Knowing how to set your fees and what to charge for your products or services is important at every level in your business, so you’re in the right place.
The fees that you charge and the price that you put on your services sends a clear message about how much you value your time and energy and your position in the market.
Here are 7 pricing mistakes to avoid when setting your fees, so you can charge well for your services and meet your income and lifestyle goals.
Unclear about your pricing + income goals
In MMS Academy, we coach you to set clear money goals in your business.
Think of it like this, you would get into a taxi and sort of know where you were going would you ? (you could do, but you’d probably waste a lot of time and money) you’d have a clear destination in mind for your journey.
Think of your business in the same way. What would you like to be charging in 6 months time? In one year from now?
Setting clear goals is the first step in achieving them.
Not raising your fees
Two beliefs I hold to be true (and two of the principles I founded MMS on are:
- You deserve to be well paid for your time and energy
- If your service is worth asking for, it’s worth paying well for
When was the last time you gave yourself a pay rise? In MMS Academy, we coach and train you on mindset shifts and practical steps you can start taking right away to raise your fees and release the limiting beliefs that can stop you from charging well.
Keeping your prices low so that people will pay them
One question. Do you really want to attract and work with that type of client?
Charging well for your services is about so much more than just the money. It’s about respecting your time, protecting your energy and honouring your experience and that you bring to your clients.
Thinking that it’s not “nice” to raise your fees
Let’s talk about money beliefs for a moment.
If you feel it isn’t “nice” to raise your fees or change well for your work, then you are actually projecting lack onto your potential clients by assuming hat they can’t afford you AND keeping yourself from achieving your money goals. Where else in your business are you being too nice ?
Here’s a podcast episode to give you extra mindset + tips around being too nice (and why you need to stop)
Not taking into account the extra servicing your end
An exercise I love to do with clients in MMS Private Coaching is to ask them to list all of the extra things that they do for their clients that they aren’t formally marketing or charging for. Take a few moments and do this now.
Think about all of the extras that you do for your clients that you could be billing for. You deserve to be well paid for your time.
Keeping your prices the same as your colleagues
Whilst your colleagues pricing can certainly be a guide, it should never be something that you use to cap your own fees.
Your brand is a unique mix of everything that that is unique to you and you deserve to be well paid for that and set fees that feel exciting and empowering.
Here’s a money mindset coaching question for you: If what other people charged wasn’t important to you, what would you love to charge?
Overly discounting or lowering your fees
For the sake of clarity, let’s use the D word here. Discounts can have a place in a business relationship and are a great way of helping clients to say yes or to generate goodwill with existing clients or customers but they should always be something that you give because you want to, not because you feel pressured into it .
Here’s a podcast episode to give you more mindset + tips around a potential client asking you to lower your fees:
To arrange a complimentary 30 minute call to discuss the best mindset shifts and practical steps for raising your fees, please fill out this form