might it be time to raise your rates?
if you’re looking at your revenue goals for 2022 and you’re thinking: “at my current pricing, i’d need way more clients than i’m willing/able to serve and/or than i can reasonably attract”. then it might be time to consider raising your rates, friend.
pricing is both an art and a science. and there is no one precise way to do it.
i’m a huge fan of reverse-engineering your revenue goals to your offerings and determining what you need to offer that will be worth what you want and need to charge to your ideal client.
so when i sit down with most of my clients and we analyze their dream life cost, their revenue goals, their pricing, and their client pipeline, a common question i find myself asking them is, “might it be time to raise your rates?”
i’m often met with pushback that’s rooted in fear.
and in case you’re in a position where you have a hunch that it’s time to raise your prices, i’d like you to consider these points:
💵 just because you haven't charged that rate yet, doesn't mean people won't pay for it.
💯 you can take on less clients, and give them better service if your goal isn’t to grow your revenue but to work less, more effectively. (or, you can grow your revenue with the same amount of clients).
💰 maybe it's not a price you would pay, but that's also because you know what you know, so it's easy to take for granted and devalue your own skillset when it comes naturally to you.
⏱️ you won’t know until you try (and commit to a long enough time horizon to see it pan out) whether it’s a fit for your market or not (or if your target market needs to adjust to fit your pricing).
⭐ ️always consider what you can add to your offer to make it worth the price. not to price based on your best guess of the minimum amount someone would pay and go with that number out of fear.
*it can also be valuable to tell people who haven’t made a decision that prices go up on x date, and if they want to lock in before then, now’s their chance (then you are also on the hook for raising your rates on x date).
these aren’t the only factors to consider, but i do hope this will be a useful thought exercise as you work towards your 2022 goals and allow your business to be the vehicle that creates the time and financial freedom you need to do that!
so, might it be time to raise your prices?