5 Ways to Raise Your Rates

Raising your rates is never just about asking for more money or hiking a fee. It’s all about moving to the next level of your business at the right time, with both you and your clients feeling good about it.

In the Business Session, Raise Your Rates – 7 Ways to Plan Your Rate Hikes, included is a list of 21 Ways to take action. Here are the first five!

1. Know Your True Worth

Before you raise your rates, create a specific goal for the new annual figure you arrive at. That means knowing your “why”, doing research on your competitors and reaffirming your ideal client. Know both your actual value in terms of what you do and your past experience and accreditations and your perceived value to your ideal client. The more specific you are and the more carefully you analyze every facet, the more you will actually realize your own worth and appreciate yourself, your journey and where you are today.

2. Ask with Confidence

You do not owe anyone an explanation for your rates; nor do you have to apologize. In fact, if you feel like you want to apologize, you haven’t done all the homework in tip number one. Confidence comes from a place of knowledge.

3. Always Add Value When You Raise Your Rates

If you want clients and new prospects to accept your rates without quibbling, show them the increased value, and focus on how this will move them closer to their big results.
Again, do the research to find out exactly what would be the most value-enhancing addition in your ideal client’s eyes.

4. What to Say When Clients Return to Higher Prices after an Absence

If a client comes back to you after being away for a while, don’t lead off with the rate hike that happened in the interim. First, reaffirm that you would love to work with them again; then announce your rate hike as a matter of course. (“By the way, my rates have gone up since we last worked together, to $XXX an hour.”)

Don’t start explaining why. Treat it as a casual fact, because it is. Stop speaking and wait for your client’s reaction. If they protest, let them know you understand if they need time to think about it. Put the ball in their court.

5. Count Your Successes

If you’re having trouble justifying a price hike to yourself, first think of your successes. Write down who you’ve worked with, how you helped them and what you helped them do. Then write down their ‘Before’ and ‘After’ results. When you’ve done that, raise your rates to reflect the value you now realize you habitually provide.

I know that raising your fees and prices is a topic that many entrepreneurs find stressful to think about.

Even if you are totally ready to go ahead and raise your rates, it’s a big step. Lurking at the back of your mind are thoughts like, “What if my clients say ‘no’?” or, “What if no one signs up for my mastermind group?” “What if I lose customers?”

Let me help you eliminate groundless fears by showing you how to plan your rate hikes based on solid criteria that your market can happily afford.

Business Training $55

This session has been created to help you to build a successful business. I recommend you follow the 4-week calendar and incorporate the session’s training into your day to day business. Then they become a part of your everyday tasks. Now, dive in and grow your business!

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5 Ways to Raise Your Rates

Showcase Your Expertise

Your Credibility and Experience is the Key to a Growing Business

Think about the last time you hired a contractor, either for your business or to do something around your home. Did you look for the lowest price, or did you look for someone with experience? Did you check the contractor’s references, or just take his word at face value?

You likely have heard the old adage, “you get what you pay for,” and usually, when you hire someone simply based on the lowest price, you’ll get someone who’s not as experienced as the higher-priced contractor. Lack of experience can lead to mistakes, and sometimes they are costly. And let’s face it, not everybody is as honest as you are, so if you’re not checking references, you might get scammed.

What’s the lesson here? Successful businesses stay afloat when they gain years of experience and build their credibility with their audience.

No matter what stage of business you’re in today, whether you just opened your doors or have had a string of clients for years, today is the day to concentrate on building your credibility and sharing your expertise with the world.

Download Step one of the Showcase Your Expertise Bootcamp and start building your credibility today.

Be proud of your success and start sharing it with your audience.

Step ONE: Identify Your Zone of Genius.

Looking for more? Check out the entire course inside the Virtual Studio Classroom below!

Showcase Your Expertise

P.S. Why not stop over in The Leave the 9-5 Facebook Group/Workshop and share with us your Zone of Genius!

Showcase Your Expertise

Don’t Fall Victim to Toxic Clients

We’ve all experienced less-than-stellar clients who have the highest expectations but feel we can do nothing right. They make demand after demand but don’t listen when we try to reinforce our business boundaries. Or they aren’t happy with the results, even when we completed the task based on their exacting demands.

Toxic clients like these suck the joy out of business and that translates into sucking the joy out of life in general because you’re spending your free time stressing about them. Regain your business sanity and your life’s joy by taming these toxic clients or dropping them altogether.

What?! How Can I Drop a Client?

Alexander Graham Bell is credited with the famous quote, “When one door closes, another one opens.” Quite simply, if you drop a toxic client, another client will find their way to you. It may not happen the next day or by magic but you’ll have more time to market yourself and show your audience that you have an immediate opening to fill. If you have worked consistently in providing value to your audience, they will jump at the chance to work with you.

Alternately, you can drop the toxic client and spend that newfound time creating your signature product; or focus on writing emails to your list with valuable offers; or look for media opportunities to share your expertise, maybe on podcasts or as a guest blogger. You deserve respect, not to be run over by rude clients.

Can a Toxic Client be Tamed?

If you prefer to maintain a relationship with a toxic client, you’ll need to grow some thick skin and reinforce your boundaries. And if you don’t have any business boundaries, now is the time to set them!

For example, do you answer emails or text messages at all hours of the day? Stop it! Set business hours and tell your clients when they can expect a response. I recommend responding within 24 hours but if you don’t work weekends, tell your clients that you’ll respond only on business days.

What other crazy demands does this client expect of you? Create a solution you can work with and inform all your clients about these changes. If they are also business owners, they will likely respect and understand your need for boundaries. If they don’t, maybe it’s time to cut them loose.

