Let’s talk about being paid what you want.
In the last few weeks, I might have had the joy of meeting you during one of my FB lives (if not, click here to catch up on the awesome money + spirituality conversations you might’ve missed).
And during the lives, the question of PRICING kept coming up!
- Can you talk a bit about your approach to understanding how to properly price services?
- I’m a yoga teacher and I don’t understand how to make more money. Average gyms pay $12-$30 a class - how do I make more?
- How I can go so far in spiritual work and keep falling into a hole with money!?
This month is Financial Literacy Month.
No better time to sit down with pen, paper and calculator (unless you’re a geeky math teacher, like I am, then you don’t need one)...
… and answer this JUICY question:
What should YOU charge for your services?!
Below, I'll share the question as it came up during a FB live, and my full answer…
Q: Can you talk a bit about your approach to pricing?
A: One of the things I love, love, love, love about this work is that it's very simple arithmetic.
Here’s the process:
Step One: How much do you want to make?
Note: there’s no right or wrong number.
- Want to make 6 figures a month?
- Want to make 6 figures a year?
- Are happy with even less?
- Are only happy with MORE?!
What’s the truth for you?
Step Two: How much work do you want to do?
Let’s say you offer a 1-1 or group service (whether coaching, web design, or online yoga sessions).
How many people do you want to work with at a time?
In my business I know this:
I only want to work with ten 1:1 clients at a time.
And at most two groups at a time.
That’s how I can show up most powerfully and give my full attention.
And I don't ever want to…
- Be overextended
- Resent my clients
- Resent my work
I want every single aspect of my work to light me up - so I'm thriving and can bring my best to my work.
That way my work is devotional, and…
My clients get the best possible service - unconditionally.
And if you’re a healer, coach or spiritual teacher?
This is SO significant!
You HAVE to be uncompromising, unapologetic and very honest with yourself.
What are the numbers that would allow you to make this claim?
How many people can you work with at a time?
It’s the number that allows you to consistently offer your VERY best service.
Again, numbers will vary - it all depends on your business.
Some of my clients want to work with 25 people every week.
Others only want to work with 1.
There’s no right or wrong.
Got your number figured out?
Awesome, here’s the next step…
Step Three: Have fun with Arithmetic!!
As you might know, I’m a mathematician.
And a really powerful strategy we mathematicians use is simplifying the problem first.
Find the solution in a simpler version of your problem, and then you can extrapolate and go to more complexity.
In my business I have one-on-one clients, I have group programs, sometimes I do a webinar, an event, or a retreat - the numbers get complex fast. This principle helps guide the way I think about my pricing overall.
How do we simplify this problem?
- Focus on one month.
- Imagine everyone pays in full
- Round the numbers up
Here's an example:
Let’s say you want to make $10,000.
You want to work with 10 clients.
$10,000 x 10 = $1,000 - You need to charge $1000 per client.
Please note that I’m NOT saying to look at what other people are charging for the same service and then charge that. Whatever the arithmetic tells you, that's your price.
It’s that simple.
Your assignment this week is to take yourself through this three step process - even if you think you already know your prices!
It’s that simple.
This exercise is very powerful. Everyone of my clients does this as soon as they start working with me. Like my client Elizabeth who came to me making a monthly income of $500 - as soon as she did this exercise she raised her prices and made $8000 that same month.
Just think what doing this exercise can do for you!
And most important of all.
Once you have your updated prices…
- Say them out loud in the mirror.
- Tell them to yourself when you’re alone in the car.
- Sing them, dance them, starting living them!!!
And tell them to the people you want to work with.
Go public, people. You've got this.
We love to hear from you with your conclusions and your questions. Bring ‘em on!! How can we help?