While I don’t consider myself money-driven, I’ll admit that I’ve spent a good portion of my adult life thinking and talking about money.
I’d been working and receiving checks since the age of 15. But it wasn’t until I left my corporate job to start my own business that I asked myself what I wanted money to represent in my life.
The answers were clear: freedom, value, and most importantly, memories. I wanted to be able to afford experiences more than things.
But when I looked at what I’d been charging for my services, it became apparent that my rates didn’t reflect these values.
Asking more for my time and skills felt terrifying…
…until I discovered 3 simple truths that helped me understand why raising my rates would be beneficial for everyone involved: myself, my business, and my clients.
1) The greater the cost, the greater the results
I’m all for free content.
One of my favorite parts of running a personal brand is creating free stuff via my blog, podcast, and Facebook community. I love engaging in discussion with those who have gained something they feel is valuable.
But make no mistake, these aren’t the individuals who are going to achieve the results I speak of in those same podcasts and blog posts.
It’s not that they’re incapable. It’s that they haven’t put any skin in the game.
Of all the people I’ve offered tools and strategies to, the greatest results I’ve witnessed have come from paying clients.
There is a direct correlation between cost and commitment. The higher the cost, the higher the commitment — and the greater the results.
Charging more for your services can have a profound impact on the transformation of your clients. By charging more, you’re giving clients the opportunity to step up and hold themselves accountable to achieving results.
“But what if my clients can’t afford it?”
Start by getting rid of any assumptions. When you assume your client’s response, you’re already saying “no” on their behalf.
Even worse, you’re forcing them to play small, when your role is to help them play bigger.
In my opinion, a client that says no to a cheap product or service is far worse than a client that says no because they don’t have the money. In the latter situation, there’s at least room for negotiation.
2) Your price reflects your brand
It’s no secret: we’ve been trained to assign greater value to higher priced products and services. Therefore, the cost of your services will dictate the projected quality of your brand.
Some go the route of offering more for less (think Walmart).
Others pursue less for more (think Louis Vuitton).
Which do you assume provides greater quality and value?
Well, the same goes for you and your business.
And while you may not consider yourself the Louis Vuitton of your industry, ask yourself: “Where do I fall along the spectrum?”
Keep in mind that the higher-priced items often attract the higher quality clients: those who value and respect your time and skills.
3) The more you receive, the more you have to give
Ah, the root of all evil. Money, right? Actually, that saying comes from the Bible — and the statement is actually the LOVE of money is the root of all evil.
We’ve been shown, time and time again, that money leads to evil. Television shows and movies portray rich people as the greedy, egocentric villains.
And while most of us know this is not reality, we still maintain the limiting belief that asking for more money makes us selfish.
But here’s the truth about earning more….
You’ll have more to give.
When you’re struggling financially, burned out, or emotionally bankrupt, you simply lack the resources to be of service.
Raising my rates was never a selfish act. In fact, it was the opposite.
Earning more enabled me to hire a team so I could serve more clients, provide greater value, and donate more time and resources to those in need. Not to mention, I get to spend my time doing things that give me energy rather than drain it.
I hope these mindset shifts give you pause to consider how you will set your fees and prices.
What other money mindsets have you found helpful in raising your rates? Share in the comments below and join the conversation in my FREE Facebook community.