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Stop! Before You Raise Your Rates... Do This First
In every coach's life, there comes a time when you simply have to raise your rates. Maybe you've been in business for years without a pay increase. Maybe your skills have recently improved through a new training course or certification. Or maybe you just want to attract a higher calibre of client.
Planning for your Rate Increase
Whatever the reason, it pays to have a plan in place before you make your big announcement.
Here's where to start.
First, take a look at your current clients. Will you raise their rates as well? If the answer is no, then you have to consider if keeping them will be worth your time, or if you'll feel resentful at the amount of (lower paid) time you are spending with them. Resentment can build up, so be wary of this. It's better to raise their rates than provide substandard services due to hidden anger.
Before Increasing your Rates... Could there be Fallout?
If the answer is yes, then you better prepare yourself for that potential fallout. Simply put, there are some clients (you likely know who they are) who will baulk and squirm at a price hike. They'll threaten to leave. They may actually leave. Are you prepared for the hit on your wallet should that happen?
Next, consider when your rate increase will go into effect. This might be different for each client, depending on when and how they're paying you. A client who is on an annual coaching plan might not see an increase for 8 months or more, while a monthly client might be shocked to find his or her rate is going up in a week.
If you can, give your clients at least 30 days notice of the increase, so they can not only budget a higher expense but shop around for a new coach if they choose to.
Make a Special Offer and Gain New Clients
Finally, if you're a little flexible and want to gain a few new clients, you might think about creating a last-minute offer. Announce that your rates are going up on [whatever date], then offer to let X number of new clients lock in your current rate if they sign a contract right now.
Yes, you'll still be working at your old rate, but with a few new clients on the roster, your cash flow will definitely improve.
The most important thing to remember about rate increases is this:
You have to feel good about the prices you charge. If you think your rates are too low, chances are good that they are.
Raising your Prices will not only make you feel better, but it might just let your current and prospective clients know the value of your services as well.
Are you Planning to Increase your Prices but you are Struggling with the "How to"?
Struggling with your Services or Pricing?
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