Pricing For Profit
Updated: Nov 15, 2022
Do you ever feel that you’re not charging enough? Or if you double your prices or increase your current prices, you’ll lose clients?
I have... and it’s a scary step! I remember doubling my membership prices and holding my breath until the first person purchased. It was like a validation for me. “Phew I really am worth it” I thought. I’ve done it at least 5 times in my seven years running the organization and each time I feel the same “holly crap what did I do.”
I see a lot of practice owners in our membership and if you’re a long-time coach, therapist, doctor, or anyone selling sessions and you’re wondering “what should I price this one session?” You’re not alone. By default, the new business owner thinks they will just charge whatever they made in their last job or just follow what all the others are doing. I can tell you firsthand, that’s not going to pay the bills.
If you make 40 dollars an hour in corporate, you may think you should ask for 40 dollars an hour now when you do a session. The difference is, as an entrepreneur, you are not working every single hour. You are also putting in a lot of time behind the scenes. Maybe you did a discovery call, took a new class for a certification, read entrepreneur mindset books practiced for years to get your experience, as well as the research you must do to put into your programs for that one client hour. It all needs to reflect in your per hour price.
What is the time it took you to be able to produce that hour for that client, to hold space for just them? That’s what you’re charging for, not the actual time you are with the client. You must also factor in your skills, insurance, cost of running your office, website, admin help, and any other costs associated with you doing business.
It’s everything you know and your knowledge and experience that you’re putting into the one client session. It's okay to start at a lower price point as you begin your new career, however, as you fill your practice, you must increase your pricing to reflect your expertise and to assure the cash flow you need to survive.
While building NLBP I always grandfathered pricing to members that stayed loyal to me as I figured it out. Now our original members pay a year what our new members pay a month, just for being loyal to me in the beginning. That’s how I value them back. They were part of my professional growth, they stuck with me, they saw value in my vision while I was growing.
If you are an under-earner, don't charge enough, self-sabotage, in debt, procrastinate, can't seem to prosper, disorganized, or resistant to anything financial check out my Six-Figure Soul Financial Bootcamp. An 8-week do-on-your-own-time course to help you build wealth and overcome underearning. Learn more at https://learningacademy.soulprofessional.com/courses/six-figure-soul-bootcamp