How To Raise Your Prices (And Respond To Objections)
Raising your prices can be a tricky thing in business and frankly an uncomfortable experience for a lot of folks. The first time you raise your prices, the primary thing that comes up is imposter syndrome.
Am I good enough? Can people tell I'm faking it till I make it?
What if I don't have enough experience?
Will people think I'm a fraud if I don't know all of the answers, every time?
Eventually we get enough confidence to start charging enough to cover our operating expenses. We celebrate every client, every win in our business and we feel like we are making progress.
Then we get tired of essentially working for free and decide to up our game to make the money we would actually like to make. But that second tier leap bring a whole new bag of fears and doubts to the table.
Will people actually pay me those prices?
Will I lose potential clients?
What do I say to people who have worked with me before?
Here's the thing. If you have been in business for at least a year, have produced quality work, and are still working for peanuts, we need to have a conversation.
Your time has value, Your expertise has value. YOU have value. Own it.
Every handful of clients or so, I evaluate and raise my prices based on my offering, what I enjoyed and what I learned.
I'm constantly investing my education, skill set, gaining hands on experience working with clients. My rates should reflect this. And so should yours.
I'm not saying arbitrarily raise your prices. I'm saying if you are exhausted from juggling so many clients and hustling to find more, then raise your prices fairly with integrity and communicate that change sooner rather than later.
When it comes to those 1:1 conversations that are uncomfortable with clients about your price increase, here are some professional but honest ways you can communicate with your audience about raising your prices.
Let them know you are better but love working with them
Let them know you are better And worth it
Accept that maybe they just aren't your ideal client anymore
Notice how I'm still serving this person by NOT leaving them hanging without a solution?
That's being a true professional, not acting out of a scarcity mindset and a huge part of you leaning into your higher price point type of client.