A Simple Formula To Set Your Fees (And Make Sure You Don’t Undercharge)

If so, you’re not alone. Your school or training program probably didn’t teach you how to set your fees, so what are you left to do? Look around at what everyone else is charging and follow suit.

Problem is, when everyone around you is stuck in dollars-for-hours mode (we’re all conditioned to think this way) and undercharging, it’s all too easy to form a belief that you can’t charge what you’re really worth or really want.

Remember, in your business, you’re the boss. You get to design your business to support the life you desire.  And it all starts with how you set your fees.

You might be thinking, “That’s great Elizabeth, but how can I charge what I really want?  Nobody would pay me!”  Goddess, that’s the wrong question!  Instead, ask yourself,

“Who would I have to BE in order to charge that amount, and attract the clients who will pay?”

Here’s a simple 7-step formula to set your fees from this new, empowered place:

Step 1.  Decide on your number.

How much do you need to make each month to live the life you want?  Be sure to include everything: all of your annual expenses, specific purchases you want to make, insurance payments, taxes – everything.

Big Hint: One of the big reasons why entrepreneurs fail when it comes to manifesting mo’ney is that they shoot too high, too soon.  If you’re barely paying your bills right now, focus on creating enough to cover your basic expenses.  Once you create that success, you can quickly move on to the next.

Step 2.  Decide what the money is FOR.

Money is neutral; it has no meaning in and of itself.  What gives it meaning is your emotion.  When your number actually means something to you, you’re much more motivated to put in the energy required to create it (including asking for what you want).

Step 3.  Decide how many hours you want to work.

All actions in your business have a cost, especially serving clients. You can’t create the income you want and the lifestyle you want without getting clear on exactly what you’re willing to pay in time.

Step 4.  Determine the number of clients you want to serve.

The number of private clients you take on is determined by the total number of hours you want to work divided by the time it takes to serve them.  Take care to NOT over-extend yourself – you need time to work ON your business, too!

Step 5.  Design your program or package.

Remember, clients invest in outcomes and results, not time.  What will your client get from working with you?  Your offer needs to have ONE clear core outcome that speaks to your clients’ immediate needs, plus you need to determine the value of that result to the client.

To save time (and in the future, leverage your time) and help your clients get even better results, organize your process into a series of steps, or unique system, that you can walk your clients through.  To further increase the value to your client, kick off your program or package with an intensive-style experience (like a VIP day) that helps them create a result quickly.

Step 6.  Determine the value.

Ask yourself, “When they have [X] result, what’s that worth to them?”  Be sure to look at the impact of the result on their finances, health, relationships and future potential.  Then look at the cost of them NOT having the result: how will NOT solving the problem cost them, in the areas of finances, health, relationships and future potential?

Don’t skip this step!  It’s this uncovering of the true value of the results to the client that ultimately determines what you can (and should) charge.

Step 7. Decide your price.

This is simple math.  To get your fee, take your desired number and divide it by the number of clients you must enroll into your new package.  If the number makes you gasp (!), do NOT lower your fee!  Instead, focus on creating value.  Ask yourself:

“What kind of value do I have to provide in this program in order to charge that amount?”

Who You’re BEING Determines How Much You’re Charging

Your fee reflects your confidence in your skill set. If you’re feeling a lack of confidence in yours, ask yourself: is that doubt really about your skills, or are you taking on the responsibility for your clients?  (“I don’t want to promise results…”)

Remember that your modality – be it coaching, massage, acupuncture, Reiki – has a lineage of transformation behind it, one you can draw on to boost your confidence when you doubt that your stuff really works.  Remember, you’re not the first person to create success doing what you do!

When you are BEING the Divine Feminine Leader you truly are (instead of doubting or taking on their stuff), your clients will feel it, giving them the confidence they need to get the transformation they truly want – at the rates you desire and deserve.

The truth about what high-end clients are REALLY paying for

Are you intrigued by the idea of offering a high-end program, but secretly wonder if you could create one that’s “worth it”?

Or maybe you KNOW your work changes lives (of course!) but… when you think of going Platinum, you can’t help but wonder WHY someone would pay those kinds of fees.

One secret to banishing doubt around going Platinum (and the old “who am I to charge that much”) is to understand what high-end clients are REALLY investing in at this level.

Many heart-centered, spirit-driven solopreneurs feel like there’s sooo much riding on what they put IN to their programs – number of sessions, time spent, their personal service, et cetera.

Now, there’s no question that your content and expertise are important.  (Content is actually a very big deal – that’s another tip right there.)

Truth is, though, those things are a percentage of what creates massive value for your clients.

So what creates exceptional value in a high-end program?  What are clients REALLY paying for?  The answer may surprise you…

60% (that’s over half!) of what makes YOUR program valuable is CLIENT COMMITMENT.  (I first learned this from an incredible coach, Brian Whetten, PhD.  Blew my mind… especially when I realized how true it really is.)

