How to Raise Your Fees-Part Two

In a past issue of Thrive we discussed some of the common fears people have when they contemplate raising their fees. In this article, we will go over the common signals that it is time to raise your fees, how to figure out your new fees and how to let your current clients know you are raising your fees.

Here are some signals that it is time to raise your Fees:

  1. You haven’t raised your fees in 6 months.
  2. You are starting to feel burned out (which is a signal you are over-delivering—therefore undercharging).
  3. You have taken a new training and raised your skill level.
  4. Because of your ongoing work with clients you are getting better and better at what you are doing. Each day you are becoming an even better Therapist, Healer or Coach. Your higher fee is honoring this.
  5. You are upleveling in your own energy which means you are expanding to a new level of client that you are meant to be working with—the higher fee reflects this change.
  6. You are seeing more clearly the value of your services and the transformative, life changing healing you are providing. Your higher fee is signaling that you are honoring and valuing this.
  7. You want to expand your capacity to receive abundance so you make a conscious decision that you want to open up to receive more.
  8. You are afraid to raise your fees. Raising your fees will help you work through this fear and realize that there is truly nothing to be afraid of.

How to Figure Out Your New Fee:

  1. Start with writing out a list of all of the results your clients get from working with you—write out at least 20 results. You can also refer to client testimonials for this as well. (I often have my coaching clients keep a special notebook for ALL the positive feedback they get from their clients.)
  2. Look at this list and begin to affirm the incredible life-changing results your clients get. Think of where they would be if they hadn’t worked with you. Breathe this in and really receive the truth of the amazing value you give by sharing your gifts.
  3. Now begin to write out different fee amounts and begin to tune into your body to see what your reaction is. Look for the fee amount that gives you a mixture of excitement mixed with fear (the fear is a signal that you are stretching out of your comfort zone—this is a good thing.) If you are a part of a Mastermind or Platinum group, share your new fee with the group and get their feedback.


How to implement Your New Fee:

  1. All new clients are stated the new fee. (Gulp) Update your paperwork with your new fee and now when the next person calls to schedule, you state your new fee.  Now isn’t that easy!
  2. How to handle the increase with Current Clients. A letter will go out to current clients announcing the new fee. Very simply say in the letter: As of January 1st my new fee will be_____. In some instances you will be talking directly to your client about the fee increase. I typically don’t raise current clients to the new fee right away. I will announce to them that their fee is going up an incremental amount that is a stretch but doesn’t take their breath away—typically it is half way between the old and new fee. I do let them know that new clients are coming in at the new high fee and that because they are a current client they will be paying more but not the new high fee. In my experience they end up feeling very appreciative that you are treating them in this special way and instead of feeling upset that the fee went up.  They end up feeling grateful that they are getting in on this special savings. This has worked for me particularly when I am making a big leap in raising my fees.

I would love to hear your plan to raise your fees below!

 

2 Responses to How to Raise Your Fees-Part Two
  1. Wendy Fahrbach
    December 15, 2012 | 1:34 pm

    I’m curious how, with existing clients, I eventually get to the rate that honors my skills? I agree with the 1/2 way increase… for starters. But question if I am truly honoring myself by stopping there and leaving it. Do you have any suggestions for continuing the increase or re-visiting it until it is to a point of being self-honoring and at an appropriate rate for the market? (Because, of course, I did all the salary websites and number crunching already and am very much below the median rate.)

    Thanks much Shelley! Happy Holidays!

    Wendy

  2. SR-GAHP
    December 18, 2012 | 9:32 pm

    Hi Wendy-

    This is a great question. I am SO glad you asked it. You continue to raise the fee with your
    current clients. You certainly want to get that fee to be at minimum the median rate and then
    eventually above that. The key thing is when you raise your rate with current clients that you
    are giving added value and that you are reinforcing the progress they are making by working with
    you. You want the high value be crystal clear for your client so that they don’t blink an eye
    at your fee increases. If they do blink and eye it is either you are not reinforcing the value
    of the work you are doing enough OR they are not your ideal client.

    Happy Holidays to you too Wendy!!
    Love and Blessings-
    Shelley

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