3 ways ADHD entrepreneurs can raise prices (with free download) - a hyperfocus highlight episode

Hey, new listener. Thanks so much for checking us out. And there's a good chance you have adhd, so I quickly wanted to ask you to please follow this podcast in Apple Podcasts, Spotify, or whichever app you're listening to this on. Don't leave it until later because you will forget. Thank you. Squirrel. Squirrel. Welcome to this Hyperfocus highlight episode. Let's get you hyper focused on your business growth. Hi, I'm Katie McManus, business strategist and money mindset coach. And welcome to the weeniecast. Squirrel. If you want to download a very simple guide to figure out your pricing, I have a link in the show Notes to the money map for coaches and consultants. You want to go and download that again? The link is in the show notes, so let's dive into it, shall we? So how much money do you want to make each year? And when I ask this question, I usually get two answers. My clients will say, oh, well, the first answer is, I. I'd be fine if I made $50,000 a year. Like, be able to afford to live somewhere and I'd be able to buy ramen noodles, and my children may get food occasionally. I don't know. It's like the complete weenie answer. That's not the answer I'm looking for. I'm asking, what do you want to make? Now, when people typically answer this question, their voice changes. They get a little hushed, as if they're not allowed to even say it. Like they might get in trouble for naming what they actually want. And it's so funny, because what they actually want is, like, the going rate for a lot of jobs. Like you wanting to make $150,000 a year, great. That's completely reasonable. You want to make $250,000 a year, great. That's also completely reasonable. I want you to remember that every single goal, every single or dream you have is reverse engineer able. The only thing that will keep you from getting there is you not doing the work. So if you want to make $250,000 a year, great, take that number. We're going to divide it by 12 months. So $250,000 a year divided by 12 months is $20,833.33 per month. You take that number and you divide it by how many clients you want to be carrying when you're full time, and that is how much you need to charge per month per client. So imagine you want to carry 15 clients at a time. That's only $1388 per client. That's not an insane amount. There are actually people who charge a hell of a lot more than 1388amonth. And I'm talking coaches, I'm talking copywriters, I'm definitely talking lawyers. I'm talking consultants. They charge way more than that. So full permission here. Decide what you want and base the math off of that. Or I want to go into a little side note here. It may actually take you a little longer to get a higher paying client when you first start out, and that's normal. I don't want you getting freaked out like, oh, my God, no one signed up. This isn't working. I'm going to scrap the whole thing. Going back to being the cheap coach or the cheap consultant or the cheap lawyer. Okay. These clients take a while to find you, but let me tell you, it's so much better to wait for them than to discount yourself. Okay? So here's something that's really interesting about folks with ADHD is we have a very, very high expectation of justice. We get flipped the F out when injustice happens. So baits and switch. Baits and switches. Or how do you say the plural of that? I don't even know. So when there's a bait and switch in our world and we feel like it's unethical and we feel like we've been tricked, we get so upset about it and we want to see justice done. Because we're so sensitive to this, it is very rare that we would ever do this to someone else. Okay. Because we know how it feels, you know, to feel like you've been tricked into something. We would never do that to our clients. Okay, So a couple ways that you can actually help your clients deal with the price raise in a way that makes them feel honored and also keeps that exchange fair. There are a few different ways that I like to recommend. The first one is you can grandfather in their former rate for a period of time. But what you're doing is you're basically saying, hey, Steve, you know, I've so enjoyed working with you for the last six months. I just want to let you know I'm at the point now in my business where I'm going to have to raise my rates. Now, I love working with you and I am so proud of all the progress that you've been making. So here's what I would like to do is I would love to grandfather in your rate for maybe the next six months. And then if you wish to continue with me at that point, then my rate will be going up to this amount. So you're giving them plenty of lead time for them to continue working with you. And if they choose to continue at that higher rate, then they absolutely can. But you're honoring that relationship. Another way you can do this is you can again have this conversation about, hey, so? And so. I'm at the point in my business where I'm going to have to raise my rates. I understand that you've been paying X, Y and Z amount. So here's what I would like to do for you. This is my new rate. If you can afford that and you want and you see the value in this, we'll move you up to that. But if it's out of your budget or you don't feel like you can justify that, then let's talk about something in the middle that would work better for you. So you're basically saying, hey, listen, I care about you. I want to honor our relationship, but I also need to honor my income. And let's make a deal. Now, the third way you can do this, and I recommend doing this with clients that you do not want to work with anymore, is just tell them, okay, my rates are going up next month. And it's funny how often when you say your rates are going up, people are like, oh, thank God. I have felt so weird about how little you've charged me. I get so much from this. It just feels so uneven. The amount of value that I get from working with you with how little you charge. Because here's something we don't realize. Exchanges have to be equal. For both parties to feel fully committed, it has to be equal. Squirrel. Squirrel. If you're ready to stop being a weenie and actually run a business that makes money, then go ahead and book a generate income strategy call with me by going to weenicast.com strategy call. On this call, we will talk about your goals, your dreams, and your frustrations in getting there. And if it's a fit for both of us, then we can talk about different ways to work together. Join the weeniecast Hyper Focus community and unlock a whole world of support. Get direct access to me in exclusive calls. Turbocharge your network with unlimited referrals, and boost your productivity with Sprint calls and accountability sessions. But that's not all. We're talking expert talks, masterclasses, and more. Register now to get in front of the line for this at the introductory price of just $77 per month. It's time to elevate your entrepreneurial game. Let's do this together. Go to weeniecast.com hyperfocus all one word, that's weeniecast.com hyperFocus join the Weeniecast Hyperfocus community and unlock a whole world of support. Get direct access to me in exclusive calls, turbocharge your network with unlimited referrals, and boost your productivity with Sprint calls and accountability sessions. But that's not all. We're talking expert talks, masterclasses, and more. Register now to get in front of the line for this at the introductory price of just $77 per month, it's time to elevate your entrepreneurial game. Let's do this together. Go to weeniecast.com hyperfocus all one word, that's weeniecast.com hyperFocus.