In a word, yes!
Under charging is chronic among professional service business owners,
particularly women. But how do you know for sure?
Here are five clues (plus a bonus clue) that will
tell you, clear as day, if you can comfortably and easily charge more,
starting now.
Clue
#1 You have no time to market because you're too busy serving clients
No ifs, ands, or buts, if you're busy then it's time to raise your
fees. Be prepared to lose the bottom 10 percent of your clients, which
is a good thing!
Why? Because you'll make room for more profitable
clients, and the marketing it takes to stake your claim as the expert
you are! (I'll write more about this in an upcoming article soon).
Clue
#2 Your prospective clients compare you to someone else
If you're clients are price shopping then you're positioned as a commodity.
Yikes! That's the kiss of death for creating more money, time, and
freedom in your business.
Do not hesitate—raise your rates right now!
Then get busy focusing your almost-client conversations on
value,
not price.
Clue
#3 You haven't raised your rates in more than six months
Old rates means old thinking. Raise them now, and notice how you instantly
step up into the kind of person who knows she's worth it!
Clue
#4 You're hearing 'no' from prospective clients
At first blush, this may sound like a clue to decrease your fees but
the opposite is true. Why? If you're hearing 'no' then something is
out of whack. You're either marketing to the wrong type of client
or focused on features and process instead of results and value.
Clue
#5 You're hearing 'yes' from practically every prospective client
Hearing 'yes' more from more than 80 percent of your almost-clients
means you're a bargain and they know it. Now, I don't know about you
but I would much prefer to take advantage of a bargain, not be the
bargain being taken advantage of!
Unless being a low-priced service fits with your
brand, you know what to do—raise 'em!
Bonus
Clue: You know in your gut your rates aren't where they should be
Trust your intuition. See those fees you know in your gut are too
low? Raise 'em!
You'll never know if your price is to high until
you test it. One thing I can guarantee is that when you do, you'll instantly
edge yourself into new thinking and believing in yourself!