In other words, they are INVESTING with you to be held accountable to what they want, deep in their heart.  To have someone in their lives who will take a stand for what’s really important to them, so they can stay strong, even when they want to quit.

To have a caring person to turn to when they’re scared.  (Can you relate?)

What this means for you is that you don’t have to be the quote-unquote “best” at what you do to create phenomenal value in a high-end program.

What a relief, right?  (It was for me when I launched my first Platinum as a new coach, just out of training, two years ago.  Price tag for 6 months: $10,000.)

All you have to do is care deeply and show up powerfully as your AWESOME brilliant self.

In other words, YOU can DO this!  And here’s a bonus secret to ease your mind…

When you design your program correctly, you can build some of that accountability right INTO your program, so it happens automatically.

I like to call this “creating a container of support” for my peeps, and I consciously design it into of all my high-end offers.

I’m going to be sharing more on accountability and how to create your programs in my all-new video series, going live this Tuesday, JULY 5 – right after the holiday.  So watch for a special invitation from me to register your seat in this free training.

How To Create “A Goddess State Of Mind” To Attract High-End Clients

When I mentor my clients on how to create, launch and fill their own “Platinum style” programs, one of the very first things we work on is mindset.

Truth is, it isn’t a lack of skill, capability or experience that holds most heart-centered coaches and practitioners back from launching their first high-end program. It’s their emotional mindset – what I like to call a Goddess State Of Mind.

So what’s a Goddess State Of Mind?

It’s the to-the-core-of-you belief that YOU are worth it, and what you do is worth it because of the power it has to transform the lives of your clients. (You can see there’s one more belief in there – that your clients are worth it, too!)

Creating a Goddess State Of Mind just might be my favorite part of the whole Platinum model. Why? Because of who it calls you forth to become. Let’s face it – there is simply no way you can hide out, play small, stay scared to expand and doubt whether people will pay you what you’re worth (and more) when you honor and truly embody the goddess you are.

Pretty yummy, yes? Oh YES.

So how do you develop this Goddess State Of Mind?

First, you make the decision. Then you authentically uplevel in key areas of your life and business – so that everything supports this awesome, empowered way of thinking. Here are 3 ways to start.

1. “Goddess-ize” your ENVIRONMENT.

Your environment either pulls you forward, or slows you down. What’s your personal style? Does your office and home surroundings reflect your personal style? “Stuff” has a habit of creeping up (and around) and clutter takes a major toll on your energy. You may not notice it, but believe me, it’s there.

I will never forget the space clearing that mirrored my first massive upleveling a few years ago. It felt so good to let go of things that were no longer me. Now, clearing out the clutter is one of my secret strategies to moving forward with lightning speed.

Your environment has a huge impact on your success and you feel about yourself. Surrounding yourself with beauty and luxury doesn’t have to be expensive (case in point: the roses in my office cost all of $10 at the grocery store). A little bit of self-care in this way will have a BIG impact on your bottom line.

2. “Goddess-ize” your SELF-TALK.

What are you telling yourself, day in and day out? Most women are playing a loop in their heads of criticizing, judging, comparing, and despairing. None of that negative crap is “good enough” (ha!) for the goddess YOU are. It’s time to break the pattern!

Here’s a simple, empowering action step to uncover some of the self-sabotaging messages you’re not even noticing right now. For one day this week, have a notebook on your desk and just notice what goes on in your head throughout the day. No judgments, just observations – like a journalist would do.

Then notice – what are the key disempowering thoughts or phrases or beliefs that come up again and again? (Examples: “I can’t afford it,” “they won’t pay for it” and any version of “not enough.”) Pick ONE message to shift, starting right now. You’re going to feel sooo much lighter energetically, right away.

3. “Goddess-ize” how you handle MONEY.

I’m not talking about affirmations, visualizations, or all that good stuff. (And it is good stuff, no matter what the haters say; it’s just that too many spiritual entrepreneurs stop there.) I’m talking about practical and energetic STEPS to honor your money, every day.

Here’s the deal, Goddess – creating Platinum programs means that greater and greater amounts of money will be coming to you. How you HANDLE that money will absolutely have an influence on the clients you get and the fees you attract.

Cleaning up your “money stuff” can be overwhelming, so here’s a simple place to start. Track EVERY bit of income that comes to you, every day, to the penny. Your motto here is “it all counts” – including your partner’s money, lucky pennies you find in the street, and money from Grandma. Taking this stand of “it all counts” will help you begin to stop the discounting, separation and compartmentalizing that can sabotage your ability to attract and keep more.

How You Treat Yourself Has EVERYTHING To Do With Receiving Higher Fees

You can’t attract clients who value you until you the work, and value yourself. Then your programs become a powerful container of possibility for your clients to step INTO. Instead of matching whatever fear or resistance they have and lowering your energy, you hold a powerful NEW space for them to step up.

When you value yourself first, others will follow. It’s a beautiful thing!

