3 Ways Your Fear Of Charging More Will Hold You Back

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Hello and good evening and welcome. Sharon, thank you for joining on Instagram. I'm Katie McManus, business strategist at and Money Mindset coach, coming to you live this Tuesday evening to talk about a very important topic about how your fear of charging more money for your work is actually creating far more problems for you and your business than you may realize. It's not just that you're not making more money. Okay. It's actually having ripple effects into the rest of your life. I'm going to talk all about this, a little housekeeping before we dive in. However, I am going live to the Facebooks, to LinkedIn, to YouTube, and on Instagram. I love this to be interactive. So if you have any questions, then please pop them in the chat. I know that figuring out how to price your services is a really uncomfortable thing for a lot of solopreneurs and new business owners to figure out. And this is one of the things that I guide all of my clients, either in my group or in my one on one program to figure out. Okay? We work it out together and I really do push my clients on how they can charge more. I was on a call today with someone and, you know, we really broke down the impact of their work and how much that is worth both to corporate clients and to individual clients. And you'd be amazed of the impact that you actually have and what it would be worth for someone to work with you. All right? So I'm going to be talking through these fears, the bullshit problems that they create. If you have any questions and pop them in the chat. If you realize that you've been under charging and you want to get more guidance, then there is a link in the description of this live. If you're watching on the Facebook, on LinkedIn and YouTube, if you're watching on Instagram, then you want to go to the link in my bio and just click on that generate income strategy call and we can talk. We can sit down for 30 minutes, assess where you are in your business, really understand where you're undervaluing yourself, and create a plan for you to up your rates. All right? With that, let's talk about all the things that you're creating in your life by undercharging. By the way, this is my. I drink three of these. I drink like a gallon and a half of water. But I love this because I have small hands anyway, but so I can't lift it really with one hand. So I always feel like I'm a toddler drinking a sippy cup anyway. Besides that. Yeah, you need to charge more. Okay, I know I tell this to you guys all the time, but you are probably undercharging for your work, all right? And one of the main problems that is going to be really obvious to you when. When you're undercharging is you're going to attract shit clients, all right? And I don't mean terrible people. I'm not judging your clients. I'm sure they're lovely human beings. I'm sure you really like them. I'm sure the relationship is really solid. But they're not the right clients for you, all right? And they may not be committed like the clients that you would charge more for, all right? So one of the things that I see very often when clients start. Start with me, and they already have some clients, but they're undercharging is that they have clients who don't really show up to the sessions, or they don't utilize all the work, or they're late, or they use your strategy sessions as a, like, kind of a. A bitch and moan, like, therapy session. And while that's all well and good, and if they're getting value out of it, wonderful. It's not getting you anywhere, right? Because oftentimes new business owners will charge less for their first, like, dozen clients under the premise that they'll do really well with those clients. The clients will get amazing results, and then the clients will go and write these glowing testimonials that will help you leverage to get more clients who are paying more. And let me tell you, that is ass backwards, okay? That is not how that works. When you charge less for your work, you actually attract clients who are less committed to doing the work, all right? Because they're getting a deal on you. They don't really care about sticking with it. They don't care about getting the. The full benefit of your work, right? They've. They. They basically went to Kmart and got a discount person, right? And so they will treat the work that they get from you, whatever it is, as such. And as such, and that being the case, they're not going to get incredible results they make. They'll probably get results if you're good, but they're not going to get the kind of results that you're going to be able to get a testimonial about and then feature that on your social media and point to it and be like, see, this is why you should be spending big money with me, okay? They're going to get results that are equivalent to the money that they invest. So the testimonial that they give will attract more people of that, of that budget point, right? Which if you really, really want to grow this business to six figures, multiple six figures more, you're not going to be able to do it on that, right? It's really not going to work out in the long run, you know, and the other thing about it is that those clients refer more clients like themselves, okay? For you to attract higher paying clients, you have to simply just start charging more money, right? Because when you charge more money to work with you, you attract clients who can afford it. And because they can afford it and because it's a lot of money still, they're going to have skin in the game. And so when they have skin in the game, they're going to take their work with you, you so seriously. Because they signed up for this because they want something more than anything or they have a problem that's so painful that they really want to solve it. And so they're going to do the work. And as they do the work, they're going to be so happy with your service and then they're going to give you an incredible testimonial, right? And the testimonial that that high paying client is going to give you is going to be a testimonial that you will be able to use to attract other