Raising Your Rates? Here’s How To Get Over The Fear
It’s Q&A week here on Wake Up Wednesday, when one of the inspiring sisters from our tribe stops by with a question, we jam on it, and we all get to learn something new together.
In today’s video (press PLAY on the video below), I’m hanging out with Joyel Crawford, a Mentor Masterclass grad whose business is growing rapidly! She’s a career strategist and motivational speaker who believes life is too short to not go for your dreams! Joyel grows her clients into leaders as she helps them build their self-confidence.
Today Joyel is stopping by with a question we can all relate to in some way.
“Have you ever experienced imposter syndrome after raising your rates (and essentially your value)? What best practices can you share to get past that?”
To hear my answer, press PLAY on the video below, or just keep on reading.
This question is timely for me – I recently raised my own rates and moved through a lot of these feelings myself. The fear, the anxiety and more.
The two words that jumped out at me in Joyel’s question were imposter and value.
As I thought through the true meaning of the word imposter, I actually pulled up the official dictionary definition, which is “a person who pretends to be someone else in order to deceive others, especially for fraudulent gain.”
Sister, I urge you to think through this definition. We throw around the term “Imposter Syndrome,” but does it really resonate with you that you’re pretending to be someone else in order to deceive them? Probably not, right? I know your heart, sister. You want to do work you love, allow yourself to receive, and be valued for the services you offer the world.
But deep inside, some part of you may find this definition rings true and that you’re pretending to be someone you’re not. This probably isn’t a real belief, but something you haven’t given yourself enough space and time to process.
Why would we ever feel like we’re pretending to be someone else? Because we’re changing, evolving and becoming different people. When you’re in growth mode, every day you’re someone new. You’re not the same person stuck in that job or that old pattern. You might not have slowed down and updated your deep beliefs to align with this new version of yourself. So you think you are pretending to be someone you’re not, but you’re not that old someone anymore.
You have new skillsets, new strategies, a new outlook, and more. You’re not pretending to be someone different, you are someone different. You’re upleveling your life for a reason.
You’ve spent lots of time, energy, money, and more into growing this new part of yourself and becoming this new person that you are. Raising your rates is part of celebrating that gain and who you’ve become.
Owning Your Value
I also looked up the official dictionary definition of the word value. Value is “the regard that something is held to deserve the importance, worth or usefulness of something.”
After a very challenging and painful childhood, I can honestly say I believe I deserve a good life. I have a deep regard for the time, money and passion I’ve spent to become a feminine leadership coach and CEO of Mentor Masterclass. I believe I’m qualified, and I take time to recognize that in my life.
I’ve put in the effort to have a good life, and I believe in myself. I believe I’m worthy.
But it’s easy to think you don’t deserve these things, and this belief can show up in both our personal lives and professional lives.
What can we do to acknowledge why you are worth it, useful, and why you deserve this? Journal about it. Talk about it with your sisters, your coach or partner. Because you deserve a good life with a business you love!
If you find yourself questioning whether your skills are at their best, or whether your service is valuable or important, I recommend running a test group. Don’t forget to charge for it, even if it’s just enough to honor your time. This can give you real-world information about whether your offering is useful, important, and relevant. Then you can feel great about putting your services out there and charging what it’s worth to hire you as a life coach.
Raising My Own Rates
When it comes to Mentor Masterclass, I always assumed I’d keep the price about the same and continue to raise it by a tiny amount each year. Then I worked with a coach, raised my prices, and made over $30,000 more in my launch than I did last year.
At first I felt confident after posting my new prices. But soon I found it was taking longer than usual for the women in my tribe to say yes and sign up for Mentor Masterclass. I started to worry that I’d ruined everything! I had moments when I was sure I’d lose my business.
Then I took the advice of my coach who urged me to step back, give it some space, and stop obsessing. I needed to take a deep breath and remind myself of the results my clients experience, and that my program is absolutely worth it and highly valuable. I needed to learn to be okay with the shift in energy I was feeling because my business was upleveling, and so was I.
Fear is so powerful, and change is always uncomfortable! What I was actually saying to myself was that my tribe wasn’t brave enough to spend this money on themselves, even though it was worth it. I learned not to hold back my clients by assuming they can’t afford things. One of the greatest things we can do as we become successful life coaches is hold our clients in their full potential. If I could invest money in my training, shouldn’t I hold that the women I serve are capable and able to do the same?
Now this year serving in my program, everything feels better than ever. I’m serving at my full capacity and it’s a positive upleveling for everyone and a beautiful energy and value exchange. My clients are rising to the occasion like never before, and they’re going to make more money than ever as a result.
Now I’d love to hear from you.
Have you raised your rates recently? How did it feel? Or maybe you think it’s time to raise your rates, but something is holding you back. I’d love to hear all about it in the comments and I’m here to support you with any questions!
All my love,
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