This Mindset Ask Me Anything series features commentary from Love People + Make Money’s Community Creative, Lynn Leusch. Thank you Lynn for taking the time to review the questions and answers and write helpful notes to go with the replays!!
The fear of setting a price on your perceived worth is a long-standing dilemma for many. This Ask Me Anything question from Robin adds another layer to the pricing dilemma.
Q: When I set prices I have no trouble claiming my worth but when I talk with people I feel like I’m charging too much and don’t feel confident with the price especially with clients I’ve been working with. I need to raise prices, but I have a fear of doing it.
We can count on Kelly to offer some sage advice to help Robin with her question.
“When just starting out, business owners want and need customers so usually under price their services to try and gain customer loyalty. Little do they realize that that alone can cause mindset issues in the future.”
Kelly points out that we are worth more than what we charge when we first start, but typically underprice ourselves to get started.
Makes sense, right? This alone has the potential to bring further pricing concerns in the future when we need and want to increase our prices.
Overcoming The Fear Of Losing Customers When Price Increases Are Necessary
Mindset limitations tell us that we stay loyal to our community by keeping prices the same. After all, what if our current customers can’t afford the increase or think we’ve lost our mind and decide to stop working with us?
If you are at the point of deciding if raising your prices is right for you, Kelly points out that you need to respect yourself and others.
The individuals that follow you and purchase your products make their own decisions and business owners need to respect that. Don’t superimpose your what-if mindset on them. If a few customers decide to stop working with you after a decision to make changes to your business pricing, respect their decision and know that others are wanting and waiting to work with you.
Additionally respect yourself, experience, and skills. You’ve worked hard for all that knowledge and experience. When you feel it’s the right thing to do, go ahead and increase your prices.
By the way, I respect you and suggest that you do yourself a favor and watch the full version of the video to learn how to get past any fears of pricing or price increases.