There’s not a business owner out there who doesn’t want to increase their pricing!
By building self confidence in this area, you can start charging what you’re worth.
Sometimes consultants and other service providers are hesitant though to charge a fair rate for their services. Is this you?
Maybe you feel that the services you provide are so basic that you really can’t justify charging much or anything at all for them.
Perhaps you feel that you don’t have the knowledge or experience that other business owners have.
Thus, you hesitate to charge fair rates because of a lack of self confidence. This is natural (especially for new business owners). However, what you know and do has real value.
To stay in business, you need to charge a fair price for all your services. Fair means fair to the client but also fair to you. It’s also important to know who your target audience is so that you can make sure you’re pricing your services according to your potential clients budget.
You can easily enjoy increased fees when you boost confidence and improve self esteem.
1. Don’t Take Your Skills for Granted
First of all, we tend to take our assets for granted. If you are an expert bookkeeper and good with numbers, you may feel it’s easy to do the work you do. Yes, it’s easy for you but not for others, so remember that.
You may have an aptitude for what you do. You may have a gift that others don’t have. Perhaps, through hard work and applying yourself, you have developed a marketable skill.
Second, even if someone were fairly good with numbers, it might not be a good use of time for that person to do the bookkeeping. By outsourcing this work, time can be more productively spent on other activities crucial to their business.
Bookkeeping may seem pretty basic but if you ask your accountant to do it for you, he’s going to charge you extra. Why? It takes his (or his staff’s) time.
Your services may also improve your client’s bottom line. That being the case, your client is profiting from your services.
So, by realistically evaluating the value of your skills and other assets, you can boost confidence for increased fees.
2. Increased Fees Despite Inexperience
Just because there are people more knowledgeable and experienced than you, doesn’t mean that you can’t charge for what you can do.
Sometimes you might feel inadequate because you know you are still learning. You realise that you don’t know everything there is to know about your field. Remember no-one expects you to know everything. You’re human, as they are. It’s more important to have the resources around you to find out what you don’t know than it is to actually know it all.
We’re all still learning! Many people are out there charging more than you who actually have less knowledge and experience than you – WHY? – because they have done the work to improve confidence around their pricing and self worth.
If you know some things that your client doesn’t and you can help him improve his business, then you can offer a valuable service. An expert is the person who knows more than everyone else in the average room. So, you could be in a room of 6 people and you would be the expert in something.
Never under-estimate the value of your services. Again, self confidence can lead you to easily enjoy increased fees.
3. Increased Fees for Additional Services
Many feel that their clients wouldn’t pay extra for certain additional services offered. Is this you?
How do you know? Have you even asked your current clients or potential clients? Always ask your clients and ideal clients what they want and what services they would find valuable. So many businesses owners get this the wrong way around. By asking these questions you can make sure that you’re delivering what they actually want and know that they will pay your price for giving them that much needed value.
Always think about how your services can help improve the profitability of your client’s business if you’re targeting B2B, or know what they’re true pain points are if you’re targeting B2C?
Selling value-added services is one way to obtain an edge over your competitors. For example, a web designer who is knowledgeable about search engine optimisation could help increase their client’s targeted web traffic which could result in increased sales and profits.
In summary: Don’t take your skills for granted. Lack of experience doesn’t mean that you have nothing to offer. Charge for all your services and Yes, confidence building and building self esteem will definitely result in increased fees for you.