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You are listening to episode number 11 of “The Grace-Filled CEO” Today's episode is all about pricing your offerings unapologetically and GETTING PAID. This is kind of a weird topic. Money is just weird to talk about sometimes and especially when you own your own business and you put a dollar amount to your skill set. There's a lot of messy mindset things that pop up in the space. Today I'm sharing some practical tips on approaching raising your price as well also trying to correct the mindset that raising our prices as a negative thing. I am not on that train I can't get behind that. So today we're gonna talk about it and I am so excited that you are along for the ride.
Now before we get into today's topic, I want to share with you something that I think you will love!
As a former designer myself I love and appreciate good design. It Hass to be functional and beautiful for me. When I found Elizabeth McCravy's show it templates I was obsessed. They are incredibly clean, creative, and clear. I felt like for the first time I could really trust her template to lead me and how I needed my website to flow. You just know that so much intentionality has been put into each template. When you purchase a template through the amp shop you get a course along with your template that basically shows you how to customize it and all the way that you'll need to which is just going the extra mile. The template itself is pretty amazing but the fact that she provides you with a course and tells you how to do the thing is extra kind! Which is you follow Elizabeth on social media, you know that just seems out of her onto her brand!
If you were looking for a website revamp and you are interested in show at templates I highly recommend Elizabeth's templates in the EM SHOP. My site was created on the Gabby template and there are unlimited possibilities with it. Use the link here in the show notes to find the best template for you and your business! You will not be disappointed!
I have talked to tooooooo mannnnyyyy people recently that have felt conflicted in their business. They feel burnt out and they aren't sure how to grow their business because they are already at capacity, or they are already TIRED. BUT they also feel guilty. Guilty for raising prices, guilty for sharing their rate, guilty for
asking getting more. I see it so clearly because that was me, is me still sometimes.
What bothers me about the conversations I have been having with other women in my service space is that most of these women are believers and they have this unspoken belief that because we love Jesus, we can’t charge high dollar for our services and essentially suffer in our business profits and sustainability because of that – but this is a twisted perception. God has blessed you with this choice, to build this in a way that serves him. Is undervaluing yourself sharing Jesus? In what ways are you undervaluing yourself?
- It's up to us to tell people what our services are worth.
- It's up to us to set the tone of this conversation. If we start it off with an apology to them then we tell them that it's bad that we are asking for more. Like we should be apologizing for valuing our work. Like we should be sorry we are making a choice to grow our business in a very practical and logical way.
About six months ago I was presented with an opportunity to do a miscellaneous project for someone who was referred to me. It was a personal connection, so I naturally wanted to do this, but it was also a little bit outside of the scope of the work that I do.
Well, I knew I was highly capable of completing the project I naturally felt like I needed to lower my price because it wasn't what I was doing full-time anymore. My mindset came up with multiple excuses of why I should lower the price or discount it in some way. But I wasn't delivering a service that was gonna be any less than my normal standards. I genuinely knew that I would do an excellent job for them and so instead of the mindset that I need to charge less to potentially accommodate their expectations and needs, I put on my CEO hat, and I said what makes this worth it for me to do? What is the number that makes this project worth my time?
That question is not selfish it comes from sustainability. It's strategic. Because the more I grow my business and the more I choose to grow my business I know it's gonna require more money to keep going. \It's the same concept as when we were young, we don't require as much food as when we're older. We have to be able to have a pulse on what our business needs to continue to be sustainable and operate from that place when it comes to setting our prices.
Raising your prices is…
- Practical not predatory
- Strategic not selfish
- logical, not for the love of money
- Supports growth, NOT greed.
Raising your prices should not trigger fear and if it does – that is not from God.
I have three tips for you from three situations that you may be in for valuing your skills and getting paid.
TIP 1: It’s possible to meet your ideal client's financial needs without undervaluing yourself:
- Meet them where they are without undervaluing your work. Instead of cutting your prices to serve a specific person, create a package that fits their budget, but modify your services to match that investment. Why buy the cow when you can get the milk for free? Are you following? If you give them everything for $1000 because that fits their budget, then they won't be able to justify the $4000 for the same service. But if you offer them a package of 25% of the services for $1000 then they get to work with you (and you with them) and they understand that you're worth the 4000 when they can afford it. Or they come back over time to complete the work and at the end of your time working together they have paid your full price, but within the budget and timeline that worked best for them.
TIP 2: If you are already in a position where you are booked out, but your rate is different for every person, your rate is below what the industry standard is, or your rate is below what you want/need to charge, then try this…
- Level up your current clients. Send them an email with a multiple month heads up that your rate is changing (no apologies!!!) and give them a date. At this point, they know how awesome you are, and more likely than not they will be willing to pay this new rate. If you are already struggling with this idea, it may mean that you need to try it. Because there is a mindset issue telling you that your services aren't worth it.
TIP 3: If you have recently increased your prices already and your hands feel tied in increasing again, consider letting go of one client. Chances are one client won't drastically affect your revenue or income. So, the idea is to create that space to bring on a new client who is ready for your new rate. You can continue to do this one at a time, OR it will help you gain some confidence and continue to increase prices with your current clients to a place that is more comfortable.
If this is you, I hope this episode reached you deep in your soul. Like I said in the beginning, I have met with some amazing service providers. I mean their hearts are gold and their skills match, you WANT THEM to serve you in your business, but they are all wrestling with this issue of valuing their skillset. We need to right this wrong!
And something else I just want to end with is making sure that you know that your services are not you. You are not your services. So, when we talk about the value of your services we are not talking about your personal value. When we talk about making sure that you value yourself in charge what you're worth I want to be really clear that we are worth far more than what this world has the offer which is why we know that this place is not our home. Business is something fun and amazing that we get to do on this side of heaven, but it has absolutely nothing to do with your worth. This is your permission to detach that mindset issue that somehow putting a dollar amount on your services intertwines with your worth as a person. I want to leave you with this. We cannot put a dollar amount on you as an amazing, busy, family-focused woman. But we can put a dollar amount on your incredible services and the product of that is building a sustainable business to support your family.