Workshops & Speeches
Courtesy of Bravenet
Reasons to Increase Your Fees NOW!
Miller, Professional Coach
are countless reasons NOT to increase your fees now, and during an
economic slowdown perhaps even pressure to lower them. As a business and
personal coach I hear these arguments from my clients every day! Yet
most professional people are genuinely interested in making a better
living. So here are five great reasons to increase your fees.
Because you are worth it
There are others out there providing the same service you do but
charging more, even offering an inferior service. I coached a technical
illustrator who was appalled at the prices quoted by her male
colleagues. She said it showed how arrogant they were. "No", I
said, "it shows that you are worth it, too. The difference is, they
believe it and you don’t."
So you can hear "no" more often
So how do you know if the market will make room for your fee increase?
If your prospects always say 'yes' to your quote, you are undervaluing
yourself. Aim for a fee that gets a "no" more often. If no one
ever objects to your rate, it’s time to increase that fee.
To learn more about your customers
If you don't hear “no” from prospects, you are missing a valuable
opportunity to gather more information. When you increase your fee, and
people object to it, ask questions. Aim to identify their concerns and
objections. In some instances you will be able to clarify their
objections and win their business, and the more you immerse yourself in
those conversations the more insight you will develop into why your
skill is valuable to people.
To set higher standards for who you choose as clients
Ask yourself, “Whom do I really want to work with?” I am sure the
answer is "clients who value my work." I coached an Interior
Designer who wanted to triple her business' income in twelve weeks. She
analyzed her revenues and found the clients consuming the most of her
time with legwork were costing her money, not making her money. I
coached her to fire them. That made room for two new, profitable
clients. Now that she knew the characteristics of profitable clients,
she found them easily. So just like that, she tripled her income.
To get you thinking creatively
Finally, we business people often get into a rut in our thinking. Try
listing 10 ways to increase your revenues by 10%. I am willing to bet
that the items on the list are similar to how you do things now, but
involve doing more, and doing better. Now list 10 ways to double your
revenues. The items on this second list are probably in a whole new
league when compared to what you do now.
forgot to add that by increasing your fee you can earn more and work
less! That may be the most compelling reason of all.
is a Women's Leadership Coach who
assists managerial and executive women to realize their potential
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For more insights on the economy, markets and life as an entrepreneur, visit Anne Wenzel’s “Reflections of an Economist” blog.