How to Feel Confident in the Prices You Charge
Photo: Color Joy Stock Photography
When I first started my business in 2016, I wanted to do everything for everyone. I was so concerned about growing a solid list of clients that I didn’t even think to take a second and reflect on the prices I was charging. That first year of business, I loved creating “special offers” to entice prospective clients. The point when I realized my special offer frenzy was a real issue was when I decided to offer 10 hours of support for $50! Don’t do the math, it’s as awful as it sounds. As you might have guessed, I ended up with a bunch of clients, but were they ideal clients who actually valued my work and input? Definitely not! It got to the point where I didn’t even care about the work I was doing for my clients. I had burned myself out to a crisp.
Upon realizing I had reached the point of burnout, I reflected on what, if anything, had driven me to this point. I mean, I could truly say I loved my work and what I was doing for a living. So what was the issue then? In reflecting, I realized I had only myself to blame. By offering these extremely low, discounted offers, I was essentially discounting myself of quality of life. And isn’t a better quality of life the reason why many of us decide to start our own businesses anyway? At that moment, I realized I had to flip my mindset around the prices I was charging. I had to do the thought work necessary to recognize my own biases or mental roadblocks and overcome them in order to truly feel confident in charging the prices my work was worth.
There are six mental blocks that I believe keep you from feeling confident in the prices you charge. Hopefully, you’ll see yourself in one, or perhaps even a few of these. But once you recognize what’s holding you back, the next step is to think of ways you can actively flip your mindset around that mental block. I’ll give a few thought starters to help you with the thinking process.
#1: You’re stuck in an employee mindset when you should be the CEO.
Stepping into a business owner mindset begins with stepping into the role of captain. Take ownership! When people ask you, “What do you do?” Answer with, “I’m the founder/CEO/owner of X business.” Don’t minimize what you do. When going about your workday, don’t get so caught up in “doing the work” and “producing,” which is an employee mindset, and think of your workday from the perspective of, “Is what I’m doing right now helping move my business forward?” You are the captain of your ship, and you decide what is worthy of your time, energy, and resources.
#2: You’re stuck in a lack mindset when you should think abundance.
Your ideal client is looking for you. Don’t get stuck in the mindset that there aren’t enough clients or there are already too many people doing what you do. Come to interactions with potential clients with confidence and an abundance mindset. If a client doesn’t decide to sign with you, it wasn’t meant to be. It doesn’t mean the next person you meet with won’t be your next long-term client.
#3: You’re viewing money as a dirty word versus money as a possibility.
Practice cultivating a more positive money story. What do you believe about money? Do you believe the phrase, “I’m bad with money?” If so, you need to start shifting your thoughts around money and practicing looking at it in a different light. Allow yourself to begin to rejoice in the fact that money is all around you. Tell yourself daily: “Money is all around me.” It may sound ridiculous, but believe me, it can really help.
#4: You’re stuck in this belief that, to be an expert, you need to know the answer to every single question.
Now that’s just impossible. Think about it. In the online space, you are learning forever and constantly growing, as it runs fast and changes quickly. It’s impossible to know everything. An expert knows the system and platform well enough to find the must-know information. You just have to know more than your client. Your purpose is to save them the time spent in finding it themselves. Stop placing unachievable standards on yourself.
#5: You’re “focusing” on too many things.
When first starting out, it’s easy to fall into the trap of being a “jack of all trades,” but it's better to focus on your skillset. Become a master of your expertise and hone in on your superpowers. When business owners are excellent at their specific thing, people are willing to pay for them to stay in their zone of genius. They understand your expertise and skillset costs money. Don’t lead with a long laundry list of bullet points of deliverables. The clients you are supporting are visionaries. They are looking for outcomes. The things that come easy for us don’t come easy for others. Know you are great at that. Your expertise will shine through.
#6: You’re not going into sales calls prepping as if they are already your client.
Before meeting with any potential client, you have to do the necessary research and prep work, otherwise, you’re leaving money on the table. Nobody wants to work with someone who isn’t looking to support them long-term. They want someone who will be there in the long-run to support their business goals. Clients will be impressed you did your research. Show you’re invested in helping them meet their goals. Are you potentially sabotaging yourself from working with more clients because you’re not going into meetings with the proper research under your belt? Just something to consider. A sales call is also the prospective client’s first impression of you, so you want to present yourself as a service that is already delivering on the prices you charge.
I hope by listing out these mental blocks it will help you, as it did me, to overcome whatever is holding you back in feeling confident with the prices you charge. It’s 2021 ladies. Let’s move forward being compensated as such!
Photo: Courtesy of Tasha Booth
About the Author: Tasha Booth is an agency owner, coach, and podcaster. She is the founder and CEO of The Launch Guild, a course launch support and digital marketing implementation agency supporting established coaches and course creators with course and podcast launches, operations and systems management, and content management and repurposing. Her team is over 20 members strong and works together to support their clients in being able to focus back onto their zones of genius.
Additionally, she mentors virtual support pros (VAs and OBMs) who are passionate and ready to grow their businesses while living life on their own term and is the host of the “How She Did That Podcast,” a podcast for virtual assistants, online business managers, and project managers to learn business and tech tips. Tasha is an Air Force wife to her husband Scott, stepmom to Grace and Meredith, and work-from-home dog mom to Stanly and Boomer. In her spare time, she watches true crime tv, sings karaoke, and tends to her organic vegetable garden.