How to increase your prices as a woman entrepreneur

Are you charging enough for your services?

I’ve worked with hundreds of different female business owners from service based businesses, brick-and-mortar, retail and online models.

Originally, they come to me for marketing, but as we start to dive in, I usually see a major disconnect between how they are packaging and charging for their services to achieve the income level and goals they have for their businesses.

Most female entrepreneurs are not charging enough when they start out. It’s actually a fact that most women undervalue themselves.

According to U.S. Census Bureau, women still earn only 77¢ for every $1 that men earn.

As a woman business owner, and a kick-ass one I must say, it’s time for us to change these stats and stop undervaluing ourselves!

I’ve heard this stat being justified as women are perceived to be stronger in fostering relationships and making emotional connections, whereas men are thought to be better at removing that emotional aspect when negotiating finances.

We have the ability to remove that emotional connection when it comes to business. It just takes practice and consistency.

When I started out I was not charging nearly enough, as I was so desperate in just wanting to get clients that I would take anything and everything. I was deeply and emotionally connected to the sale.

Not charging enough did increase my confidence, as I was gaining more credibility, building my portfolio and my clients were getting results.

But it also created a lot of frustration because when people aren’t investing enough for your services, they don’t value them and they aren’t as high of a quality of client. (Sorry but true.)

Here’s the already know intuitively if you aren’t charging what you are worth.

What I mean by that is, I got to a point where I would be on the sales call, I would state my rate and what was included.

I would get a yes and I immediately feel defeated internally. Yes defeated.

Because I KNEW that I was not standing in my power and that I was under valuing my services. Perhaps you can relate?

Here are 3 ways you can measure if you are charging enough:

  1. When you state your prices to a potential new client and they say yes, you are excited but immediately feel in your heart that you didn’t charge enough.
  2. You have calculated how much you are spending on expenses. (Credit card fees, business tools, ect.) so see what your actual net profit is per client.
  3. You are working 40 hours a week and are still scrambling to make ends meet.

Now that you have uncovered that you should be charging more (I just assume this as most people need to), the next step is to figure out the pricing and packaging. Keep in mind that you are never going to feel totally confident asking for higher rates.

True confidence isn’t being fearless; it’s having the courage to go for it even when you are scared shitless. {Click to Tweet}

Here are 3 steps to take to increase your rates:

  1. Decide on a new rate that is a stretch for you (if you are uncomfortable it is good) and practice saying this number. Do practice sales calls with your business besties. Write this new number on your wall with the bullet points of what your program included so you NEVER stumble on a sales call.
  2. Write out and read this affirmation daily in your journal: Thank you for my courage. I now charge __________ and my clients value my services and my rates because they believe in what I have to offer!
  3. Take OUT the emotion. Get unattached if someone enrolls with you or not. Yes I know you WANT and feel you NEED that client. But the ones that are suppose to work with you will know it in their hearts. When you become unattached from the YES and just focused on providing as much value in your free strategy call or sales meeting, you have done your job.

Your next step is to look at how your services are packaged. This can make or break the feast and famine cycle. You want consistent income in your business every month, right? Well there is a strategy for that. One that I see so many women miss!

For example if you are a Health Coach you want to not only increase your rate, but you want to package your services in a strategic way that gives you continued cash flow for 6-12 months. This allows you to not have to seek out new clients every single month (can you say burn out).

This same strategy can be applied to retail and product based businesses as well.

Stay tuned for next week’s article on how to package and price your services for maximum cash flow so you can make more money and have more freedom!

Now I want to hear from YOU. In the comments tell me if you feel you are charging what you are worth?

Questions? Click here to contact us.

©2024 Devani Freeman

Devani Freeman