If I’ve heard it once, I’ve heard it 1,000 times. Almost every client I work with utters these infamous words … “I’m scared to raise my rates.” And I can relate.
But this is one of those situations where once you boldly step out & do the thing you fear, you realize that:
1. it really wasn’t so scary after all
2. it actually worked
3. why didn’t I do this sooner?
My first personal experience with bold steps was asking a boy to the Sadie Hawkins dance (a U.S. tradition where girls ask boys to a dance). I still remember how nervous I was to approach John to ask him to go to the dance with me. And I still remember how dorky I was … because I have the pictures to prove it.
But despite my dorkiness, he said YES! And I had my first experience with facing my fear and feeling the joy of victory.
My first experience with making a bold step in my business was in 1999 when I decided that I was no longer a $75/hour web site designer/marketer but a $5,000+ web site designer/marketer. I made the decision that I would no longer entertain the thought of accepting a project that would be less than $5,000.
Yes, there were still businesses that didn’t want to pay $5,000 (and didn’t need to in order to get the website they wanted), but I referred them to other people. But the day I stepped into that decision was the day I no longer made less than $5,000 per project.
So all of that to say that most of us are scared when we raise our prices. But if you are good at what you do & you continue to improve your knowledge, expertise, training & experience, you deserve to raise your prices. In fact, if you don’t, you are actually getting a pay decrease every year as inflation goes up.
And to top that off, if you work in a field where you can get things done faster as you become more experienced, if you only charge for time-billed, you are making LESS money as a reward for being able to do your work more efficiently. Ta da! Congratulations!
There will always be people to take the low-paying projects (so don’t worry … those clients can find someone to help them). You just have to make the decision as to whether it will be you. When you own your own business, you decide how much you’re worth.
So are you going to be the bargain-hunter’s dream or the top-of-your-field expert? It’s your choice.