When To Raise Your Prices

#56: When to Raise Your Prices

Pricing is challenging, it’s emotional, and it feels personal. And as women, we already deal with so much more imposter syndrome and inferiority complex – it is all more rampant among women than men.

Pricing is challenging, it’s emotional, and it feels personal. And as women, we already deal with so much more imposter syndrome and inferiority complex – it is all more rampant among women than men. And I think a lot of that is because with men, if they do have some kind of imposter syndrome, it is a bit easier for them to look around themselves and see other men in positions of power or another man doing what they want to do.

It is harder for women, for people of color, for minorities to be able to see the type of person that we want to be, in the role that we want to be, reflected back at us. It’s harder to find someone who looks like us in roles of leadership.

Yes, I do think it’s changing and shifting! But it’s happening slowly, or at least at times it feels like it. And it can lead us to get stuck in this cycle of imposter syndrome and feeling like we aren’t worthy for asking for more money for our services. And I’m over it! I think women should charge more. I think creatives should charge more. And this episode today, if nothing else, is permission to charge more.

But I also wanted to share some practical things to think about and tips if you feel like you are in a place of wanting to raise your prices. Here’s some of the main things I talked about in this episode:

  • When it is time to raise your prices
  • When was the last time you raised your prices?
  • Looking at your cost increases
  • Explaining your price increase to clients or not
  • Education investments
  • What to do if you are overbooked and overwhelmed
  • Small price hikes throughout the year versus an uncomfortable, massive income
  • Working with clients who don’t appreciate you and your services
  • Does anyone describe you as cheap or affordable?
  • “Charge your worth”

A few highlights from this episode:

[3:20] – It probably is time to raise your prices. It was probably time to raise your prices six months ago, but that’s okay. We can start where we are today.

[7:16] – The cost of doing business is different. We don’t need to over explain that to people who are working with us. Now, if they ask, then go for it. We can certainly divulge that information if they ask.

[10:31] – If you are in a place where you have so many inquiries or so many things on your calendar that you can’t keep up, that you are booked out for the next six months, or even two months, if you have a constant sense of dread and overwhelm because there’s too much stuff on your calendar, or you don’t have a place to put people, you need to raise your prices. 

[12:26] – When you increase your pricing, you are also able to work less and make the same amount of money for less time, and that is a huge benefit, especially if you are feeling really overwhelmed by your schedule.

[16:34] – There is no amount that you could charge that is equivalent to your worth. There just isn’t. You are worthy just because you are you and you are human, no matter if you’ve been doing this for one year or five years.

[17:00] – You could never charge your worth, but you can charge what you want to make. 

You know what I love? Coming home from a long day of work and sweating away in a hot kitchen for over an hour just to get a meal on the table my family all complains about. Actually, no. I don’t love that at all. I love the idea of a family meal together, but dinnertime is one of the most stressful times of the week…or at least, it used to be!

Lately, I have been relying on Chilled Freezer Meals! Chilled makes mealtime simple with frozen meals for local pick up and home delivery to communities in Eastern and Central Iowa, and they ship meal bundles nationwide.

They have a variety of options, sizes, and are budget-friendly. We are huge fans of the cracked chicken sliders and mini lasagnas, and I always add in a couple orders of breakfast burritos.

You can get 10% off your first order with the code MADDIE. Check out Chilled here!

Some of the best conversations happen after the show in my private Facebook group, Take It Personally Podcast. Click here to join in!

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