How To Confidently Raise Your Prices

Let’s get real about something that might make your palms sweat and your heart race a little.

Pricing.

Yep, that essential element of running a business that often feels confusing. But if you want to build a business that actually makes enough money to pay your bills doing the thing you love AND have enough left over to splash out on whatever your heart desires it's something you need to get to grips with.

So today, we're diving deep into the art of pricing your services with confidence and clarity.

First things first, let me share a little story.

Back in the early days of my business journey, I grappled with what to charge & often felt a knot in my stomach whenever the topic of pricing came up. And I'd been in sales in the corporate world. But it's a totally different ball game when it's your own services you're selling.

Sound familiar?

I was a photographer. And I started out with embarrassingly low rates. Offering entire shoots for as little as £45.

Looking back, it's absurd considering the time and skill I'd invested in my craft. And the stunningly beautiful photos all my clients went away with. I realised that my pricing was unsustainable. I'd never turn a profit. And if something didn't change I'd have to quit & go get a JOB.

Which wasn't happening.

I'd escaped my soul sucky job in the corporate world to be able to spend more time with my young son. Dropping him off and school and picking him up again. Being around during the holidays. And there was no way I wanted to lose that.

It was another photographer who finally set me on the right path. We put together a spreadsheet. Working out how much I wanted to earn, how many weeks I wanted to work and reverse engineering my pricing to make sure I was setting realistic and sustainable rates.

It took some mindset work.

But I started to raise my pricing.

And my business took off.

Establishing pricing that supports a thriving business is essential. But I totally get it can feel daunting

"Will anyone pay?"

"Will regular clients balk?"

"Am I truly worth it?"

So, what’s the secret sauce to pricing with confidence? Here's four steps you can use today to price for passion & profit.

Step One: Dream Big

Alright, let’s dive into the nitty-gritty of pricing.

It's time to take a hard look at those numbers. Grab a pen & paper. Write down what you're charging now. And then write down what you'd like to charge. Let’s start by throwing a number out there. It might feel like a leap of faith or a hesitant toe-dip into icy waters, but trust your gut and jot it down.

Now, don’t be surprised if that number makes you break out in a cold sweat or sends your heart racing a mile a minute. It’s perfectly normal to feel a bit jittery when confronting the prospect of change. Whether it’s a modest increase or a bold jump, embrace the discomfort and write it down.

This number is your starting point.

So take a deep breath, and let's dive into the next step.

Step Two: Calculate the Transformation

Now, let’s dig into the essence of your offer.

What exactly do you offer that transforms your clients' lives? Is it the accountability, the resources, or your unique processes? Think about the years you've taken to master your craft. Think about the hours you've spent studying. The books you've read. The courses you've taken.

List them all out and write down how much they cost you. Now look at the number you wrote down in step 1. Bet it doesn't seem so 'out there' now.

Consider how much would someone pay to have their challenges resolved and their goals achieved?

Spoiler alert: it’s likely more than you realise.

So, take a moment to reflect. Are you truly valuing the impact of your services? Remember, what you offer has the power to change lives.

It’s time to recognise that & reflect it in your pricing.

Step Three: Calculate Your Hourly Wage

Now, let’s roll up your sleeves and crunch some numbers.

Take a comprehensive look at all the tasks you undertake within your program or service. Number of calls, emails, and everything in between. Be brutally honest about how much time each task consumes. Once you've tallied up those hours, it's time for a reality check: is the wage you're currently earning per hour aligned with your dreams?

Consider the effort, dedication, and expertise you pour into your work. Are you undervaluing your time and skills? Reflect on what you truly aspire to earn per hour. Remember your hourly rate needs to cover the hours you're working in the background but not being paid. It needs to include enough to cover taxes and take time off.

Your time is precious, and it’s essential to ensure that your pricing reflects the value you bring to the table. It's time to recalibrate and set yourself up for a wage that not only sustains your business but also honours your worth.

Step Four: Practice Your New Number

Embracing a new price point can often stir up a cocktail of nerves and excitement.

Navigating this is all part of the entrepreneurial journey. If the thought of jumping straight to your desired price point makes you break out in a cold sweat, take a deep breath and start with a gentle ascent. Consider a modest increase, perhaps £200. Allow yourself the space to become comfortable with this new figure.

Then sell your services at this price until it feels as natural as breathing. Then, with newfound confidence, continue to ascend the pricing ladder.

Be patient and persistent with yourself as you gradually acclimate to your worth. Take those initial steps, trust in your value, and before you know it, you’ll be scaling heights you never thought possible.

And hey, those monthly spa days with your biz besties.

They’re within reach.

All thanks to your newfound pricing prowess.