How do you know when it’s time to raise your prices?

That part’s easy!

❌ You’re probably getting really resentful of your client work. 

❌Clients might even be telling you that you’re undercharging

❌You realize that it’s impossible for you to hit your revenue goals unless you raise your rates. Yikes!

But how do you raise your prices without pissing off your current clients and repelling future sales? 

That is exactly what I’m going to talk about in the video below!

I’m sharing 5 great tips with you for how to double your prices and work half as much time so you can make the same amount of money and then eventually double your current revenue. Click play if that sounds good to you 😉

➡️ Subscribe to my YouTube channel!

 

Pricing is one of my all time favorite topics. 

I love having this conversation with my private clients and the five tips I’m going to share with you in this video are exactly what I tell my private clients in our coaching sessions. 

Pricing is so particular because it brings up a lot of our mindset issues, and yet every preconceived notion we seem to have about pricing is totally incorrect! 

So let me walk you through these five tips so we can make sure that you are not making some major mistakes in your pricing that are costing you thousands and thousands and thousands of dollars…

 

#1 – Zero Waste Your Work

This is exactly what it sounds like.

I want you to make sure that when you are delivering your client work, you are doing so in the most efficient way possible. No waste!

This requires that you stop thinking like a creative and start thinking like a business owner (which can be hard!)

I’m a copywriter. I want to spend all day making the coffee perfect, but if I do that, I’m not being efficient with my time. 

➡️I have a free tool for you called The Client Capacity Calculator – get it here! This calculator is going to help you to see how many hours it is actually taking you to deliver your service and if you can even hit your revenue goal doing things the way you are right now. 

 

#2 – Know Your Revenue Goal

We cannot set pricing unless we know how much money you’re trying to make and how many clients you can actually work with.

Your pricing is going to be your revenue goal divided by your client capacity. 

So, if you want to make $100K in the year and you have space for 20 clients, your average price needs to be $5K per client.

(I show you how to do all of this math in the Client Capacity Calculator!)

 

#3 – Flip the Script

Your clients are paying a certain amount of money for a certain level of service. When we raise the price, we need to show them that that level of service is improving at least double. 

If we’re doubling the price, we need to make that a no-brainer. 

The big shift that happens here for most service providers is you need to shift away from dollars per hour pricing to value-based pricing value-based pricing is all about the positioning of the result that your offer provides, not the specific work and deliverables that you’re doing.

➡️The best way to do this is with a high converting sales page. Click HERE to get my free templates!

 

#4 – Stop assuming people can’t afford you

Harsh truth? I guarantee you that the same people who are saying that you’re priced too high right now are actually paying more than that for other services that were sold to them better than how you are selling yours. 

You’ve got to put the onus on your shoulders to make sure that you’re positioning your work in a way that shows that value and stop assuming what people can and cannot afford. 

Affordability is a very subjective thing. Everybody makes financial decisions in a different way. 

Some people are more comfortable using credit cards to pay for things for their business and others are not. 

Someone might have the same amount of money in their bank account as someone else and one says they can afford something and one says they can’t. It’s not as cut and dry as I have X amount of money, I can’t afford your thing or not. 

What we need to be showing people is that the thing that you have to offer is a smart decision. It’s going to help them achieve their goals. We need them to focus on the return on that investment and why that result is so important. 

PRO TIP: Go into every sales conversation, assuming people will say yes, instead of assuming they’re going to say no. THAT’S the kind of confidence that’s going to manifest in more sales.

 

#5 – Provide ample notice (2 months is great)

This one is the more logistical one is to provide ample notice about when you’re going to raise your rates to both your current clients and your prospective clients.

For your current clients, you want to make sure that you’re emailing them or getting in touch with them a couple of months before your prices go up. Two months is good because that way you’re providing them some time to think about it before they need to make that decision.

Providing notice in advance, also allows you time to make sure that you’re shifting the things in your business to align with your new pricing model. 

Remember, when you share that price update with your current clients that you want to position that service and do all the things that we’ve talked about already in this video, like having a really well crafted sales page (get my free templates here!).

Leave a comment on YouTube: When was the last time you raised your prices? 

I raise mine once every year or so, sometimes more (especially if I’ve strategically priced them low to gain traction).