Have you ever wanted to raise your prices but just felt stuck?
We’re in the process of DOUBLING our prices and I want to tell you how to do it so that you can do it, too!
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To Add Value, or Not to Add Value?
If you look up how to raise your prices, you’ll find some really amazing content from Marie Forleo and Ramit Sethi suggesting that to raise prices you can add value.
This is a great method. Except – what if the value is already there, you’re just severely undervaluing yourself?
In this scenario it’s almost impossible to add more value. What you need is a mindset adjustment.
Barbara Stanny describes the click as “the aha moment when you recognize with every fiber of your being, that you deserve to earn more for no other reason than you’re worth it.”
I had the click after a lunch with a friend. I moved from what Stanny calls “unconscious incompetence” to “conscious incompetence” – essentially becoming massively aware of my undervaluation and money blocks.
Then I listened to the podcast I mentioned in our Trello + Planyway Productivity post: Rachel Rodgers’ Million Dollar Badass Episode 017: How to Price Your Services to Avoid Burnout and Leave a Legacy. You can find it on Apple, Stitcher, or via a transcript.
And I realized I needed to go to school. That is, design a program of self-study to overcome my money blocks. More on that in a second, but first:
Notes about price increases.
If your prices are already fair and accurate (that is, you’re not currently undervaluing yourself), then by all means, take Marie and Ramit’s advice and add more value! Increase the value of your product or service so that you can charge more.
This post is specifically for how to raise your prices by raising your self worth.
And a final note: after going through several price increases over the years, I can tell you that for our business model (and maybe not yours) grandmothering-in current members has served us really well. I recommend it to anyone with a similar business model. Other business models, consulting or dollars-for-hours models with recurring clients may not be served by grandfathering.
The benefits to us have been that it has bolstered our community. Instead of asking current members to pull our their credit cards and give us more, we reward their loyalty and collaboration by letting them keep their member rate.
More on the Click
Let me tell you more about what the click felt like – because it’s powerful and I think you might see yourself in it.
I’ve been undervaluing myself. Undervaluing Femworking. And underearning.
It’s time to go all in on myself and all in on Femworking.
I am so excited (and a little terrified!)
I’m done playing small.
I’m done not declaring what I want for myself: what Denise Duffield Thomas calls a “first class life.”
Danielle Laporte says to, “look your desire in the eye.” My desire is that first class life.
Look your desire in the eye.Danielle Laporte
I’m done with money blocks.
I’m done underearning. There’s no reason a smart, educated, driven woman like me shouldn’t have, at a minimum, a comfortable financial life.
I want to be an example to others. Women look at other women in business as guideposts for how to do things. I don’t want to show you that you should undercharge and undervalue yourself!
I DON’T WANT TO BE BARGAIN BASEMENT. And Femworking isn’t bargain basement. Femworking is a curated community of amazing women who believe in love and are dedicated to helping each other grow.
I want to live my best life, show UP and deliver serious value!
This shift is best summed up by a quote from Marianne Williamson: “Your playing small doesn’t serve the world.”
“Your playing small doesn’t serve the world.”Marianne Williamson in “A Return to Love”
Self-Esteem and Its Tie to Your Prices
Self-esteem is a huge factor in your pricing and earning mindsets. Barbara Stanny says, “Self esteem, success, power, and prosperity are intricately entwined. When you begin valuing yourself, your finances inevitably improve, along with most everything else.
“Conversely, low self esteem makes it difficult, if not impossible, to reach the next level. Why? Because you don’t believe you can, and there’s no better way to reenforce that belief, limit your power, diminish your value, than by lowering your earning potential. It all works together.
Self esteem, success, power, and prosperity are intricately entwined. When you begin valuing yourself, your finances inevitably improve, along with most everything else.Barbara Stanny in “Overcoming Underearning”
So, how can you get to where you want to be and work yourself through money blocks and to the next level?
Here’s what is working for me.
Raise Your Prices: Pricing Mindset Shift 101
When I became aware of how much I had been undervaluing myself and how I’ve been living with some pretty big money blocks, I realized I needed to design my own self-study program.
Books harness the knowledge and power of those who have already learned what we need to, and I love devouring them to leap-frog my way to success and fill in those recently-discovered, giant gaps of conscious incompetence.
I’m still working through it, but it looks like this:
- Rachel Rodgers’ Million Dollar Badass Podcast Episode 017: How to Price Your Services to Avoid Burnout and Leave a Legacy. You can find it on Apple, Stitcher, or via a transcript.
- Get Rich Lucky Bitch! by Denise Duffield-Thomas
- The Abundance Code by Julie Ann Cairns
- Overcoming Underearning by Barbara Stanny
- Stop Doing That Sh*t by Gary John Bishop
- Unf*ck Yourself by Gary John Bishop
- Secrets of Six-Figure Women by Barbara Stanny
- I Will Teach You To Be Rich by Ramit Sethi
- Nice Girls Don’t Get Rich by Lois Frankel
- The Big Leap by Gay Hendricks
- Playing Big by Tara Mohr
- Wildly Wealthy Fast by Sandy Forster
- Chillpreneur by Denise Duffield-Thomas
- Money, A Love Story by Kate Northrop
- The Life Coach School with Brooke Castillo Episode #272, Underearning
- Recovery of your Self Esteem by Carolynn Hillman
- Your Money or Your Life by Vicki Robin
- The Luck Factor by Richard Wiseman
- Byron Katie’s website: The Work
- The Journey by Brandon Bays
- Women Don’t Ask by Linda Babcock and Sara Laschever
Of course this is a LOT of books. But don’t let that overwhelm you. Choose the one that resonates the most and get started. Grab the audio version if that’s easier for you.
Want this list in Trello?
Since I’m Trello-obsessed, I made you a convenient, copiable Trello card for your own boards with a checklist of all of the above resources. Get it here.
Also I love hearing from you. Where are you on your money journey? How do your current prices feel? Do you experience money blocks?
If you’ve got a resource you think we need to add to this list, let us know.
Finally, I’m excited to share, we’re DOUBLING our prices July 1, so if you want a great mastermind to help you get your business where you want it to be, consider joining Femworking.