How to confidently charge my rates?

This week’s question comes to us from Dorothy.

 

Question:

Erika, I am a coach and I find I am having a real problem when I talk with my potential clients. Even though I am very clear on what my rates are, as soon as I get on the phone with them I start assessing what I believe they can pay me, I become fearful and immediately begin discounting my rates. I am tired of this behavior, but wonder how I can change it. Please give me some advice.

 

Erika’s Answer:

Hi Dorothy:

Thank you so much for your question. I appreciate your being so honest with yourself and with us. This is actually a common situation that happens – especially at the beginning of your business. The key here is:

First of all, recognize the truth for what it is. From what you are telling me, you are not very clear on what your rates are. You may believe you are, but results prove otherwise. Therefore my advice is the following:

1. Get clear about your rates. Take a piece of paper and write down the packages you offer, what they include, and the price you would like to charge for them. Make sure you specify what these details are before you enter into a call with a client, and then make a commitment to yourself to stick to those prices no matter what you believe the client can or cannot pay.

2. Recognize that you are in a business, and that a business cannot survive without making a profit, so set rates that you are comfortable with. Afterward, if they seem too low, raise them to a point where you feel that they are still fair, but not so high that you dread asking for your payment.

3. Make sure the value you provide to your client always exceeds the amount of money you are asking for in exchange. Simply put, you want to ensure that value is your top priority, and that you see how your service can benefit your clients.

4. If value is an issue work through it. If you do not feel that you are offering sufficient value for the dollar, then that is a clear indication that something is wrong in the equation: you either don’t believe in the worth of what you are providing your clients (which stems from an inner insecurity of assuming your power), or you may need to ensure that you understand and can capitalize on your strengths to provide a first-rate service to your clientele.

5. Work on your wealth mindset. Adopting this attitude is a must, so do not underestimate it. You need to understand that money is just a mutual exchange of energy. You provide a service – in fact a transformation, and their money is the way in which they commit to having the required work done. It is a win-win situation for both parties.

I hope that this information assists you in moving forward in your business with confidence and strength. Just remember: you are helping people every step of the way.

With much love,