Katie McManus breaks down five reasons service providers should raise rates. If you're converting over 50% of sales calls, you're likely undercharging. Doubling your price and losing half your clients keeps revenue the same while cutting your workload in half.
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If you're an ADHD business owner who provides a service in your business, here are five reasons why you need to be raising your rates today. And hi, I help ADHD business owners make more money in less time with fewer distractions. I'm Katie McManus, business strategist and money mindset coach. Reason number one is that you are probably undercharging. How can I say that with so much confidence? Well, because the majority of people that I talk to before they work with me are undercharging. And statistically you probably are, too. And what's a simple way that you could tell? Well, if you look at your sales calls and you determine that more than 50% of the people who talk to you say yes to working with you, that is a big, big flag that you are undercharging. Reason number two, you are going to start attracting clients who are easier to deal with. Because, let's be real, clients who are paying $500 an hour will respect your time far more than the client who's paying $100 an hour. They'll show up to appointments, they'll be on time. They'll do any homework that you assign. They want to get the most out of that $500 hour, which makes your life a lot easier. And reason three, because they're more invested and they're more responsible with how they're showing up in this relationship, they're going to get better results with you, which means you're going to be able to get better testimonials and attract more clients just like them. It's really a win win. And number four, one of the best things is that when you raise your rates, you lose clients. Which, wait, sounds terrible. Which get this, if you double your prices and you lose 50% of your existing clients, you're still making the same amount of money working half the time. I don't know about you, but I and all of my clients want to make more money in less time. And this is how you do it. Which leads me to reason number five. With all the extra time that you now have and all the extra money that you're now making, you can actually offer a far superior service to your existing clients. Not only that, you can absolutely launch new programs, new services that help people who can't really afford to work with you so that you can expand your impact and help more people. And you and I both know that you did not just start this business to make money. You started this business because you genuinely wanted to make a difference in the world. And babes, this is how you do it. Now if the idea of raising your rate scares the living daylights out of you and you're not sure how to do it, then I want you to go and comment money in the comments and I will send you my money map for coaches and consultants that will lay out exactly how you determine what your new pricing is and like. And follow me for more ADHD business tips.
