One of the scariest topics for most of my clients - the one that brings with it the most baggage and emotional upheaval - is pricing. Right now, about half of my Incubator clients are stalled out on the decision to raise their prices. As early-stage entrepreneurs, there's a struggle between wanting to earn more and not being convinced that they can/"should" raise rates, for fear that they can't get enough clients to pay them the higher rates when they've been struggling at a much lower rate for a while. What they don't realize is that those lower prices are appealing to the wrong kind of audience, and until they can clear their head trash, they'll stay stuck at the lower pricing.
The myth of charging what you're worth
Although I've used the phrase before, I don't believe you can really charge what you're worth. First of all, you're a priceless masterpiece. No one can define your worth. They can, however, decide how much their willing to pay for your Great Work. You can influence that decision, but ultimately, it rests with the buyer. So it's less about charging what you're worth and more about telling a compelling story so that potential buyers are willing to pay your asking price. As Tara Gentile says "Pricing tells a story". So what story does your pricing tell?
More often than not, pricing brings out a lot of hypocritical behavior. This week's episode explains how your inner hypocrite could be running your business into the ground.
Does your "inner hypocrite" control your pricing (or your business)?
Have you had moments in your business where you said one thing was important, but your actions revealed some other motivation? Have you experienced this "out of integrity" moment with other business owners? How did you handle it? Share your thoughts in the comments and be part of our Rising Tide.
Need support for your creative business? I have two openings in the Creative Freedom Incubator. Applications are accepted on a first-come, first served basis. If you're not ready for that level of hands-on help, join the growing community of supportive creatives in A-Club. We're here to help you grow.