If I’ve learned anything through my business as a web designer, it’s that my clients often get really stuck with pricing, and I get it. Setting a dollar value to your services is challenging and even a little scary. It’s when imposter syndrome and fear can easily creep in.
We worry that people will think we’re crazy or selfish, but when someone else raises their prices—is that what you think?
At the end of the day, we’re in business to make money. And, if you’re not currently earning what you want, a price increase might be on the horizon for you.
I know it from experience, but I also know that if you want to take control of your finances and your business’ earning potential, you’ve got to put fear aside, and charge the amount you really want.
If you’ve been thinking about raising your prices, but haven’t taken the jump yet, here are 5 reasons it’s time for you to finally take the leap and go for it!
5 Reasons Why It’s Finally Time to Raise Prices
You Want to Earn More
Umm, duh, who doesn’t right? But seriously, if you’ve set some lofty financial goals for yourself—hitting $100K, buying a house, new car, or even updating your laptop you’ve had since college, it’s time to create a plan that will help you reach that goal.
What you need to do is get really clear about exactly how much more you want to earn. What is your monthly or yearly goal? Once you have a real number, you can start figuring out what that looks like.
Let’s say your goal is $100K this next year.
Right now, you charge $500/client. That equates to 16-17 clients every month to hit your goal. That’s a lot, and the pressure of finding 192-204 clients a year might seem like a mountain you’ll never climb.
But, if you raised your pricing to $1000, or even $1500 that means you only need 6-9 clients each month. Can you see how suddenly your goal is so much more attainable?
You Want to Work Less
Girl, I feel ya on this one! As you might know, I’m a mom to two little boys, a wife, we have a dog—my schedule is full! One of my biggest goals in life is to work less and earn more.
The fastest way to do that?
Raise your prices. You’re able to keep the same workload and earn more, without doing any additional work—sounds awesome right?
You’re Currently Undercharging
Be honest, raise your hand if you know you are currently undercharging. I hear this from women ALL the time, “I know I should be charging more, but I’m scared!” I get it. I’ve felt those same feelings—wondering if I raise the prices, will all my clients dry up and my business collapse?
Chances are that most people won’t even notice. If you fall in this category, you should make your price increase a top priority. If you’re not sure how to go about this, grab my free pricing guide that walks you through best practices to raising your prices confidently.
Inflation & Cost of Living
At the very least, inflation and the cost of living alone is a reason to up your prices. Everyone else is doing it, and you’re likely feeling it when you’re shopping from everything to groceries to clothes. Large corporations have regular raises for their employees base salary to combat this, so you should too.
Remember, you’re the CEO of your business, take ownership and do what you need to do.
You Can’t Remember the Last Time You Raised your Prices
If you can’t remember the last time you raised your prices, then it’s time. On average, you should be raising your prices at least once a year to combat the above point.
If it’s been years, you might be due for a steep price increase too.
When you charge what you’re worth, you honor yourself. When you feel good about what you’re providing to your clients and what you’re earning, you’ll naturally attract more of the right clients.
Now, I know that raising your prices is scary, which is exactly why I created this free pricing guide to allow you to confidently and comfortably raise prices, your vibration and step into the next-level version of you and your business. Grab it for free here!
Let me know in the comments if you’re due for a price increase and which reason resonates most with you!