One of the fastest ways to increase revenues is to raise your prices. But 9 out of 10 times when I suggest this approach to getting more income in the bank, the expert-preneur I’m coaching will resist with…
“But I can’t get people to pay me for what I charge right now!”
“But no one in my industry charges that much!”
“The economy is down — how will I justify charging more?”
I remember when I met Cara she was in a common money-time trap: She had no more time to work but wasn’t making the amount of money she truly desired. At the time she didn’t believe she could raise her rates as a solution. So I took her through a process to uncover more revenue potential and within 8 weeks she had increased her revenue five times. When someone hits this premature earning ceiling, the solution is rarely found in time management hacks or even in leveraging your time more effectively. A business owner literally has to shed their current approach for something new.
What if you knew that you could increase your earning exponentially by creatively raising your rates? The solution to the time-money trap lies in recoding your Money Mindset so that you see earning revenue very different.
The resistance to increasing your income lies in your preconceived ideas about how to earn more money. In order to achieve consistent six, seven or even eight figure revenues — you have to recode your MoneyDNA so your mind sorts revenue generation differently. Think of it like blowing up your current box so you remove the limits.
Check out this list and pick at least one way you can raise your prices this week. (Yes I said this week. What would you be waiting for anyway?)
- Change Who You Sell To. If your current prospects balk at your rates then you most likely are marketing to the wrong types of people. Who would easily pay ten times what you are asking? It might be time to ugprade your pool of prospects to people who get your value and are eager to pay top dollar for high quality.
- Offer Packages Not Hourly Rates. Stop trapping yourself in the “dollars for hours” dance and put packages together that your clients pay for in full (or finance over a few months. Not only will you be able to increase your rates but you’ll increase cash flow by being paid more money up front.
- Bulk Transactions. Instead of trying to sell one product or get one new client at a time, think, “How can I sell this in volume?” When you stop chasing the next $100 sale and start focusing on volume, you’ll start booking $10k, $50k, $100k or even more at a time.
- Offer a VIP Version. People love to be treated like a VIP and expect to pay higher prices for that kind of service. Offer VIP level access, customized consulting days, or other types of premium level services. VIP packages bring with it the expectation of a premium price.
- Just Raise Your Rates. I know its scary at first, but rip the bandaid off and just raise your darn rates! Most small business owners undercharged from day one, and haven’t raised their rates in years. Its probably time to give yourself a raise anyway. Let your current clients know that a rate adjustment is on the way (give them 90 days notice) and start booking new clients at the new rate immediately.
Which of these tips will you try out this week? If you really want to rev up your revenues this year, put one into action each month. Share in the comments section what you’ll try out.
There’s plenty of ways to increase your revenues exponentially, especially if you are a service based business owner who uses online marketing tools. My favorite way to amplify your income (while adding massive value to your clients) is VIP Days! Be sure to nab my FREE downloadable roadmap, 7 Step Framework to Add Another 6 Figures To Your Business, and I’ll show you how to position and sell your new premium program!