3 Tell-Tale Signs That It’s Time To Raise Your Fees

When it comes to fees and charging, most spiritual women feel a lot of conflict. We’re spiritual, we’re women… it’s a double-whammy of cultural conditioning that says “give it all away.”

Thing is, this leads to women chronically undercharging and waiting far too long to charge what their work is really worth. It may feel giving and generous, but as the saying goes, you can’t give when your cup is empty. Ultimately, undercharging leaves you depleted and defeats your purpose of making a big impact in the world.

Here are 3 “dead giveaways” (and one bonus!) that both you and your clients will be better served by giving yourself a raise:

Tell-Tale Sign #1: You’re exhausted instead of juiced.

Back when I was a direct response copywriter, I would spend hours and hours and hours and hours (did I mention hours?) on projects that paid very little. Sure, the money was nice when it was coming in, but 40+ hours on the project later … let’s just say it was hard to stay motivated. And I love writing.

Doing what you love should inspire, well, love. And gratitude. If you’re not feeling the love, that’s a big clue that you’re falling far short of receiving money in alignment with the energy you’re giving – and you simply can’t sustain that for the long haul.

Tell-Tale Sign #2: You feel resentful towards your clients.

Ironically, women who undercharge often find themselves attracting needy and demanding clients. But even the best of clients can become a drain when you’re not charging enough. (Or not charging enough and overdelivering!) If you’re feeling resentful and feeling guilty… it’s time for a shift.

Tell-Tale Sign #3: You’re working constantly and still just getting by.

You can always create more money, but you can never create more time. So when you’re signing on clients and charging too little, what happens? You get burned out… quickly.

One of my past Platinum clients was in a situation where she had two choices: continue to serve the last few clients in the “old way” of working (dollars for hours), or release them with love if they weren’t ready to step into her new high-end packages. The decision was really weighing on her because they were awesome clients who she deeply cared about. (There was a lot of history there, too – all of them had been with her for years.)

With a little coaching, she had a huge breakthrough: saying yes to those old clients would have meant saying no to herself – her own needs, self-care, time with her family, and her dreams of a much bigger business. (And the opportunity to give those clients something bigger to step into, as well.)

And here’s one more tell-tale sign you’re charging too little…

When clients consistently quibble about your already-low fees, chances are it’s time to raise them. Counter-intuitive, I know, but experience has shown this again and again. (Indeed, back in my copywriting days, increasing the price of a floundering offer would often increase conversion.)

“But Elizabeth,” you may be saying, “My fees are already way too low and people are complaining. How can I raise them when I can’t even get them to say yes now?” (I hear this all the time!)

The way to authentically increasing your fees is this…

To increase your fees and feel great about it, you must stay connected to the value of the transformation your clients get. What really gets to happen for them as a result of your work? How can their lives change when they step up and you step up… together?

Often this means letting go of the clients who aren’t a fit for the value you provide, and turning your attention to those who are. Remember, energy follows energy. When you own your value first, you’ll naturally attract clients who value you… and themselves as well.

Ready to get new clients in 30 days or less? (plus Valentine’s Day news ;) )

Greetings!

I couldn’t help but share one of my all-time favorite pix of Leland and I, in honor of one of my favorite holidays, Valentine’s Day. It was taken several years ago in Brooklyn’s Prospect Park at one of our commitment ceremonies. I love this picture because we were surrounded by friends, so blissed out, and it reminds me of all the magnificent growth and change that has occurred in my life since then.

We enjoyed an extended “staycation” here in Portland for Valentine’s Day this year, complete with dinner in one of Portland’s oldest restaurants… and another photo shoot! Stay tuned…

Speaking of Valentine’s Day and feeling the love…  if you’ve been asking yourself, “Where are the clients?!” I can practically guarantee there are peeps in your midst right now who could use a little love (and your powerful transformation!) to change their lives. Wouldn’t it be cool if you knew exactly how to reach them and turn them into invested, committed clients?

Now Available! The Get Clients In 30 Days! Homestudy System

Nearly 300 spiritual solopreneurs joined me on Tuesday for a totally rockin’ training call on my best strategies to get a flood of new clients in 30 days or less. How would knowing how to get ideal, invested clients whenever you want change your life?

It certainly changed my life forever, and that’s why I’m soooo passionate about teaching this business-critical skill to spiritual women entrepreneurs like you. And that’s why I’m freely sharing everything I know (plus giving you tons of proven “done-for-you” materials straight from my own business) in my brand NEW Get Clients In 30 Days! Homestudy System. Here’s a sneak peek at what’s inside:

Plus time and money saving templates, scripts, and copy to support you in taking inspired, aligned action (instead of energy-draining “throw it up on the wall and see what sticks”)

When you reserve your copy by TUESDAY, FEBRUARY 22, 2011 at 11:59pm PT, you’ll also join me LIVE for 3 full months of ongoing support, coaching and bonus training – as my gift included in your modest investment. Reserve your copy here:

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