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One of the recommendations that I make to my clients who want to increase their business revenues is to raise their prices. When you raise your prices, you will increase your revenues without doing any extra work -- you do not have to take on more clients, you do not have to spend more time doing work and you do not need to increase your sales.
As you can see, raising your rates is one of the best ways to increase your business revenues. As your experience increases and your expertise grows, your help and advice becomes more and more valuable to your clients. The more value you provide, the better you should be compensated for it. The only way you can be better compensated for what you offer is by asking for higher rates for your services, products and live events.
Here are three different ways for you to increase your rates:
Different service professionals charge people differently. Some consultants and virtual assistants charge per hour. Coaches usually charge per month. This includes a few coaching sessions and support in-between. Web designers, graphics designers and other professionals sometimes charge per completed project (a web site, a logo, etc).
No matter how you charge your clients, per hour, per month, per project or any other way, you can still increase your rates. Come up with a new rate; come up with a date when the new rate takes effect and start charging this new rate.
Some service professionals decide to charge the new rates to all of their clients, old and new. If you decide to go this route, make sure you inform your current clients of the rate increase in advance. Also be prepared that some clients may not want to continue with you because of the higher rate.
Other service professionals only charge the new rate to their new clients.
Every year you should review the list of your products and see whether the pricing is still valid or whether a price increase is in order.
If you can't increase prices on your existing products, consider creating bigger, composite products at higher price. For example, if you have an e-book and an audio recording, see whether you can bundle them together and charge a price higher than either the price of the e-book or the audio recording alone.
Do you teach teleseminars? Do you offer workshops?
Review your schedule for workshops and teleseminars and see where you can add value to your workshops and increase prices at the same time. There are many ways in which you can increase the value of your in-person events. You can add a short consulting session for each participant; you can create additional learning materials for participants; you can offer a follow-up session a month after the event for the participants to check in with you and get their questions answered.
Raising your prices is a good way to increase your revenues. Review everything you are offering -- services, products and events and decide where to increase prices in order to increase your revenues.
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