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 investing in your business

Almost every spiritual woman entrepreneur I’ve ever met longs for more support, mentorship and team in her business. And yet all too often, I hear comments like these:

“I’ve already spent a few thousand on my business. I’m not ready to invest more.”

“I’m working with a coach who is helping me for free until I start making some money.”

“My spouse doesn’t want me to spend any more until….”

“I can’t invest in my business right now because…”

“I’ll get a coach/hire team when I start making money. It’s a chicken-and-egg thing, right?”

Actually, no, it doesn’t work that way.

A past mentor of mine likes to call this “getting into reality.” Reality is, your business will only grow as much as you’re willing to invest – in time, energy, attention, and money.

I can speak to this personally because I’ve been there. I know what it’s like to bootstrap, and here are some of the realities I’ve discovered…

• While you can start a business “on a shoestring,” to grow a business requires a significant investment of your time, energy, attention and money. A few thousand dollars isn’t going to cut it. (The multi-six-figure earners I know invest at least five figures on coaching alone, every year.)

• If you work with a business coach who works for free, you’re working with someone who doesn’t value their work.

• A business that supports YOU and your ideal lifestyle doesn’t “just happen.” Creating a lifestyle business requires time to set up systems and money for support, including (especially) mentors and team.

• Your time and energy are your most precious resources – even more precious than money. (One of the key distinctions of high earners is that they invest money in order to free up their time and energy.)

• Not every investment will work out exactly as you hoped or expected.

• If you let money, time, fear of mistakes or other excuses come between you and your dream, you’ll let something else (or everything else) come between you and your dream. Reality check: what are your true priorities? Whatever they are is fine – just be honest with yourself.

When it comes to getting support, the biggest doubt I see women struggle with is self-doubt. They wonder, “Can I really make this happen?”

To which I say, well… what if you decided that yes, you can? The only permission you need to get is the permission you give yourself.

So my coach’s request to you this week is to get into reality.

What investments in your business – in time, energy and especially money – have you been resisting? What’s the fear lurking beneath the resistance?

Remember, fear and doubt are never the truth. As a woman who gives herself permission to succeed, what’s the action you wish to take?

Bright blessings and massive success to you…

From One Goddess To Another: Did you see this secret millionaire?

Last night I watched a replay of the season finale of the hit ABC reality show, Secret Millionaire, featuring none other than internet entrepreneur extraordinaire Ali Brown.

In case you’re not familiar with the show, here’s the premise. In each episode, a self-made millionaire goes “undercover” for a week to an impoverished community. The cover story is that they’re doing a documentary on volunteering, but in reality, they are looking for organizations to support and at the end of the week, donate $100,000 of their own money.

You can watch the episode with Ali Brown here. (Or just Google – it’s also on Hulu.com.)

The show brought up a lot for me, so there are many a-has I could share. (Indeed, I actually had something else planned for this article today, but after last night, I decided to save it for later because the show moved me so much.)

The first of these was around waiting. Namely, when it comes to your big contribution, what are you waiting for? (And yes, I’m asking myself that question, too.)

It’s no secret that I believe that spiritual women entrepreneurs are poised to create and facilitate the massive change our world is crying out for right now. One of the biggest reasons we go into business in the first place is to give back.

Yet, many women entrepreneurs do a lot of the wrong kinds of giving – giving away our time, undercharging, and giving services for free. And they wait to do the kinds of giving they really want – donations of money and time to organizations they care about.

It’s another version of “Someday I’ll be able to…” “Someday I’ll have enough money and time to donate to…”

Last night, I was reminded that building a business is a journey, that “someday” is actually right now, and that all of us can actually choose how and when we contribute.

Meaning… if you’re feeling like you “can’t” contribute because your current monthly income is too low… ask yourself, “What amount would I need to make in order to give away X and feel great about it?” (Change your number, in other words. Yes, you can do this!)

And, “What do I have to say ‘no’ to… in order to say YES to my contribution and my mission, starting right now?”

Remember that there’s a true cost to giving yourself away in the wrong way – not just for you, but for your bigger impact, as well.

So here’s my coach’s question for you. What’s one cause you’re passionate about, and what’s one shift you’re going to make in your business to allow you to give back NOW? (As opposed to later?)

Bright blessings and massive success to you…

On April 14 (that’s this Thursday), Ali will be hosting a special fr’e’e call where she’ll be sharing about her experience on Secret Millionaire and answering questions. You can bet I’ll be there, and I invite you to join me. You can register here: http://www.alibrown.com/secretmillionairecall.html
From One Goddess To Another: Did you see this secret millionaire?

How To Gracefully Stop “Giving Away The Farm”

Last year, I had the privilege of facilitating an amazing all-day virtual workshop for my “MMM goddesses” on the topic of money breakthroughs and manifestation. (“The MMM” is a program I ran last year, called The Marketing & Manifestation Mastermind – a precursor to my signature program, Goddess Business School™.)

One of my clients asked a question that had been “up” for many in the group lately. “How do I know when I am over-giving? And how do I stop over-giving?”

Over-giving is a classic symptom of the Money Mirror of Deservability. Deservability also shows up as cramming too much “stuff” in your packages and programs, giving away extra services (more than what’s paid for) without charging, or making yourself too available (think after-hours or weekend phone calls from demanding clients).

