Three Pricing Mistakes to Avoid AT ALL COSTS!Aug 09, 2021
A simple question that often makes women business owners blush or break into a sweat is when a customer asks, “How much does it cost?” or “What is your fee?”
Very often women will avoid the question, or fumble for words, or blurt out their old pricing instead of their latest, upgraded pricing.
I know this from working with my amazing clients and from my own experience, too.
I used to avoid talking about money at all costs (pun intended!). And when I did speak about my prices, I would always say it was less than what I had planned on saying.
I drove myself crazy!
So much so that to avoid being wishy-washy, I started to write my pricing down and would simply refer to the written note card, literally reading from it when a client asked me how much I charged. It helped immensely! I was able to stay out of the emotional discomfort and stay consistent by reading the numbers rather than having to hold them in my head and wrestle with myself not to lower them or avoid answering the question.
Today, being on the other side of this money block, I am super sensitive about spotting it in my clients and out in the world. I can feel how women get lost in discomfort and uncertainty about asking for payment and charging what they know they are worth.
But all that is changing because of the work that I’m doing. As you work on this issue, you will empower yourself and others to be confident with money by cultivating an intimate, honest, creative, abundant relationship with it.
Getting really comfortable asking for your fees and expecting to be paid what you are worth is a growth process. There are all kinds of reasons that women undercharge or under-ask for money in their business.
If you’ve had a job working for someone else, you likely didn’t have much of a say in deciding your salary - there was likely a scale where you could be on the low end or high end, but it was pretty much the same as everyone around you who was doing a similar job.
I remember working as a Speech Language Pathologist and going in for my annual review, knowing that no matter how much I excelled or out-performed others in my department, I would still get the same percent raise as everyone else. Not very empowering, wouldn’t you agree?
Being in business for yourself gives you a new lease on money in your life - the sky's the limit for you in every way! Pricing, income, what you can give, what you can earn, how you work, from where you can work - is all up to you. It’s so very freeing, I think everyone should be in business for themselves!
Pricing Mistake #1 - Asking friends, family, colleagues what they think you should charge.
This is a really big no-no. It’s a dangerous practice and can leave you 7 layers deep in confusion and money blocks - that aren’t even your own!
Years ago when I went into business for myself as an Animal Communicator, Teacher, and Mentor, I suddenly had the responsibility of deciding the money value of my skill and service. That was super exciting and also super scary! When I chose a big number, I would talk myself out of it because it might look like I thought I was better than others or “who was I to think I was that good?” And when I chose a price that was too low, it made me feel like I was less than deserving and inferior and I worried that I wouldn’t seem credible or qualified.
So I started asking people around me - family, colleagues, trusted friends, and very quickly learned that this was not helpful at all. The only thing it did was complicate my own money blocks and resistance by layering THEIR money blocks and resistance smack on top of mine.
When you set your prices by asking others what you should charge, you are taking on the money beliefs and money blocks of all the people you have asked.
That is not a good energy practice and definitely not a good business practice. Imagine that every belief, feeling, and experience you have about money is a seashell. You are walking along the beach of life with all of your own money-belief seashells in your pockets. Your pockets are quite full because money is a very big part of life, whether you have a lot of money, too little money, or just the right amount of money flowing into and through your life. There are beliefs, blocks, and stories associated with every income level.
Now imagine you start asking other people about your pricing - which is a very important intimate relationship with money in your business. With every response or opinion each person gives you, they are giving you 1, 2, or 40 of their seashells to carry around in your pocket. Soon you are taking on and holding everyone else’s money blocks and beliefs, too! This is exhausting and stifling!
Knowing the value you’re giving to others, let your soul speak to you.
Trust yourself, listen to your heart, and set your own prices.
That doesn’t mean that you can’t change them or that stretching yourself to believe you are more valuable than you are feeling today.
It just means set a price and try it out.
How does it feel? Does your price inspire you to show up as the best you can be? Does your price make you feel like you’ve done a great job and should probably be paid more for it? Does your price feel so big that you feel like an imposter? Like you should probably take it down a few zeros?
The truth lies in the way you feel, but the way you feel may or may not be a reflection of your highest self and potential. It’s simply where you are today.
Pricing is one of my very favorite topics to coach my clients on. It is a magical thing that happens when a client finds her “just right” price and feels the joy and ease of owning her worth and providing amazing service at the same time.