high paying clients. But it starts with you. You can't undercharge. First you have to charge the right amount right off the bat, all right? And I know that's scary. I know it like that. You're like, oh my God. But I, I barely got my number out there. Like the number I'm charging out there without vomiting. How am I supposed to ask for more? I don't like, Especially if you really doubt that you deserve it. Babes, you got to do some money work. All right? This is one of the things I do with a lot of my clients is we really dive into what are your money beliefs and which one of those beliefs are holding you back. If you do not sort out these beliefs, if you don't actually do work on your money story, this problem is just going to keep happening and you're just going to continually under charge yourself for yourself and it's going to become just really sad over time because you'll have big goals for what you want your business to do, but you'll never be able to do it, all right? And I don't want that for you. I want so much more for you, all right? So if you are looking around your business and, you know you're undercharging and you have clients who, like, aren't really that committed to doing the work or who aren't making full use of your work, I guarantee you that you are undercharging. All right? Stop it, okay? You deserve to make more. You do good work, okay? Good work deserves to be compensated for, all right? There's a whole school of thought out there. It's like, well, charge your worth. And it's almost like whoever came up with that piece of advice doesn't. Has never met a person who has, like, worthiness issues like most of us have. Like, well, I don't know what I'm worth, right, because we're not taught our worth, right? We're not taught our worth in a way that's useful to help us actually figure out, especially if you're a woman or a minority, okay? It just hasn't happened, right? So charging your worth is bullshit advice. You want to charge the worth of the impact that your work has, okay? And of course, that is different for every business owner, for. For every niche, for every business model. So it really, really depends. And if you need help with this, like I said in the beginning, there's a link in the description of this live. If you wanted to book a generate income strategy, call with me. We can figure it out. Hello, Upside Down. Welcome. All right, the second way you are actually up your whole life and business by charging too little and by being afraid of charging enough is you're actually sabotaging your business from ever scaling and ever growing, right? So, for instance, let's say you need, need, need, need to make $10,000 a month, okay? To pay your mortgage, to pay health insurance, to pay for childcare and groceries and whatever else you have going on, whatever hobbies you have, you know, putting food on the table, buying electricity, whatever you need to make $10 a month, all right? And let's say you're charging $500 a month for your clients to work with you in an advisory capacity, okay? So, you know, they have maybe two calls a month with you, and you're charging $500. And, you know, to make up $10,000, you have to have 20 clients, which doesn't seem like a lot until you remember that you have to do all your own marketing and you have to do all your own sales, and you have to do all of your own delivery, and you have to do all of your own customer service, and you have to do absolutely everything in your business. You're going to be on this hamster wheel of constantly needing to sell and get more clients, right? So you're not going to have the mental capacity or energy to think, okay, cool, how can I scale this? What's the next thing that I can offer? How can I make this bigger? How can I impact and help more people? It's just not going to happen. You're. You're going to limit not only your time and energy, but you're not going to have the financial resources to invest in the things that will help you scale your business because you're keeping yourself at that minimum wage that you have to make. That's covering already all the things in your business versus imagine you worked with 12 clients and they all paid $1,000 a month, all right? And still got two hours a month of whatever your services, but you have an extra 2,000amonth working with eight less clients, right? That's a lot of time. It's a lot fewer sales calls than you'll have to do to fill. And with the, the caliber of clients that you're attracting, you're going to attract more of those clients because these clients are going to refer their, their people who can afford you, right? And then of course, you, like, you've met your $10,000 threshold, you now have $2,000 more that you can utilize to invest in the different things that you're going to need to scale your business, right? Meaning you can roll out a group program, meaning you can create a community, or you could create a digital product, right? And you can build out all the things that are necessary to make that be successful, all right? You're not going to have the time, energy, or money to do that if you're under charging, okay? But if you're charging enough for your work, you're going to open up so many more doors for yourself, all right? Now, the other thing about this is that when you undercharge, you actually communicate to your world that you're not that good. Right? I can tell you I've had so many clients come to me. They work in the executive coaching space, and they come to me and they're like, I have a few clients, but I have so many sales calls where I get on. They seem so interested, and then I name the price and like, they just kind of fizzle. They just disappear. And I don't know what I'm doing wrong because it doesn't seem to be too expensive for them. And they're shocked when I tell them, well, you actually, you're way under charging. You know, they're. They're talking to you, and they're talking to, like, you know, four other providers for whatever it is that you do. And your rate is going to be, I'll tell you, a fraction of what the other people are charging. And people associate cost with quality, right? So if you're under charging, it's not like