Raising your rates can induce a whole host of emotions and internal conflict.
Ranging from excitement, boldness and ‘badass’ary right through to self doubt, second guessing and imposter syndrome.
It’s a doozy!
The important thing to remember, well 2 important things actually are:
1) You’ve got to feel good about your pricing and
2) Once you’ve raised them, you’ve got to hold steady, as in don’t wobble, when you start getting the “I can’t afford you” folks…Cos you will, at least initially.
The first point I hope is self-explanatory. You’ve got to tune in to what feels right and good to you – a little stretch but not too much that you freak yourself out.
True story: I went to a 3 day exclusive business mastermind event in Boston, USA in 2016. It was a 5-investment and I was all in! At the time I was charging $5k for my 90 day coaching package. By the end of the weekend I was so pumped that I tripled my rates.
I’m not saying I wasn’t worth that! And I’m not saying that it’s wrong to triple your rates in one hit.
But my internal set point wasn’t ready for me to instantly go from $5k to $15k!
So what happened? The next few months I sabotaged my business and didn’t sign a single client for several months. It was painful!
Shuddering at the memory.
Ok swiftly moving on to point 2:
Hold steady on your new rates. Don’t wobble when you start getting those “I can’t afford you” folks. In fact welcome them as a sign that you’re in what I call ‘rate rise lag time’.
Lag Time: the period of time between two closely related events, phenomena, etc., as between stimulus and response or between cause and effect. collinsdictionary.com
Following a rate rise, you’ve got to allow a period of adjustment. If you’ve gone from $5k to $7.5k (because unlike the old me, you’re smart) then you’ve just expanded – mentally, energetically, emotionally.
You’re internal sense of self worth and value has to normalise to the new level (it helps to practice saying your new rates out-loud with confidence and conviction) and your external reality needs to catch up with you.
The “I can’t afford you” folks are reflections of your previous set point. Hold steady. Don’t wobble. Keep the faith. The Universe will catch up with you.
Peace and love
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© Sanae Floyd 2022. The information contained herein is provided for information purposes only; the contents are not intended to amount to advice and you should not rely on any of the contents herein. We disclaim, to the full extent permissible by law, all liability and responsibility arising from any reliance placed on any of the contents herein.