Raising your rates: Mindset shifts to liberate you
Channel: George Kao
Date: 2015-08-15

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When you know you need to raise your rates, but you feel uncomfortable doing it, I hope this post will dissolve what's blocking you.

There are 4 mindset blocks you may need to clear:

1. You haven't gotten enough client praise to feel that your rates are worthy of being raised.

If so, it requires you to improve the delight and effectiveness of your services.  This takes time and experience.  I have short video tips for this here: http://j.mp/1Phy9my

Or perhaps you have gotten lots of client praise, but haven't written them down in a single document.  If so, please start that document today.  

Whenever you get a client testimonial or simply a nice comment about your services, put it in that document.  Order the comments starting with the ones that most impact you.  

Look at the document as often as needed.  Each time you read its contents, you will increase your business self-esteem.  It reminds you of the kind of difference your services are making on your clients.

Remember this: Every 1 client testimonial represents multiple others whose lives your services have positively impacted, because not every client has the time or inclination to give you a nice comment even though they may be thinking nice things about you.

As you improve your business self-esteem, you naturally grow your confidence to raise your rates!

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2. You haven't done the research to discover the various tiers of pricing in your industry.

There are others who offer services very similar to yours.  Some of these "niche mates" charge less than you, some charge the same, and some charge a lot more.

Research especially the ones who charge more than you.  Study their background, experience, and their offerings.  You'll see that some of these actually have *less experience than you* or their offering is not as quality as yours, or other surprising reason why Your offering may be more valuable to the marketplace than theirs.  

When you see this, you'll come to realize that it is fair (perhaps more than fair -- an imperative) for you to charge more, closer to *their* rates.  

You'll feel this palpable shift within you, once you've done this research.

To do this research, use Google, Yelp.com, and ask your friends & colleagues who your niche mates are.

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3. Prospective clients have said they "can't afford" your services.

You must realize that just as there are various tiers of pricing in your industry, there are also *different tiers of prospective clients.*

There will always be people who cannot afford your services, no matter how low you charge.

And, there are even many people who think your services are too low-priced for them to use.  Why is this?  Because human beings naturally judge (often misjudge) the quality of a service by the price.  Your fees are a signal to the market about the quality of your services.  Some prospective clients are looking for premium / highest quality service so they will naturally believe that they need to pay more for it, and won't believe a low price service is that quality.

But let's go back to the more common thing you probably hear: "I can't afford your rates."  When they say that, it isn't usually about how much money they have.  They're actually saying this, without realizing it: "I'm *not* your ideal client at this time."

The solution is to design your offering for the type of person who *so value* your type of service that they will find your new, higher rates to be very reasonable.

There are plenty of them out there.  Everytime you raise your rates, you access another tier of clientele who *now* believe, based on your price, that your service may actually be premium/quality enough for them.

For those who can't afford your services, serve them through your free content.  I talk all about that here: http://j.mp/1gQXV5W   

And, you can also refer them to a niche mate that charges less.  You'll be doing everyone a favor.

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