they're. They're out here being like, oh, my God, they're the cheapest. Awesome. I really don't want to spend a whole lot of money on this. And I don't care if it's coaching. I don't care if it's consulting or copywriting or digital marketing, whatever. People don't go with the cheapest option, okay? They really don't. They go with the option that they deem to be the best investment. And oftentimes, like, the best investment is the one that is the highest quality. And if you're associating quality with cost, it's not you. And you could be the absolute best of the five people that they speak to, but they're not going to know that based on your pricing, you actually have to charge more to convince people that you are one of the best. All right? I know it sounds ass backwards, I know, but it is so true. And just like, with the first thing, you know, like, you are going to attract better clients by doing this. It's really going to make an incredible impact on your business and on your life. All right? When you have to chase down clients who just, like, aren't that interested in continuing the work, but they continue to pay, it creates this, like, massive amount of anxiety and guilt that you're accepting the money even though they're not that committed. Right. Versus someone who's paying enough money that they're committed. They're showing up. It feels like an equal exchange. All right? So really charge more. If you don't charge more, you are sabotaging any potential for growth in your business. And that's really sad, you know, unless you really love suffering and you really enjoy, like, constantly, like, hustling and needing to, you know, like, prep, like, put the pressure on yourself to get that next client, like, charge more. Charge more. It's going to make your life so much easier, okay? And it's going to make your client's life so much better, okay? Because they're going to pay for something they're actually going to utilize. All right, now, the third one is the obvious one. If you're afraid to charge more, you're going to make less money. You're absolutely going to make less money. Okay? You know, if. If one person charges $150 an hour, another person charges $100 an hour, who's making more at the end of the year, the $150 an hour right now, because you're undercharging, you're not getting as many clients, right? Because people are hearing your pricing and thinking, oh, you must not be that good. So. So you're already shooting yourself in the foot with number two. But number three, the math is working out to be way less at the end of the year. All right? And let's talk about the ripple effects that'll have on your life, your health. Like how you're going to end your life. Not like, end your life, but like, how you're going to, you know, retire and become an old person and actually enjoy your golden years when you undercharge. You basically set yourself up to constantly be on a burnout loop, right? Because you're constantly having to chase that bare minimum, okay? And you're never, ever feeling financially secure, right? Because you don't have the. The financial resources to be able to invest in your future. You're constantly just stressing about paying the bills and then paying these bills and then paying these bills. No crap. Here's another charge that I wasn't expecting. I have to pay that now. It's not good for you, okay? And when you're that stressed out, you're not doing the best quality work, I guarantee you your clients aren't getting the best of you, all right? You're also not being there in your relationships the way you want to be, okay? It just doesn't work out very well for you, right? So if you want to have freedom and flexibility and time to spend with your loved ones and the ability to take a step back and take a break when you get a little tired before you get burned out and still have your future taken care of with investments, babes, you're gonna have to charge more, okay? That's not. There's no, like, magic business fairy who's going to come over and wave their little wand and have, you know, $2 million worth of investments in the bank account for you. You have to put it there. And the only way for you to put it there is for you to make the money in the first place and for you to make the money in the first place. You have to charge the money in the first place. Got it. All right. So anyway, I hope I've convinced you to raise your rates. Like I said, if you are really struggling, the sun is like right in my eyes from the skylight. If you're struggling to figure out what your pricing should be, how much you should charge, and you're really struggling to figure out what that number is, that you can say without vomiting, then I want you to go to the link in the description of this show or if you're watching on Instagram, go to the link in my bio and I want you to book a generate income strategy call. Okay? In that call, we are going to figure out your pricing. We're going to come up with a whole strategy to help you fill up your business with high paying clients and actually set you up to like your life. All right? Because I know a lot of business owners, especially in the early years, really don't enjoy all the things. Anyway, I'm Katie McManus, business strategist and money mindset coach. Today is day 18. I think of me going live every single day for 30 days. You can bet your boots I will be going live tomorrow and for the rest of the 30 days. Because my consequence is if I miss a day, I have to record myself singing and I share it on the interwebs. And it's not just any song. It's a song that Lauren Litz picks for me. I'm terrified of what she would pick. So it's not happening. We're just going to continue going live anyway. If there are any topics that you want me to go on live, live on next, then please do share it with me. Just shoot me a DM and I'm happy to take requests because coming up with a new topic every day, you know, is a lot. So anyway, thank you everyone who is here. I think we had a fair amount of lurkers and I love you for it. Thank you for being here and I look forward to seeing you tomorrow. I'm Katie McManus, business strategist and money mindset coach. Good night, everyone.