[DAY 69 OF THE DEEP END PROJECT]
I have coached a lot of women.
When it comes to raising their prices, there are 2 major Money Mindset Blocks that keep them from charging more
“If I raise my prices, I’d be alienating the people in my community who just can’t afford it. I love serving everyone. What do I do?”
DEE’S RICH LADY WISDOM
I get it. And, I’d like to give you a different perspective by telling you an actual real life incident.
I have a friend who lives in Bogotá, Columbia. She had this same mindset block with raising her prices. What she offers is priceless, but she felt if she charged more, she would not be doing justice to people who can no longer afford her fees.
One day we were on a call, talking about this exact topic. Then, I don’t remember why but she shared with me that Richard Branson was in the city and she could see him from her balcony distributing food packets to the low income groups and homeless people. She described it as a very humbling experience. She said he looked extremely happy and content as he played and talked with the kids and passed pre packaged food, clothing etc.
This is what I said to her “Richard Branson can distribute as many food packets as he can and serve a community that is not likely to be his customers because he is Richard Branson.”
If he was some struggling entrepreneur who didn’t even know where his next paycheck was coming from, it’s unlikely he would have flown in his private jet for this. But because, he is Sir Richard Branson, a billionaire, he can give free resources without any worry
Now maybe this example is too weird for you to get (She did get it btw), let me explain another way.
If you are going to keep charging less just so you can keep yourself “affordable” to everyone, you will hit your plateau one day. You will tap out with the number of clients you can take or won’t be able to scale your business or add things like marketing expenses or a team.
It is also likely that you will start feeling resentful or burnout (this is very common). In which case, you won’t be any good to anyone.
So this is what I suggest:
Offer Scholarships to those who can’t afford
Give your time for free (I do this in my NO BS Free Coaching Sessions)
Make your Content world class so those who can’t afford can get value there
But Charge More. For God’s Sake, please charge more!
When women make more money, the world becomes a better place. PERIOD.
Okay so now that we’ve got this out of the way, let’s talk about the second mindset block.
“If I charge more, I have to give them everything, even my last tampon”
Hold on sister! There’s no need to go that far.
Ever had dinner at Cheesecake factory?
Peloton instructor Andy Spears was once talking about his experience eating there.
Now let me tell you something about Andy Spears. He is a strength trainer and his workouts are effin’ hard.
And when I tell you that laughing while doing 20lb deadlifts is not a joke, I am not kidding. Coz, I literally dropped the weights on my foot laughing with what he described.
He said their menu looks like a bloody book(coz there are a million things on it), he got so overwhelmed that he couldn’t decide what to order. In the end, he ordered Chicken.
It was horrible (no surprises there!).
4 years later he went to the Cheesecake Factory again with the memory of the horrible chicken and thought “I am definitely not ordering that.”
He asked for the menu. It still had a million dishes on it (again, no surprises!). He ordered something and guess what, it was the same horrible chicken!
“Since then, I’ve never stepped foot in The Cheesecake Factory” he said 😆
DEE’S RICH LADY WISDOM
If you stuff your programs, offers with a million deliverables and bonuses, you aren’t really helping your client. You are only justifying the value of the price to yourself!
The goal is for them to experience the transformation with you. For that, they need what they need. Not the extra fluff!
When you give too much, you overwhelm them.
Per Se, is a Michelin Star restaurant in New York City, overlooking Central Park. Their menu fits on a single page. They charge $400 per person. You have to wait for months to get a reservation.
It’s the best food I have ever had.