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Could You Raise Your Rates?

Could You Raise Your Rates?

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    Let’s get real: when you work on an hourly basis, there are two ways to increase income: raise your rates or increase the number of working hours. I’m assuming you don’t really want to spend more time working, so let’s talk about something that a lot of people don’t like talking about: raising your rates. Raising your rates is a way to increase your business income that is often difficult for people to face, and there are many reasons why.

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    First of all, let’s get over the biggest issue business owners face when raising their rates. I’m just going to lay it out there bluntly. The number one reason solo professionals don’t raise their rates is self-worth issues. In all my years of working with clients, I have yet to run across a single entrepreneur who hasn’t balked at raising his or her rates, saying some version of either “I don’t need that much!” or “My clients would never pay that much!”

    But when we get down to it, eventually they have all realized that these aren’t the real reasons they aren’t raising their rates. More often than not, keeping your rates “low” or “reasonable” is a function of one thing: fear. And believe me, I get it. I really do. There was a time several years ago when I was scared to raise my rates. I was scared that I would lose clients and that I wouldn’t be able to get new ones. But my fears were unwarranted, and while at the time I firmly believed it wasn’t about self-worth, when I started to get really real and dig deep about what was holding me back, I realized that indeed that’s exactly what was at the heart of it.

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    So how can you get past that? Well, first of all, you need to do some soul-searching. Dig deep and find out why you think you’re not worth earning more. Hint: If you start saying, “I just love what I do and I’d do it for free if I could afford to,” dig deeper. There’s a lot more going on there than you may initially think.

    Second, stop charging by the hour. Instead, create packages with a lot of value built in.  Make sure you are really offering something great, something that will produce a high return on your clients’ investment in working with you.

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    Third, start talking more about that value that your bringing to the table, instead of what people will get from working with you. When I talk with prospective clients, I do cover the features (like how many sessions are in each package, for example), but I focus more on the benefit of working with me. I talk about the value I’m bringing to their business, and show them how working with me will help their businesses grow.

    Once you figure out what’s at the heart of how you’ve set your rates and made these slight shifts, you’ll be amazed at how fast your income will grow.

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    Last Updated on September 25, 2019

    12 Rules for Self-Management

    12 Rules for Self-Management

    Management is not just for managers, just as leadership is not only for leaders.

    We all manage, and we all lead; these are not actions reserved for only those people who happen to hold these “positions” in a company. I personally think of management and leadership as callings, and we all get these callings to manage and lead at different times, and to different degrees.

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    Considered another way, I believe we can all learn to be more self-governing through the disciplines of great management and great leadership; these are concepts that can give us wonderful tenets to live and work by.

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    For instance, these are what I’ve come to think of as 12 Rules for Self-Management. Show me a business where everyone lives and works by self-managing, and I’ll bet it’s a business destined for greatness.

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    1. Live by your values, whatever they are. You confuse people when you don’t, because they can’t predict how you’ll behave.
    2. Speak up! No one can “hear” what you’re thinking without you be willing to stand up for it. Mind-reading is something most people can’t do.
    3. Honor your own good word, and keep the promises you make. If not, people eventually stop believing most of what you say, and your words will no longer work for you.
    4. When you ask for more responsibility, expect to be held fully accountable. This is what seizing ownership of something is all about; it’s usually an all or nothing kind of thing, and so you’ve got to treat it that way.
    5. Don’t expect people to trust you if you aren’t willing to be trustworthy for them first and foremost. Trust is an outcome of fulfilled expectations.
    6. Be more productive by creating good habits and rejecting bad ones. Good habits corral your energies into a momentum-building rhythm for you; bad habits sap your energies and drain you.
    7. Have a good work ethic, for it seems to be getting rare today. Curious, for those “old-fashioned” values like dependability, timeliness, professionalism and diligence are prized more than ever before. Be action-oriented. Seek to make things work. Be willing to do what it takes.
    8. Be interesting. Read voraciously, and listen to learn, then teach and share everything you know. No one owes you their attention; you have to earn it and keep attracting it.
    9. Be nice. Be courteous, polite and respectful. Be considerate. Manners still count for an awful lot in life, and thank goodness they do.
    10. Be self-disciplined. That’s what adults are supposed to “grow up” to be.
    11. Don’t be a victim or a martyr. You always have a choice, so don’t shy from it: Choose and choose without regret. Look forward and be enthusiastic.
    12. Keep healthy and take care of yourself. Exercise your mind, body and spirit so you can be someone people count on, and so you can live expansively and with abundance.

    Managers will tell you that they don’t really need to manage people who live by these rules; instead, they can devote their attentions to managing the businesses in which they all thrive. Chances are it will also be a place where great leaders are found.

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    Featured photo credit: Thought Catalog via unsplash.com

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