If you wanted to start to charge what you’re worth, you might think that all you need to do is raise your rates, right?
Sounds simple. A one-step process. Not really!
This is where so many entrepreneurs go wrong. They think it’s as simple as charging more.
Here’s where the problem starts.
What are you going to raise your rates to?
What is the magic price point?
What if your current clients get mad at you? How will you handle that?
Do you have to give more to make more? (and isn’t that defeating the whole purpose of raising your rates?)
Why would anyone want to pay you more?
Let’s look at one of those questions.
Finding the “magic price point” is very important. There are certain numbers that resonate with clients and certain numbers that don’t. Ending in a “7” doesn’t guarantee success! That was a big fallacy and doesn’t always work. The “magic price point” has to feel really good to you. You have to totally believe and feel that you are worth every penny of that amount.
Years ago, when I had a management position in the corporate world, I learned all about “magic price points” and how that works. There is a science to it and my boss, the owner of the company (a multi-multi-multi millionaire) taught me exactly how to do it and use it to my advantage to get more sales.
Where I see a lot of entrepreneurs go wrong is that they decide they want to make more money, they see what others are charging and they decide they’ll charge the same amount. Big Mistake. You never want to compare yourself to others as that’s when you become a commodity. In case you don’t know what I mean by that, it’s when you become a generic item, like a box of kleenex, where people will just shop for the cheapest price.
Figure out what you really believe is the “magic price point” for your programs/services and don’t worry about what the others are doing.
Want the answers to the rest of the questions? Are you ready to learn the steps to charging what you’re worth? Join us at The Wealthy Solopreneur
Be Brilliant,
Kate
P.S. Once you learn how to do this, you’ll be able to do it over and over again for the life of your business. Get your ticket here: http://www.TheWealthySolopreneur.com
