So you want to raise your prices. But you’re not sure when, and how to do it? If you’re a new coach, there’s a good chance that you’re undercharging for your services. And you deserve more! Let’s make that happen.
In this episode of the Wealthy Coach Podcast, I’m sharing how you can raise your prices, and your confidence at the same time.
In this episode:
- how to determine what to charge when you’re new
- whether you should list your prices or not
- the best way to raise your prices
- what raising your prices does for your confidence
Listen to the episode:
It can be hard to choose a price point for your program. What do you base it on? Competition? What your clients can or can’t afford?
What I will tell you is that it’s always better to start low, than start high and have price regret. Because when you start low, you can move up from there. When I first started as a health coach, my program was around $400. And by the end of my health coaching career, I was charging $5,000. It was basically the same program, but what had shifted was my confidence, my money mindset, and my experience.
When you are new and you haven’t hit that ideal price point yet, I highly recommend that you do not list your prices on your website. This is for a few reasons. The first is because you’re going to be changing your price regularly and you don’t want someone to see one price and then you increase it the next day. The other reason is because people often price match. Some people are in the mindset of going for quality over cheapness or price point. So when you list your prices on your website, that’s what they’re going to do. They’re going to see your price. They’re going to ignore everything else. They’re just going to look at your price. And then they’re going to go look elsewhere for a cheaper price.
The only point at which I recommend you put your prices on your website, is when you actually want to start disqualifying people. Meaning that you’re booked up and you can’t take on a lot of clients. So you want to actually turn people off. That’s the only point at which I would start doing that.
So when do you actually start to raise your prices? Remember, every time you work with another client, you are gaining more experience, which makes you significantly more valuable. Every time! So raise your prices with every so many clients you work with. This could be every 3 clients, every 5. Whatever you choose, but raise your price by a certain percentage or dollar amount. Because with every client you work with, you’re going to get more confident too. So it won’t feel as scary to raise your prices as you think it will be.
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