Women’s #1 Most Common Pricing Mistake
Life requires change! Life is change! Heck, the very definition of life is change!
Merriam-Website: life; noun; the ability to grow, change, etc., that separates plants and animals from things like water or rocks.
Ladies, you are not a rock so stop hiding behind yourself.
Pricing Mistake #1: Afraid to Raise your Prices.
It’s just a fear not based in reality. And you know in your gut where that fear comes from… plain and simple, it comes from a fear of rejection.
And I get it! I feel your fear! Big time!
My number one fear is a Fear of Abandonment. With all of the soul searching I’ve done, Fear of Abandonment pops up over and over as a major theme in my life. I both consciously and unconsciously focused and feared and worried about it so much throughout my life that it kept showing up! Until I changed my perspective and shifted my thoughts.
“You are what you eat but more importantly… you are what you think.”
Whenever I have a resistance to anything…
I Stop, Drop, and Roll.
Stop: I stop those crazy, fear-filled, non-productive, ridiculous thoughts spinning around in my head.
Drop: I drop back into reality–my real and true situation and reality of my life.
Roll: I roll up my sleeves and look at the situation rationally, with purpose and productivity as the goal i.e. “What do I really want?”
“What outcome am I looking for?”
“What do I want to produce from this situation or change?”
“What’s my purpose behind making this change?”
Let’s look at 3 rational reasons to increase your prices. Women often overlook these because their fear of rejection descends so deeply, like a big dark cloud cascading over them, that all clarity is lost in the fog.
1) Your business and personal expenses have gone up.
Look around, prices have gone up - everywhere! Heck, I noticed just yesterday that my favorite brand of pesto is now $5.49. I swear it was $4.99 just a month ago. That’s a big increase. That’s a 10% increase.
However, I don’t get mad about it. I just figure they’re costs must have gone up so naturally they’re passing it on to me. I still bought it because it’s so good!
Guess, what… your costs just went up too! Your groceries are more expensive, the price of gas went up, your internet and cable services went up, and so on and so forth.
Ladies, you must keep in step with inflation and the cost of your living. Make that at least an annual commitment, quarterly even better. Look at your cost of living expenses and raise your prices accordingly to stay in step with them.
2) You have no problem getting work.
If you have no trouble convincing people to work with you or buy your services and/or products, you’re charging too little and undervaluing your worth. It’s time to raise your prices. Ideally, you want your close rate to be 75%-80%, meaning those 25% are not your ideal client and will balk and walk at your prices. But, Girl, they are either not ready to work with you or they’re just looking for a deal. Keep your heels and your standards high!
3) You feel resentful or taken advantage of.
This happened to me sooo many times I’m embarrassed to admit it but it is an excellent teaching moment. When I started out in business I would say “Yes, Yes, Yes” to everything. I had a major “People-Pleasing” problem-not uncommon for new entrepreneurs starting out and wanting to prove their worth. But “proving your worth” and “claiming your worth” are two drastically different things. Claim your worth by not taking on projects that undervalue your wisdom, talents, gifts, and time.
Here’s a Temperature Test:
If you have fear around increasing your prices, now is the perfect time to increase them!
That fear, your fear of rejection, has most likely held you back, not just in raising your prices, but in other areas of your life and business as well.
Now’s the time to face it head on, say ”Heck Ya! I’m Worth It” and take a big step up your golden staircase of self-worth!
Wow! we made it through all 5 of the Most Common Pricing Mistakes Women Make. Here’s the list:
#5 - Working for Free for Too Long
#4 - Undercharging & Over Delivering
#3 - Pricing By Committee
#2 - Taking It Personally When Someone Says You’re Too Expensive
#1 - Fear of Increasing Your Prices
I have a handy-dandy Ebook/Checklist of them which you can reference anytime you feel yourself sliding backwards or doubting yourself.
And… There’s a TST Challenge for you about each mistake to really help you level up! TST means “Thinking Small Thought”. Start thinking Big(ger)!
Download Your Free Ebook Here.
And of course, you can always reread the longer versions of each Mistake on My Blog.
Remember, Mindset is the Magic and the seed from which all greatness grows.
Best, Janet
“Raise your worth by believing in your wisdom and watch your wealth rise!”
- Janet Hutchens
“Working with Janet is like working with your best friend.
She gets to know you, listens to your goals and makes great suggestions on how you can elevate your marketing to the next level.
She has a way of making you feel comfortable while being bold and enjoying the process of getting out of your comfort zone.
Janet asks the right questions and never “sells” you on her services.
I cannot wait for my next project with her.”
- Lovelynn Ivey
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