One of the biggest factors in having a profitable service based business is charging what you are worth. Undercharging leaves money on the table. It forces you to work harder to make the income you want. Undercharging also sends the message that your services are not as valuable as a competitor who charges more than you do. How do you find the price point you feel solid about that honors your value and be confident that clients will happily pay your fees?
Jackie consulted with me about her aromatherapy/energy healing practice. She wanted to make it more profitable. She was struggling with how to set her fees. She had been charging fees she knew were too low. Jackie knew needed to charge more but she felt uncomfortable about raising her fees with prospective clients. She was at a loss about how to talk about her fees in a way that felt natural and comfortable. Jackie wanted to feel confident discussing her fees and have certainty that clients would agreeably pay them.
When I scanned Jackie’s energy field I noticed a green area in her heart area that shifted between bright and dark green. “This green color in your heart area is telling me you are trying to shift into a healthy relationship with your hearts desires. Your soul wants you to honor what you really want –and to make what you need a priority– but another part of you feels undeserving of this.” Jackie affirmed this was true. Mentally and intellectually she knew she needed to charge what she knew she was really worth, but on a deeper level part of her felt selfish about it.
The next color I saw in Jackie’s energy field was a white area in front of her solar plexus area. “This white color,” I told her, “is telling me you have a very high standard for yourself about how power should be used. The problem is it is too high of a standard-so high that it blocks you from being truly powerful. You have fear that by being powerful in the way you need to be you will somehow abuse power.” Jackie agreed that this was true. She felt guilty charging higher prices for her healing work–she feared she was abusing power because her clients needed her services to help them heal.
The last color I saw in Jackie’s energy field was a brown color in front of her lower abdominal area. “This brown color is telling me you have a comfort zone around what you desire and what you make important.” I told her. “My sense is you have always felt good making your number one priority healing your client. The problem is that you have not felt comfortable bringing your own needs and desires into that equation and making them more of a priority.” Jackie confirmed this was true. She had always put her clients needs first, sometimes to her own detriment. She would undercharge them and then feel drained and resentful. Jackie knew she needed to change this dynamic. “I really resist fixing this part of my business”, Jackie confided in me. “I love doing the healing work but the business and money stuff is almost distasteful to me.”
I told Jackie, “You are in the business of healthy self-care. This means you need to demonstrate healthy self-care to your clients. That means charging what you are worth and not de-valuing yourself.” Jackie agreed. She realized she hadn’t framed it in terms of demonstrating healthy self care to her clients. Jackie knew this was important to stand in her integrity. We then did some energy work together to align her with the statement, “I can get out of my comfort zone and enjoy growing my successful business as a powerful well-paid healer.”
The next time I spoke with Jackie she told me, “You won’t believe what happened. A prospect mistakenly thought one of my consultation sessions was free. I found myself telling her, “It’s not free. It’s $197. I priced it that way because you get so much value from it. ” The words just flew out of my mouth before I even thought about it! I would never have been able to speak up like that in the past. The amazing part was the woman immediately signed up –so I got a new client on the spot!”
Do you struggle with talking about your fees and charging what you are worth? Here are a few tips to help you set fees for your services that both you and your clients will feel good about.
1) Charge at least the going rate for your service.
a. What it is: Setting your fees comparable to what similar service providers charge.
b. Why it’s important: People expect to get what they pay for. Charging well informs people that what you do is valuable and that they are getting a high quality service. Charging significantly lower than the going rate may make people question the value of your service. Charging at least the going rate prevents under charging and confirms your value to your prospects.
c. How to do it: Research the competition’s rates: ask around, go online.
2) Know your UVP (unique value proposition) then stand in it
a. What it is: Your unique value proposition (UVP) is why clients will come to you rather than your competitors. Your UVP makes your value so obvious to prospective clients they don’t hesitate to hire you.
b. Why it’s important: It can take a bit of insight and experience with clients to identify your UVP but the time taken is well worth it. Knowing your UVP makes it easier to charge whatever you feel you are worth and know you can get it because of the law of supply and demand. If clients can only get your unique service from you and no one else you are guaranteed clients because you own your niche of the market.
c. How to do it: If you haven’t yet figured out your UVP think about what your current clients say about your services and what they like best. You might have a system or a method that you developed that is uniquely yours. You may have certain skills that are not common among your competitors that add value to your services. You might have a special way of doing what you do that is uncommon. Think about what drew your current clients to you vs. one of your competitors. If you still are not sure of your UVP, you might send out a survey to your current clients with a special gift for responding to your questions.
3) Add a bonus
a. What it is: Adding a special service or gift that complements the work you do that will delight your clients
b. Why it’s important: Adding a bonus is an attractive value boost that makes it easier for prospects to say yes to your higher priced offerings.
c. How to do it: Ask yourself what related needs or desires your client has related to your service. For instance, if you are a dating coach you might offer a free online dating profile consultation. If you are a massage therapist you might give your client a free sample of an aromatherapy oil. If you are a real estate agent you might offer your seller a free mini home staging consultation.
4) Offer customized packages and payment plans.
a. What it is: Customizing your offerings to the needs of the client so it is easier for them to say yes.
b. Why it’s important: Many times clients will need your services but may hesitate if it doesn’t totally fits their needs. Customizing your offerings gives the client great service and the assurance they have a custom solution tailored just for them.
c. How to do it: You might have a $1997 package of 12 coaching sessions but your new clients doesn’t feel like she needs that much coaching. You might offer a smaller $997 package that better fits her perceived need. Or your client may feel like one payment of $1997 would be too much of a strain on her budget, but she would be comfortable doing 4 payments of $525 over 4 months. Or you might offer a slightly different type of service within your range of expertise–such as a session on time management– that would address more of your prospects specific issue. Tailoring your services so they are a perfect fit for your client makes it easier for them to say yes.
5) Offer limited time discounts.
a. What it is: Offering temporary limited time discounts on your services and packages is a great incentive and a great way to reward people on your list.
b. Why it’s important: Limited time discounts are a like gift for your customers. Plus they are great incentives for prospective clients who might be on the fence about working with you.
c. How to do it: Offer limited time discounts to people on your list. Decide what you feel comfortable with–10 to 20% with 10 to 14 day time window is a good place to start.
6) Align yourself emotionally with receiving what you are worth.
a. What it is: Feeling solid and deserving not just intellectually but emotionally so you are open to receiving what you are worth.
b. Why it’s important: Being clear and confident talking about your fees assures the client that you are worth what you say. Being nervous or unconfident when talking about your fees conveys the opposite. You may know very well intellectually that you deserve your new higher fees but if your emotional energy sends out mixed signals you may confuse your prospective client. You don’t want this scenario. As the old adage goes, “Confused customers do not buy.”
c. How to do it: Release blocks around power, money, and deservability. There are various methods that can help you release blocks to owning your power and deservability. Energy healing therapies such as meridian tapping, flower essences, hypnosis all work to release blocks at the subconsious level to help you feel more deserving, become more empowered and open to receive a higher level of success and abundance.
Do you want to be more clear and confident standing in your value and charging what you are worth so your clients happily pay your fees? My free ebook, 5 Common Blocks That Stop Women From Wealth and Success will help you break through subconscious blocks and cultural programming so you can receive more wealth and success in your business and in your life. You can get it free here.