Money! It’s such a loaded word for many of us. Especially when it comes to what we can earn and how much we can charge for our services.
In this video I’ll go over a mental game you can play to help you find your threshold and how you can raise your prices.
Transcript
Money! It’s such a loaded word for many of us. Especially when it comes to what we can earn and how much we can charge for our services.
My name’s Rashid Kotwal.
Let’s play a game. With me?
Imagine doubling your prices – right now!
Go on, take whatever you charge per day and double it.
Did you have to stop yourself from choking? Think that no one would pay and you’d lose all your clients?
I actually beg to differ. I’m going to challenge you to raise your prices. We’ll see by how much.
We all have an internal money thermostat. It’s our mindset of how we value ourselves which directly relates to what we feel comfortable charging.
And in doing so, we often short change ourselves, leaving lots of money on the table.
I tell every client that price is elastic.
People will pay for what they value. Your job is to make sure they perceive it and trust you can deliver. And more often than not, that belief in you comes from your own mindset and embodiment of your own value.
So here’s the game.
Take whatever you charge and keep increasing the price in your own head. Keep going until you hit your own ceiling of self belief. You’ll feel it in your gut or get a choking feeling.
Then add another 20% to this and test it on your next prospects. Keep putting your prices up until 50% of your prospects push back on price.
You’ll be surprised at how much money you’ve been missing out on.
Now, of course all this is presupposed on your providing unique value that clients will pay for.
So if know you should be charging more but don’t know how to convey the message internally to you own people as well as to your clients, drop me a note.
We’ll work on your personal or team money thermostat which combined with our Value Gap Analyser methodology will tell you exactly what your clients want and where you can add more value and therefore charge more.
Contact me at revealedresources.com for more information.
Till next time, this is Rashid Kotwal.