The recurring theme behind the Money Mirror of Deservability is “never enough” and the emotional undercurrent is a driving need to please. No matter how much you give away your time, services, or expertise, somehow it’s never enough. And because what you really want is acknowledgement and acceptance, you’ll bend over backwards to get it. Problem is, it’s never enough – creating a vicious cycle of burnout, exhaustion and resentment.

(One of the big ironies of this Money Mirror is that deservability attracts more deservability – in other words, you’ll tend to attract clients who take a “not good enough” stance when it comes to your services. Aie yi yi!)

The best way to know if you’re over-giving is to simply check in. Are you working really hard? Is the true energy behind giving more a genuine desire to create value (which you can do without working yourself into a frenzy, by the way) or a fear that what you do give “isn’t enough” or a need to please?

Most importantly, check your level of satisfaction. Are you at peace? If not, it’s time to stop giving away the farm at such a great cost to you.

Try this breakthrough action to stop over-giving: The next time you’re designing a program or service, cut the deliverables in half. For each component of your program, ask, “Do they really need this to get the outcome?”

This might seem like a drastic measure, but actually, your clients will feel relieved. Remember, you can always add things back in, but even just cutting them out “on paper” will shift your thinking.

When you look to other people, such as your own clients, to know that you’re “good enough,” you’ll never be satisfied. It is up to YOU to give yourself the gifts of acceptance, acknowledgment and love. You are perfect, right now, as you are.

The 10 Essential Keys To A Divine Feminine Lifestyle Business

Over the past couple of weeks, I’ve often been asked what was the inspiration behind my interview series, 6-Figure Secrets Of Divine Feminine Entrepreneurs.

The answer can be summed up in that now-famous quote by the Dalai Lama: “The world will be saved by the Western woman.” I believe it to be true… and what’s more, I believe that spiritual women entrepreneurs are the ones poised to have the greatest impact and make the biggest difference. But… we don’t want to give up our relationships, our self-care, our lives to do it.

So I coined the term “Divine Feminine Lifestyle Business” to describe a business that…

• Creates a generous in-come (think 6-figures or more)
• Creates a big contribution. Women business owners giving back.
• Truly supports you and your feminine spirit.
• Truly supports the life you wish to live.

When I asked myself, what does it really take to create a business that hits the “sweet spot” of all four elements above, certain key pieces immediately came to mind. Here’s a quick checklist of the 10 essential components you’ll need:

1. Solve a pressing problem for a specific person. Yes, I’m talking about – say it with me now! – your niche. It’s important to have a compelling niche because people invest in problems they want solved. If you’ve been hearing, “Sounds great, but…” from your potential clients chances are, you’re not solving a problem that’s pressing enough for your peeps.

2. High-end offers. Offering 1-on-1 work at low fees (or giving away too much of your time) is a recipe for burnout, frustration and resentment. It’s also a guaranteed way to keep yourself stuck at a low income level.

One of the biggest mistakes spiritual entrepreneurs make is thinking they’re “not ready” to create a high-end program. Truth is, your high-end offer is what you want to launch first, in order to generate cash flow and guarantee that you work with ONLY highly motivated, committed clients.

3. A business model with multiple streams of income. Even 10 Platinum clients can tap you out quickly, especially if you only want to work 20-30 hours per week. Offering your service in different formats such as teleseminars, group programs and information products allows you to serve more people, without a cap on your time and income.

4. At least one leveraged offer, such as a group program, information product or membership site. In addition to more income in less time, leveraged offers allow you to help people at different points on their path.

5. High-service team. Hear me now, ladies – you can’t do it all yourself. Nobody creates a 6-figure business alone… and quite frankly, why would you want to? Build your team early and if it feels hard, stop and receive support.

6. Systems. Truth is, certain tasks need to happen in your business consistently in order for you to generate in’come, such as marketing, follow-up and client care. You need systems to make sure that they don’t fall through the cracks. The beauty of systems? They can be handed off to someone else, freeing you up for your brilliant work.

7. Your email list. While you don’t need a big list to create multi-six-figures (I’m living proof), at some point you’ll want the leverage that a list of ideal, qualified potential clients gives you. While you don’t want to put your email list before creating in’come, you do want to give it serious attention if you wish to create a business that generates a lot of in’come without you having to work all the time.

8. Strategic alliances. A single partnership with the right strategic alliance can fill your business with clients, add thousands to your email list, and much more. No matter where you are in your business, start creating these relationships now. And if you know some movers and shakers already, now is the time to ask, “How can I create a win-win-win partnership?”

9. Extreme self-care. You can’t give when your cup is empty… or when you’re constantly responding and reacting to every quote-unquote “emergency.” Instead, practice extreme self-care and put yourself first. (I first learned this valuable lesson from a multi-six-figure mentor who freely admitted to putting herself before her kids and her husband.)

10. A “goddess state of mind.” Many spiritual women solopreneurs carry a deep-seated lack of deserving. This completely undermines your ability to receive and serve. Instead, flex your receiving muscle and expand your wealth consciousness by practicing a goddess state of mind using this simple question throughout the day: “Is this fit for a goddess?”

Treating yourself like the goddess that you are will uplevel your experiences, raise your standards and expand your sense of authentic possibility!

Want to hear the full call where I go deeper into each of these keys? Be sure to register for 6-Figure Secrets Of Divine Feminine Entrepreneurs to grab the recording, plus receive invites to every single call – all f’r’ee.

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