“Starving” artists, charities, yoga teachers, writers, massage therapists, musicians, holistic practitioners – I tend to lump us all into the same basic category because often our struggles are the same. These are the things we do for the heart of it and often it’s not the easiest path. Business doesn’t always feel easy when you want to put love first. And yet, we still need healthy business practices if we’re going to thrive.
We get this. We know we need to charge for our work and get paid for our services. We know we need to value ourselves and put a price on our amazing talents. But… so how do you know when you’ve got it right? A friend of mine has a good answer! But let me introduce her first.
I’m really blessed to know some incredibly talented people in Austin and around the world. Lynn Scheurell of Creative Catalyst is one of those excellent people who just happens to also be an excellent teacher in business and marketing. She teaches people from literally all around the world. She’s both creative and business minded and she’s a writer, publisher and inspirational speaker.
I also trust her with anyone I send her way. (That’s a big deal to me, btw.) And one of her recent newsletters just happened to really hit on some of the very same points we were discussing just a few weeks ago about pricing and valuing our work as creatives.
Now the letter is one that Lynn only sends out to people on her list and it is about services she offers. So I want you to know that up front. However, I felt it had some really good points y’all would appreciate. So I asked her if it would be OK to share it with you. And she said yes!
Here it is. Enjoy and check out her credentials at the end!
(And if you talk to her, tell her I sent you!)
Are You Pricing Your Offers Properly?
by Lynn Scheurell
Here’s how you know if you are pricing your offers properly…
- you feel good about your work with clients.
If you feel drained, resentful, anxious, frustrated, watch the clock, stressed about money, feel like you can’t breathe, pushed or hurried in your time with clients, then a boundary around your worth is being violated through your pricing.
The inside secret is that you are the only one who can set and honor your boundaries. You are the only person who can set your fees.
Tragically, most entrepreneurs under-value their work by at least 10% – and that likely includes you.
You may not have a pricing strategy in place, or have one that doesn’t serve you, or have pricing that doesn’t connote your true value.
In fact, I have a personal story about that to share with you… from wayyyyy back when, I was a practicing Feng Shui consultant. (Feng Shui remains one of my true loves to this day… but I digress!) ;+)
Anyway, at the time, I was charging $75 per consultation (without time limits!) – and I couldn’t GIVE them away!
I worked with a business coach, who told me I needed a higher fee. I thought she was out of her mind – raise my fees when I wasn’t attracting business as it was??? Holy cow… but, per her instruction, I meditated on a number and got one.
She was on vacation for about three weeks but I decided to put that number into action immediately. (I am a Catalyst, after all…!)
The first time I said it out loud to a potential client, I’m not sure how he heard it over the sound of my knocking knees! But over the course of the next three weeks, I had more consults using that new fee than I’d had in the previous three months at the lower fee!
When my business coach returned from vacation, we had a session. Of course, she asked if I had a new number and I said yes and that I’d been using it already.
She asked what it was – and remember, she knew my fee was $75. When I told her $450 – and that I was GETTING it! – I’m pretty sure she fell off her chair!
The point is that, once I was charging enough, people believed that I was offering something of value. I was more in line with the market in terms of fees. I didn’t need to ‘wait’ for some reason to justify my new fees based on filling my schedule at the lower rate first. And I was getting booked right and left at the new rate!
It felt great to actually be receiving my value professionally. But it took me honoring myself and following my intuition and then claiming my worth before it could happen. Only when I did could my business take off… and I haven’t looked back since (except to share this story!). ;+)
How this applies to you… you must know your value and claim it through your fees. And your rates must make sense within a strategic framework, or business model.
If you don’t have a business model, you’re flying blind and it’s likely that your business feels scattered. If you can’t predict your monthly income in advance, it’s time for an overhaul.
The fastest way I know to upgrade your fee structure and business model is to work with someone who understands revenue models AND understands you and what you bring to your clients. It’s actually rare to find that combination in an expert. (I know because I searched for that very resource early in my own business!)
Fortunately, that’s one of my signature specialties… I offer Business Vision Mapping for forward-thinking entrepreneurs who really GET that it is vital to price their offers properly within a strategic business framework.
These Catalysting sessions are designed to answer your questions about implementation, neutralize personal fears, limiting beliefs and obstacles and/or address sticky situations as you gain new momentum in your business. And they are invaluable as you begin taking action into new territory to grow your business.
Pricing your offers properly also means that you are honoring your clients.
If you undercharge, you feel drained and will look to shortcut your time and energy in delivering the product or service.
If you overcharge, your client will feel taken advantage of and look to maximize their investment in ‘creative’ ways that won’t serve either of you in the long run.
You really do owe it to yourself AND your clients to properly price what you do…
To Honoring Your Clients And Your Worth ~
Changing the world through business starts by understanding your motivations, inspirations and purpose; in other words, changing the world starts within you. Only then can you apply your intensity through strategic business models, systems and focused action to create conscious, and often dramatic, results.
Lynn Scheurell is a visionary pioneer, spiritual teacher for entrepreneurs and authority in the area of conscious business. She is a leading proponent that entrepreneurship is one’s highest calling made manifest through service and that one’s business is the ultimate tool for personal growth. And she has a rare skill as a gifted communicator with solid experience in business models and systems.
Internationally known for her empowering and inclusive approach to conscious business, Lynn teaches entrepreneurs how to identify, align and express their true nature at every stage in business to accelerate results. Learn more at www.MyCreativeCatalyst.com.
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Dear Artists: Your Prices Are Not The Problem – Or Are They?
Dear Artists: There’s A Problem With Your Pricing – Part 2
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