Do we need to keep raising our rates?

There is typically the assumption among US service providers that as we build our skills and our experience and our credibility in the market that we should be charging more, we should be raising our rates continually along with the years of experience that we have. And I believed this for the longest time as well, until recently. So a couple months ago, back in August, I quietly raised the rate of my one to one coaching and I raised it to a rate where it was still very affordable compared to my peers who were charging. Almost all of them were charging more and some of them much more than me. So even my higher rates were affordable. And I believe that I totally deserve it. I was like, I'm still an amazing deal at this higher rate. What's strange though, and I didn't announce the higher price, okay, but what's strange is that over the next two months, so I raised it in late August, in September and October, I got almost no inquiries for my private coaching. Very, very strange, because I usually get quite a few inquiries every month such that I've had a full practice for almost two years without having to reach out for any new clients at all. They just kind of come to me because of my content and because of the word of mouth. But suddenly the inquiry stopped and so I was embarrassed by this and I thought I hadn't changed anything in the way that I run my business. The only thing that changed was that I quietly raised my price. I didn't even mention the price raise in any social media. I didn't mention it on email at nothing. It was just for new clients. They would have to pay that price. It's only the people who somehow found my way to my private coaching page who may have seen that price increase. And even on that page it didn't talk about the price increase, it just gave the new price. Anyway, long story short, something weird happened. The inquiry stopped. So in a, sort of, in an. Embarrassed to me personally, I was embarrassed. And so I decided to lower the price down to my original rate, which is where I'm at now. Again without announcing this, except now I'm sharing this lesson with you in this video. Didn't mention it in email, didn't mention it to my clients, didn't mention it on social media. And then suddenly within a few weeks, the inquiry started coming in again. And now my practice is full once again with a longer waiting list than ever before. And nothing changed except that quiet price change up and then back down that nobody knew, probably except me. And I have to say I felt I totally deserved that new price and you know, But. So here's the lesson. I believe that the universe, God, life was trying to remind me, was actually kind of protecting me, reminding me of what I stand for. Kind of what my authentic business is about, is doing business in a way that's different, in a way that is not trying to be as far away from the rat race of always, continually. And there's a sweet dog who just came and said, hi. I have no idea who he is. Thank you. Thank you for validating this video. Thanks. I have no idea who that dog is. I hope it's okay. Yeah, it's, it's, it's. You know, I am going against the grain here that just because we grow in experience and in credibility doesn't mean we have to keep raising our price. I live perfectly happily. I am personally sustainable. I, you know, we live well here in San Francisco, California, of all places. Not a cheap city to live at a rate that I charge, where I charge lower than people of my caliber, I guess, in my skill level. So, and here's the thing, here's the. Maybe the main idea here is that as I pay off my mortgage, once I pay off my mortgage, once I pay off my student loans, and as my books begin to sell better, I might even lower my price even more in the coming years, even with more experience that I've gained and more skills and more effectiveness, I might even lower my price. So I'm going to go the opposite direction of how most people do it. As long as I can be sustainable and happy, I get to work with people that I love working with. As long as I have enough, why do I have to keep raising my prices? I still put some money away into savings every year to meet my retirement goals. So anyway, I hope that I can be a kind of a strange example of someone doing business in a different way that still works, that allows me to feel really fulfilled and allows the people working with me to feel really relieved that I have such an affordable rate. So, anyway, I think I've said enough here. I hope this is interesting and always open to your questions and your comments.