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Continuing the series on increasing revenue, I’m sharing the fastest and easiest way to do so: raising your rates. You’ve probably seen a pretty Instagram graphic or random Facebook post that says something along the lines of “I don’t know who needs to hear this, but you need to double your prices.” Whether you’re struggling with a scarcity mindset around raising your prices, or you’re against arbitrarily doubling your rates (honestly, we are too!), this episode is for you! I’m digging into all the signs that it might be time to raise your prices, and how to do so confidently by making sure the value you’re bringing is worth the premium price!
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Some key takeaways on finally raising your prices:
Don’t fall into the trap of doing work for an hourly rate. Even creating flat monthly fees based on a certain number of hours can end up hurting you if you overdeliver for clients. As you get more efficient at your work, charging hourly only benefits the client, not you.
Consider creating a low volume, high price business model. If you’re including strategy, your clients are getting a clear ROI, and you’re just providing a ton of value, you can (and should!) charge premium prices for your services.
Before you raise your prices, evaluate your service offerings. How can you add more value? Can you deliver it faster? Can you make it more potent? By infusing some strategy into your packages, you can confidently raise your pricing to a premium level knowing you’re giving tons of value.
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Resources mentioned:
Listen to Episode 15: Calculate Your Monthly Baseline Revenue
I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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