Pricing Mistake #2: Bartering, Trading, or Working For Free
There is a natural progression in your business - moving from free, practice work to paid work. It is supposed to happen. Very often women get stuck along the path and do free work for far too long, or barter for their work instead of getting paid.
If you’re not getting paid for your work, then…spoiler alert…
you have a hobby, not a business.
This is why so many talented women entrepreneurs are stuck in their D.A.Y. J.O.B and challenged around making the leap into being fully in a profitable business for themselves.
There are some very good reasons to work for free along your business journey. But they have a definite purpose and an end date.
You can do work for free for a limited time to exchange for specific testimonials, gain valuable experience, or complete case studies. And you have to be very specific with yourself about how many clients or sessions you will do to achieve your goal. When the goal is met, that is it.
- Be clear about the reciprocal trade that you are expecting for the service
- Stick to your established time frame for the session and don’t over-deliver or extend the session
- It is okay and even a good idea to tell your client what your going rate is for the service. It adds practice for you getting used to owning the value and stating your fees and it gives your assures your client that she just got a great service!
- It is absolutely fine to say, “No.” Make sure that if you do work for free that it is for a specific reason and not just because you are uncomfortable charging and getting paid.
Example: Commit to yourself - I will do 4 free color analysis consultations in exchange for a video testimonial and written feedback to use on my new website from each client about their experience working with me. Limit it to 4...that’s it. Spell out the details of the exchange in an email and send it to the client, asking them to reply to let you know if they are in agreement with this exchange.
If you want to be successful in business but are not charging for your services, you are sending the wrong message to the Universe.
When you do that, you are telling the Universe that you don’t value the offering you have, that you are undervaluing yourself and your gifts, and that you don’t need money to come to you.
I’m certain that isn’t the message you want to be putting out there!
Pricing Mistake #3: Taking Your Pricing Way Too Personally
There is no perfect price and you can’t please everyone.
It is certainly disappointing to know that you have a great solution for a client but they tell you that they can’t afford it.
You have to be careful not to fall into self-judgment or shame when that comes up, because it will happen in your business. Being in shame and judgement is certain to put the brakes on all that energy and momentum that you’ve been creating in your business.
It isn’t any of your business what people can or can’t afford, what they spend their money on, or what they value.
It isn’t any of your business what people think about you or your prices. And the sooner you lean on that realization, the easier it will be to not take comments about your pricing to heart.
Something I remind my clients of when they are working out their pricing and dealing with the emotions around leaving some potential clients behind is:
When a client says no, it doesn’t mean no forever.
It doesn’t mean they don’t like you.
It doesn’t mean they are leaving your camp and moving on.
It only means they are saying not now,
or not this.
I’ve had clients tell me that they can’t afford to work with me, and a week later call to say they’ve found the money or that they’ve got a plan to make the money and are ready to get started! You never know what someone else’s money beliefs, money stories, money blocks are - unless they tell you. Even then, you can’t take their decisions or comments personally.
There is an awesome solution that allows you to work with people
at a level they are able or willing to afford.
That solution is scaling your business. Creating offers at different price points allows clients to get started working with you for a smaller investment without massively discounting your offer to meet their budget.
This is something I teach my clients how to do and it’s a total game changer!
For now, remember to keep to your money boundaries around your pricing and do not take it personally when someone has an opinion or comments about your fees.
Just because some clients can’t or don’t want to afford your service doesn’t make you an evil or greedy person.
It is not a bad thing to make a happy and significant living from your business.
That is supposed to happen!
We stepped into the world of entrepreneurship for a freedom lifestyle, to do work that comes from our hearts, to influence the world and the lives of others in wonderful ways, to enjoy the benefits of being our own boss, and choosing our own income!
Very often I hear women say that it is so easy for them to do the work they love doing that it is hard to charge for it.
Yes, what you are here to do comes naturally for you, and it is probably loads of fun for you to do! That is a smashing hit! You’ve discovered your passion and your gifts!
Now to make it really really valuable for others - put your price on it and start charging!
To help you with this, download my free guide “Pricing Dos and Don’ts!”
P.S. Enjoying more freedom and abundance in life and business means serving more while working less and making more money! Time freedom and money freedom are the bomb!
When you’re ready, here are four ways I can help you...
- Join me in my free Facebook community and let me know what freedom looks like for you in your life and business
- Pick a time to talk with me 1:1 about your vision, your work, and what you want in life and business
- Work with me in my money mindset and abundant business coaching program. Just reply to this email with the words "Naturally Prosperous" and let’s chat about how to bring more money and freedom into your life and business
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