What NOT to Do When Raising Your Fees

Hands down, the simplest way to make more money is to raise your fees. Oh, I know what you're thinking! "The economy is too iffy to raise my fees. I don't want to lose the chance of getting new business."

Trust me, we've all felt that moment of doubt. But the economy has little or nothing to do with the success of you charging more.

So what DOES impact your success? Knowing what to do, and what NOT to do when you've decided to charge more.

Here's something to keep in mind: keeping your fees flat doesn't mean you'll get more business. Charging more (and knowing how to present your new fees so you gain client acceptance) will help you boost your business...and your confidence!

Here are 5 tips on what NOT to do so you don't unknowingly sabotage your success with the simple strategy of raising your fees.

Tip #1 Don't Apologize

Resist the urge to justify or apologize for your new fees. You can't even THINK "I am really sorry to do this to you, but..." because it will come through in your voice tone and choice of words. Instead, make sure you believe that your service is worth far more than you are charging, even WITH your increased fees!

Tip #2 Make the Increase Count

If you're going to jump through all of the mental and emotional hoops that raising your fees is likely to stir up for you then by all means, make your new number worthwhile!

Tip #3 Don't Compare Your New Fee to Your Old One

Comparing to your old fee is just another form of apology or justification. Instead, compare your new fee to a much more expensive option (preferably offered by someone else) so that you're painting a contrast of how much they could potentially spend elsewhere. This isn't to put another business down, it's just to help your clients feel good about the "deal" they're getting, even at your new rate.

Tip #4 Don't Spill the Beans to New Clients

Telling a new client you just raised your fees is like mentioning to your best friend she just missed the yearly half-off sale at Nordstroms. Be kind. Be quiet. Focus on what extraordinary results they are going to get from hiring you so you can confidently quote your new fee.

Tip #5 Don't Skimp on Emphasizing Results

Whether you're raising fees with current clients or just with new ones, it's crucial that you spend ample time understanding what your clients want as their ultimate outcome (Is it more prestige, a better love life, a new job, better relationship, to lose weight, improve their family in some way, improve their health, get new clients or start a new business?). Then assure them those are the results they'll get.

People will happily pay to get what they want. The economy or your new fee isn't going to stop them from investing in getting what they want. Follow my tips and you'll confidently charge more than you ever imagined!