Are you undercharging for your services?
If so, you’re not alone. Your school or training program probably didn’t teach you how to set your fees, so what are you left to do? Look around at what everyone else is charging and follow suit.
Problem is, when everyone around you is stuck in dollars-for-hours mode (we’re all conditioned to think this way) and undercharging, it’s all too easy to form a belief that you can’t charge what you’re really worth or really want.
Remember, in your business, you’re the boss. You get to design your business to support the life you desire. And it all starts with how you set your fees.
You might be thinking, “That’s great Elizabeth, but how can I charge what I really want? Nobody would pay me!”
Goddess, that’s the wrong question! Instead, ask yourself,
“Who would I have to BE in order to charge that amount, and attract the clients who will pay?”
Here’s a simple 7-step formula to set your fees this new, empowered place:
Step 1. Decide on your number.
How much do you need to make each month to live the life you want? Be sure to include everything: all of your annual expenses, specific purchases you want to make, insurance payments, taxes – everything.
Big Hint: One of the big reasons why entrepreneurs fail when it comes to manifesting money is that they shoot too high, too soon. If you’re barely paying your bills right now, focus on creating enough to cover your basic expenses. Once you create that success, you can quickly move on to the next.
Step 2. Decide what the money is FOR.
Money is neutral; it has no meaning in and of itself. What gives it meaning is your emotion. When your number actually means something to you, you’re much more motivated to put in the energy required to create it (including asking for what you want).
Step 3. Decide how many hours you want to work.
All actions in your business have a cost, especially serving clients. You can’t create the income you want and the lifestyle you want without getting clear on exactly what you’re willing to pay in time.
Step 4. Determine the number of clients you want to serve.
The number of private clients you take is determined by the total number of hours you want to work divided by the time it takes to serve them. Take care to NOT over-extend yourself – you need time to work ON your business, too!
Step 5. Design your program or package.
Remember, clients invest in outcomes and results, not time. What will your client get from working with you? Your offer needs to have ONE clear core outcome that speaks to your clients’ immediate needs, plus you need to determine the value of that result to the client.
To save time (and in the future, leverage your time) and help your clients get even better results, organize your process into a series of steps, or unique system, that you can walk your clients through. To further increase the value to your client, kick off your program or package with an intensive-style experience (like a VIP day) that helps them create a result quickly.
Step 6. Determine the value.
Ask yourself, “When they have [X] result, what’s that worth to them?” Be sure to look at the impact of the result on their finances, health, relationships and future potential. Then look at the cost of them NOT having the result: how will NOT solving the problem cost them, in the areas of finances, health, relationships and future potential?
Don’t skip this step! It’s this uncovering of the true value of the results to the client that ultimately determines what you can (and should) charge.
Step 7. Decide your price.
This is simple math. To get your fee, take your desired number and divide it by the number of clients you must enroll into your new package. If the number makes you gasp (!), do NOT lower your fee! Instead, focus on creating value. Ask yourself:
“What kind of value do I have to provide in this program in order to charge that amount?”
Who You’re BE-ing Determines How Much You’re Charging
Your fee reflects your confidence in your skill set. If you’re feeling a lack of confidence in yours, ask yourself: is that doubt really about your skills, or are you taking on the responsibility for your clients? (“I don’t want to promise results…”)
Remember that your modality – be it coaching, massage, acupuncture, Reiki – has a lineage of transformation behind it, one you can draw on to boost your confidence when you doubt that your stuff really works. Remember, you’re not the first person to create success doing what you do!
When you are BE-ing the feminine you truly are (instead of doubting or taking on their stuff), your clients will feel it, giving them the confidence they need to get the transformation they truly want – at the rates you desire and deserve.
How to price your programs and services is one of the key components we cover in depth in The Essentials Training. To get on the early bird list for Essentials, just go to GoddessBusinessSchool.com and sign up to get two no-cost reports we have for you. And stay tuned!