I was recently talking to a client who wanted to raise her prices. She knew the mechanics and strategy of doing so. She knew she wanted to raise her 1:1 coaching price to $24,000.
But she kept holding back. Why? Because she needed to expand her Money Capacity–her ability to hold, handle and receive that much money for her work.
The issue wasn’t that she wasn’t worth it. She’s amazing at what she does and deserves to be paid at LEAST that amount. Instead, she needed to a) EMBODY the version of her that charges $24,000. And b) she needed to believe deep in her bones that there are LOTS of people out there who want to pay her that much for her brilliance.
Until you fully address those two things, there’s no way you’re going to create the abundance you want. That’s why having the right strategy and “how to” to raise your prices is only 3% of the battle. Capacity is the other 97%.
One of my client’s big fears was “no one in my community will want to pay that amount of money to work with me”. This is by far one of the top fears I hear from y’all when you know you need to raise your prices/ask for that raise but aren’t doing it.
You’ll think “oh, my clients/the company I work for are used to paying x amount, so if I suddenly raise it, they’re going to be turned off and leave.” Or “I can’t even imagine who in my community has the money for that.” Or “Why would they pay me that much when they can hire someone else for less?”
You’re not asking the right questions. Here’s why:
I’m currently looking to fill a very important position on my team. And I’m not even CONSIDERING anyone who is charging less than $75-$100 an hour.
I know the value of this position and how important it is to the growth we want to achieve this and next year. I know the level of excellence and expertise that I am looking for in whoever fills this position. So, anyone who is charging less than $75 an hour either a) doesn’t have enough experience or b) isn’t valuing their work because they’re undercharging.
Why would I not hire someone who is undercharging? If part of their job is to add even more revenue to the business, yet they can’t even recognize the value of their own work and charge accordingly…how are they going to recognize the value of what we do and grow our revenue?
You can’t hire someone with compromised money capacity to grow your business’ money. See how that works? All of this goes through my mind as I look to fill this position.
You’re worried people will be turned off by the price you know your work is worth, but I’m telling you there are clients who see your prices and wouldn’t even CONSIDER you as their service provider because your prices are TOO LOW.
When you ask “who would pay that in my community?” Um, there are several people who would but who haven’t raised their hands because they don’t see you as “their person”. Why? Because they wouldn’t pay less than $25,000 for the kind of support they need. Same goes for you if you have a raise you want to negotiate, or you’re applying for a job.
People naturally tend to think someone who is charging more has more experience and is better at what they do. Now, that doesn’t mean just go put a high price tag on something when you can’t back it up. Lots of people do that. That’s a lack of integrity. So make sure you’re raising your prices with integrity.
But that can be problematic for you too! Because you might have money-dysmorphia and underestimate how valuable your work is. (This is why I work with people on their Money Capacity, cause a strategy cannot fix money-dysmorphia).
The kind of client who pays you $20,000-$100,000 for something is not the same kind of client as the one that pays you $97- $3,000 for something. They are two different target markets entirely.
I worked on EXACTLY what I just told you above with my client. She sent me this text last week.
That is her THIRD $24,000 client in a month. As of this email she’s in talks with a potential fourth $24,000. She’s also been invited to give a talk at an important event that will elevate her profile and put her on the map as one of the best of the best at what she does.
None of these people and opportunities are “new”. They were already there. But they didn’t step up to hire her UNTIL her prices went up and UNTIL she grew her Money Capacity to be able to receive, hold and HANDLE such opportunities and clients. NOW they see and feel her as qualified to take them to the next level.
So stop questioning yourself. Cause it’s not your strategy, it’s your capacity.
Ps: If you’re ready to build your Money Capacity, fill out the Capacity Discovery form right here. I’ve opened up five spots this month in the Capacity Shift group program where you can start to build your Money Capacity for less than $400 a month.
Two just got filled this week, so now we’re down to only three spots available.
Once I review your application, if I think I can help, we can hop on the phone and discuss the best fit for you.