Costs are on the rise everywhere but if your prices have stayed the same in the new year, it’s time to think about (and act upon) raising your prices!
I’m so excited to help you start off the New Year successfully with the resources to help you nail a price increase AND earn it. Below you will find:
- 5-minute tip video.
- Price re-evaluation check sheet.
- Video transcript.
- Additional supporting resources.
Watch the Video Tip on Launching a Price Increase
Grab the Bonus Check Sheet
The Great Annual Pricing Re-Evaluation Checklist
(Download this as a check sheet below).
Is it time for a price increase? Yes!
Just like you re-evaluate products and services each year, so should you evaluate your prices.
You should start or end the year by taking a look at everything, but most importantly, your pricing.
Go through the following checklist of questions to determine if it is time to increase your prices. (If for no other reason than inflation, it’s time to raise your prices each and every year, and possibly throughout the year as well).
Check the following price raising indicators to know it is time to raise your prices:
- My a la carte prices no longer make me squirm and people are picking them without hesitation.
- I’m hearing yes about 80% or more of the time on the packages I’m pitching.
- I’ve invested in training, advanced education, or courses.
- I’ve invested in and used professional memberships.
- I’ve invested in coaching and consulting for my business and/or services.
- My overhead costs have increased due to inflation.
- Being up to date required me to purchase some new software or subscription that adds costs.
- I’ve earned a new certification or certifications.
- I’ve won an award or recognition.
- I’ve been published in a significant publication, written a book, or authored a column.
- I’ve got a client waiting list, a very long turnaround time or I’ve stopped taking new clients for a period of the year to catch up.
- I’m working around the clock and this pace isn’t sustainable.
- I’m closing the majority of my sales but I’m still not making the money goals I set.
- Clients have told me my prices are lower than other career pros they contacted.
Just ONE item on this list justifies a price increase on your end.
If you are using my consultation model you should be able to make this shift with ease. When and if you hit any resistance, remember to look at your consultation strategy before you worry that the price is too high. It is rarely your pricing and typically that it was easier for people to say yes at lower rates.
You CAN do this.
Check sheet courtesy of CDI’s Resume Business Roadmap course.
Read the Transcript on Launching a Price Increase
It’s a new year. So, I want to talk to you briefly about how important it is to evaluate your prices and see if it’s time to take them to the next level.
As an entrepreneur, it can be easy to get caught up in, “This price is working, so why would I change it?”
But while you’re doing that, the market is moving on, people are charging more. You’ve invested more in yourself, in your business. Costs are higher. Cost of living is higher.
There are reasons why your prices should go up.
If you feel you need justification for these reasons, perhaps look around at your very successful colleagues who are listing prices on their sites. You’re going to see at least in the resume writing and career services industry, you’ll see hourly rate prices ranging anywhere from $30 an hour to $500 an hour. I’m sure there’s probably even those who charge more than that.
But the point is that there’s room for everyone to grow and feel comfortable.
You can also look at what you have done in the past year. Did you earn any new certifications? Did you pursue any continual education?
That can be what you have read, webinars, teleclasses, courses, certifications earned.
Did you publish in any books or magazines or on social media platforms? Third-party expert resources.
Did you win any awards?
Did you put yourself on any leadership roles, volunteer roles, committee roles, anything that will help justify the fact that you have grown and contributed as an individual, and that has added to the complexity and value of your services.
So I would definitely encourage you to look at this and see where you can take advantage of the opportunity to raise your prices.
And don’t worry, no one is saying you have to take a huge leap and increase your prices by hundreds or thousands of dollars.
There are two ways to do this:
You can take little itty-bitty leaps at a time, so it’s more like a baby step. You might raise your prices $5 a month, and always be telling people who have to think about it, that your price is guaranteed for 30 days or 3 weeks or whatever timeframe feels comfortable for you.
But you want to have that room as a self-employed individual to be able to increase your prices. So inch them up; that is okay. Baby step method works.
It will get you there. It will just get you there slower.
When you finally get to a thriving living wage or higher for your business, because again, remember we’re career superheroes.
We deserve to make money for the great leaps in success we help our clients to achieve, but whether you get there with baby steps and when you finally get there and go, “Oh, I could have done this so much quicker.” That’s okay, as long as you get there.
Then the other side obviously just takes the leap and says, “Yeah, I’m worth it! I’m going to rock this new price. And it’s all going to be good.
Now caveat, there is process. We call it “edufearacating” within Career Directors International. That works really well to help job seekers shift from the do-it-yourself mentality. And this turns a, “This must be a low-price typing job into a, “Oh, this is easily a four-figure investment. Please take my money.”
So, keep in mind when you raise your prices, it can feel a little bit scary sometimes. You’ve got to make sure you’ve got a solid consultation process and we’ve got some great videos on that. So be sure to check them out.
I look forward to seeing you in this new year raising prices and really rocking it.