Do you ever feel that you should be making a lot more money than you are? Are you experiencing a blockage where your income doesn’t reflect your level of expertise… or the amount of hours you spend working in your business?
Are there other people in your industry who you feel are making more money than you, even though you work harder, or have more expert knowledge in your subject?
Do you feel stuck… while on the one hand you can see there is a problem but you don’t know how to move forwards and improve your situation?
Could it be your own money mindset that is holding you back from reaching your income goals?
I received an email this week from one of my clients who asked;
“Jo, I feel like I’m doing all the right things to grow my business; I’ve got a good handle on my marketing and I’ve created programs and products so I’m not trading time for money. I know I’m great at what I do, and I seem to be able to attract clients who recognise me as an expert… but I’m always struggling for money.
How can I increase my income to reflect the value I offer?”
Can you relate to how they feel?
Identifying the Block
When we delve a bit deeper into their situation, we discover that they have particularly excelled at is ensuring they have plenty of additional income streams so their income isn’t 100% reliant on them working in the business.
That’s a great position to be in, and if you’re not currently at that point in your own business, I urge you to start taking action on this as soon as possible.
But for my client, the problem lies in what they charge their private clients.
I was pretty shocked when they revealed how they arrive at their private consultancy rates, and it became clear that their underlying problem was that they had “stuff” around money. They recognised they should be charging more but didn’t feel comfortable asking for higher rates.
They were calculating their rates based on the time it took to do the work, and not the value they provide to the clients.
Is it the same for you?
Experts Charge More
You might be thinking that it’s easy for me to say… or that you can’t charge higher rates because you’re not well known or established as an expert yet?
So, let me turn it around and ask you another question… think about someone who you recognise as being an expert, do you think they have reached their position because their rates are low? Or have they become highly sought after as a result of charging premium rates?
It’s an interesting concept isn’t it?
How can you get out of this trap?
Please stop basing your pricing on the amount of time it takes to complete the work… and start charging the rates that reflect the value you add to your client.
You don’t want to become the most popular person to work with simply because you’re the cheapest… is your pricing positioning you correctly?
Take some time to contemplate why you have self limiting beliefs around money… where do these feelings stem from? What can you do to address them that could have a big impact on the success of your business?
Higher Fees = Better Quality Clients
Think about that for a second…. The higher your fees, the better quality your clients…. Interesting right?
Unless your clients are investing in their own transformation, you’re going to find yourself giving great advice that you KNOW will make such a huge difference… but feeling frustrated that your clients just won’t take action.
By raising your prices, your clients will be far more committed to the work you’re doing together… and you will become a highly sought after expert with a long list of happy clients who have seen a dramatic transformation.
What’s holding you back from charging premium prices… and how can you work through the blockage that is stopping you reaching the level of success you deserve?
Do you fear success?
Is a lack of confidence in yourself stopping you from moving forwards? If fear is holding you back from reaching your goals, my Ultimate Confidence Pack will help build your confidence and face your fears.
Yes, most people have issues around their fees but not the value they deliver to their clients. When a client makes a greater investment in your advice they’re much more likely to follow it through. Free advice washes over them and does not create lasting change. Regards Vince
As usual thanks Jo for a great blog. I’m now creating products to reduce (and eventually minimise) the time for money swap. And doing first group workshop next week so time for money is being leveraged. But I have a question. I help people define ‘1. Know’ and ‘2. Name’ their niche, then plan and implement, marketing, sales and systems to ‘3. Work it’ and ‘4. Own it’. I tend to charge my rates for parts 1 and 2 lower while clients are in the early stages prior to knowing their niche. Then increase rates as they get into implementation. Not a loss leader, but a rising rate structure that matches their biz stage and capacity. What do you think of this approach?