While it’s true that raising your rates will make you more money in the long run, unfortunately often times the advice out there forgets to address the parts that are hard. Namely, you may lose old clients, you may get more people rejecting you and you will probably awkwardly fumble for a while when you start asking for more money.
The good news is you’re leveling up and growing. The bad news is this comes with the fear of change during a transitional period in your business. Use our tips below to raise your rates and survive the transition.
You may lose old clients
This may be a hard pill to swallow but it must be said: if you are considering raising your rates you may lose old clients.
This doesn’t always happen. In fact, some of your old clients may be delighted that your business is growing and will be more than happy to pay your new rates. But there will inevitably be a few who fall off.
If this happens, you’re going to need to be okay with letting them go. They may no longer be your ideal client and that’s okay. Furthermore, it’s nothing personal against you if they do not wish to pay your new rates.
Sometimes we need to let go of the old to make way for the new, and nowhere is this more evident in business than when you’re raising your rates.
You may get more prospects saying “No”
Another hard truth about raising your rates is that you may get more prospects rejecting your services. At least for a little while.
This is especially true when you yourself may be getting used to pitching higher numbers to prospects (more on that later).
While you may have more prospects rejecting you in the beginning, the truth is you will also no longer need as many people saying “yes” in order to pay your bills.
In fact, that’s part of the beauty of raising your rates- you won’t have to close as many deals as you used to in order to cover your expenses and make a profit.
You will have to get used to pitching higher numbers
In 2014, I nearly doubled my coaching rates. I also managed to increase my writing rates at the same time.
While this has turned out well, the truth is I went through a really awkward period where it took me a little while to get used to asking for more money.
The fact was I’d never asked for that much money in my life and was finding it uncomfortable. The first month after raising my rates I realized I’d pitched over $10,000 worth of services and I nearly fell out of my chair!
The solution to getting over this discomfort? I just kept doing sales. Even if a deal didn’t go my way I saw it as an opportunity to practice. With time it got a whole lot easier and clients started paying my new rates.
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