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The Reasons You Don't Need to Be Afraid to Increase Your Costs

Aug 24, 2022

Everybody has unconscious blockssomething that holds us from reaching our personal or professional goals. Maybe you have an addiction to struggle. or a fear of failing. Perhaps, more importantly, a fear of greatness...

However, if you're looking to be successful with your online learning business, you need to know which blocks you're dealing with. And for so many creators, one issue that comes up again and again is the feeling of feelings of self-worth that are low.

It's the reason I'm so enthusiastic of working with clients to help them raise the price of their courses. The reason is that determining the best way to price your course or online-based learning company isn't easy. Everyday I see students fall into the wrong mindset when they're trying to figure out whether they're entitled to charge for what they're worth versus charge what their services are worth.

To overcome this particular mental obstacle is somewhat of a challenge, as it is necessary to engage in some uncomfortable conversations on the process. (And this can take more time than you think!) If you approach it right, you can increase your energy to the level of where you know you're more valuable and ready to step into the power that you have.

Skip ahead here:

  We interviewed, success coach, Latisha Styles about how you can charge your coaching programs. Latisha shares her experiences as well as her method for attracting top-paying clients, increasing your ratesand feeling comfortable about what you charge.

Do not let the imposter syndrome keep you from success

Imposter syndrome is a problem for anyone However, I've noticed this to be particularly prevalent among many minority and women. I began my professional career within the financial industry, and the space is dominated by males. So I was surrounded by a lot of masculine and masculine energy that really negatively impacted my self-esteem.

Over time I was able to be assertive and control a conversation if I needed to. How did I do it? It started with altering the inner dialogue I had with myself, and discovering where my strength was.

This is why I create powerful statements about myself.

Short sentences make clear the value that you bring to the table. In terms of overcome subconscious blockages the power of a statement will help you get towards the right direction and build self-worth and begin to bridge the gap between what you think of yourself and how you actually are.

To be clear It's important to note that these affirmations aren't as the kind that people use before the mirror. (E.g., "In every day, every single way, I'm getting better and stronger.") Affirmations can be helpful however they're not something you'd like to be true but aren't sure about. A power quote can be something that you believe to be true.

As an example...

  • Acknowledgement  The money is available to me quickly and regularly.
  • Power Statement : I give my money for a reason, and so it loves to come to me.

If you stick to the affirmation, then the next time you check your account, you'll doubt it , and then enter into a loop of doubt. When you use the power statement it's a subtle difference, but it's more grounded the action you are taking.

Through powerful words, you can nip imposter syndrome out of the way and begin to realize how powerful you really are. If you're looking to raise your prices and feel good that you did, this is a crucial step in the process.

Pricing really is a the matter of positioning yourself differently

I typically speak with entrepreneurs, business owners and course designers who are looking for the reason they're not getting results. Something isn't working. There's not enough sales or not making the sales at the right rate.

You can do practical things that you can try to solve the issues. (Like creating a funnel or a better sales page.) More important, however, is the game that you play with yourself. All of this boils to your positioning.

In order to change your perspective, it is important to know how you see yourself. It will be reflected in the ability of you to price not only the amount you are worth for your services -as well as what you believe you're worth.

In order to explain how it is done, I prefer to use this acronym that stands for m-o n-e-y.

  • M My
  • O own
  • N: Natural
  • E is Energy
  • Yield: Yield

In simple terms, it means that your energy will only be returned in the form of dollars. It's literally just digits on a screen. This is the expression of the energy you put out.

Once you understand this, you realize that to be more effective, you need to stay positive. The more positive you feel is, the better you'll attract the kind of money you'd like to. Once you've repositioned yourself and your business, you'll be in a much better place to change the direction of your company as well as reposition your activities.

How can you start increasing your prices -- without losing clients

If you're at ease about the possibility of raising your rates, the next issue to consider is what you're going to do to do it? From a practical point of view, this is when it starts becoming an issue for marketing than anything else.

One example I would like to make use of here is of an aircraft. Imagine a plane is flying from Toronto towards New York. Everyone on that plane is going to end up in the same place. There are a variety of seats to choose from. There's your standard cabin, and maybe even premium economy, and then, of course, there's first class.

Everyone is on the same plane. So why are some people paying higher? It's due to the value they place on their experience. For these passengers, it's not all about getting from one place to the next. It's also about the experience. Better service, higher quality food, more legroomYes, please!

And so with that in your mind, you begin to realize that the low prices are actually a reason to turn away a top-quality client who values the experience. Since they know that with a more expensive costs comes superior service. They actually want to spend higher.

Naturally, coaching or consulting training are somewhat distinct from booking flights. There's no drop-down menu to pick the exact seat that you want. The last thing you want to do is charge everybody the same price for an economy ticket. (Then you'll end up leaving those who might really need your assistance. )

What you could provide is different choices to your various kinds of clients. If you offer a cheaper price, maybe all they get access to is the pre-recorded course materials. In the premium economy class you offer, they might have access to that and your community online. Then, in the first-class class, they also get some individual coaching sessions with you. By giving your audience the choice of choosing to attend, you will ensure there isn't a single person left on the road.

If I talk to numerous coaches who are new, they often have the belief that since they're passionate about their work and enjoy it, they should just give it away at no cost or for some small amount.

In the meantime, I'd like to encourage you to truly accept your role in providing the best service. What you offer your customers is something worth paying for it, regardless of whether you're providing them with relationship advice or health tips, or coaching them on any related topic.

The work you perform is important. And until you can assess the value from the perspective of the outside You'll have a difficult time determining what your services are worth. However, once you've learned what you're worth? It won't be like it's as terrifying.