ask my private clients what they would charge for a service they give me rate and then I add on 10-20%! This expands their thinking and they usually call me the following week to tell me it worked! We tend to hold back and are often overly conservative, so stretch up in small increments of 10-20%.


Communicate Your Unique Solution

What’s your unique selling proposition (USP)?  People will pay more if they’re certain it’s a solution only YOU can deliver. If you’re teaching or consulting brand new, original material than you deserve to be paid accordingly. Or maybe you offer a higher-level of service or a one-of-a-kind, comprehensive package. Make sure your clients know that what you’re offering is unique and they’ll be more willing to pay a higher price to get it.


Believe in Yourself

I’ve worked with consultants who were excellent, with a wealth of experience and industry background, but didn’t have the confidence and self-esteem to market their real worth. They were stuck charging low fees because they simply did not believe in themselves. When it comes to money your mindset matters. You need to believe that you deserve to be paid well for the value you provide your clients. If you don’t believe, your clients won’t believe it either.

These strategies made a big difference to Beth Bores, an image consultant from Spain. After our work together she says, “Now I have a keener understanding of the value of my services and I’m clear on what I have to offer that is unique within the image consulting space. There is no hesitation as I step into my power and own the value of my premium programs. I’m more confident in my pricing and have increased my fees and expanded into the areas of speaking, professional development seminars, and private coaching.”

Once you start raising your fees and people say yes, the money you attract begins to create momentum, which brings you in even more money! Your value-barometer goes up in the minds of your prospects and clients and they want to be on that success train right along with you.

Could you use help raising your fees? I have a tool, the Advanced Fee Maximizer, I designed to help my coaching clients arrive at the right numbers.  If you’d like to learn more about how it works or if you could use some help implementing any of the strategies in this article, call 800-267-3245 to schedule a complimentary 30-minute consultation.

Predictable Results™ Assignment

Choose at least two of the five strategies and give them a try. Also, set a deadline for yourself so you don’t procrastinate and you get the raise you deserve!



As a pioneering and visionary innovator, Sarah is a certified professional image consultant and brand strategist, speaker, trainer and author. Her company, Illustra Business Coaching, provides leading-edge business building strategies for small business owners & entrepreneurs who wish to take their company to the next level.

Illustra Business Coaching
Copyright © 2016, Sarah Hathorn, AICI CIM, CPBS
1-800-267-3245, info@illustrabusinesscoa

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