Make Changes to Onboarding Clients

If you have a history of attracting toxic clients, reflect on WHY these clients find you as well as why YOU accept these types of clients. Are they part of your ideal target market? Is your pricing set too low? Are you asking enough questions about THEIR their needs? Are you desperate for money and afraid to say no to anyone?

Reflect on the answers and make solid changes to your business policies and practices. Determine your ideal client; research if your prices are competitive; do you have an onboarding process where you interview these clients, and determine why you can’t say no to prospects. Not only should clients interview YOU to determine if you’re a good fit but you should use this chance to interview THEM. Don’t be afraid to ask questions about what their needs are but also follow your gut instinct.

Most importantly, use a contract to spell out exactly what you spoke about, what they expect from you, and include your boundaries so there are no hidden surprises. Even though you want to build a successful business, remember that YOU are in charge of who you work with.

Do you have a story on how “firing a client” has had a positive effect on your business? I would love to hear it! Leave a comment or visit us inside the TVS Workshop Community.

Don’t Fall Victim to Toxic Clients

Recognize Business Burnout & Recover, before it’s too late.

Recognize Business Burnout
Whether you are an entrepreneur, online or off, a full-time employee building your career, or both, it typically means working more hours than you want, at the start of your new career, as you build your personal or business brand… but what if you’re still working all those extra hours, two, three, or more years later?

That’s when business burnout really strikes.

You’ve heard the term, I’m sure, many times. So, what exactly is it, and why does it happen?

Burnout is defined as physical and emotional exhaustion that takes all the joy out of your business and saps away your ability to be proactive and engaged. In that way, it lies dangerously parallel to depression. It can manifest any time in your career, whenever two conditions creep into your work life: Stress, and the feeling that your business is controlling you, rather than the other way round.

I’ve been there, it isn’t pretty and it is an easy spiral down that is very hard to climb out of. I do not want to see anyone go through it – ever.

The moment you have burnout creeping in, the stress you are already feeling tends to magnify. Warning signs include:

No longer feeling energized by working long hours
Frustration with your inability to accomplish tasks that were once easy
Not wanting to come to work (or sit down at your computer)
Feeling angry with yourself at not accomplishing more
Procrastination and avoidance behaviours
A decline in self-worth and self-esteem
Resenting clients and customers
Feeling overwhelmed
Feeling hopeless

Above all, burnout is characterized by physical and emotional exhaustion. It takes a toll on your family relationships, your health, and your business … and makes a mockery of your freedom-based purpose of going into business for yourself.

In the end, each entrepreneur’s ideal recipe for reducing stress and ending burnout is different. Be sure to download the 21 Ways to Take Action – Recognize and Heal From Business Burnout.

Or take further action by signing up for my How to Recognize and Heal From Business Burnout, available in the classroom. If you would like to learn more about the masterclass, take a peek at the course page, here.

Recognize and Heal From Business Burnout

Join us inside the TVS Workshop and share your experience with Business Burnout. Do you have some advice you can help others with? We’d love to hear it!

7 Ways to Plan Your Rate Hikes – A TVS Business Program

7 Ways to Plan Your Rate Hikes
Raising your fees and prices is a topic that many entrepreneurs find stressful to think about. So, what do we do? We put it off.

This business course will help you eliminate groundless fears by showing you how to plan your rate hikes based on solid criteria that your market can happily afford. I am so excited about this program that I am going to share step one of seven here on the blog!

Step One: Reconnaissance

The first step is to know where your services and products fit in your market. This requires not only knowing your ideal client or customer but also your competition. While you are not going to base your rates on competition alone, it’s important to know where you fit in in your market – and especially where your current pricing sits in the marketplace.

Let’s take a look at some common scenarios:

You’re starving for clients. You check your competition and discover you’re asking almost double their rates.
You’re starving for clients. You check your competition and discover you are asking well below your competitors’ rates.
You’re swamped with clients, burned out, and stressed: They’re just too demanding. You check your competition and discover you are asking well below your competitors’ rates.
You’re charging a fair market rate compared to your competitors, but you just can’t make ends meet and you can’t possibly fit in another client.

Notice that in all these scenarios, a necessary step in identifying the problem is to check out your competitors’ rates and prices – as well as what they are offering.

There’s nothing wrong with doing reconnaissance to find out where you stand in relation to your competitors. Don’t do anything questionable, like asking your assistant to book discovery calls with them, don’t be shady. That will get you nowhere fast… But DO spend some time properly researching what they charge and identifying why.

First, let’s look at why the previous four common scenarios leave you cash-starved.
If you are:

Starving for clients and charging double your competitors’ rates…

You may not be providing double the value
You may not be presenting yourself as worth the extra dollars
You don’t have a strong-enough unique benefit or difference to offer

Starving for clients and charging well below your competitors’ rates…

You’re telling your competitors’ clients (and everyone else) you’re not worth much
You may not be visible enough
You may have mindset problems

Swamped with demanding clients who never seem to progress, and you’re asking well below your competitors’ rates…

You’re attracting the wrong clientele completely
You’re not respecting your own time, expertise and expenses
You may have mindset problems

Can’t make ends meet, even though you discover you’re charging a fair market rate and can’t fit in another client…

You’re investing too many resources into your service
You aren’t paying attention to your expenses
You’re doing too much one-on-one and not enough passive income

The last scenario is really the ideal one to be in! If you’ve actually got a waitlist and you’re swamped, but you’re having trouble making ends meet, you can pretty much write your own ticket and raise your rates straight away – but first, provide passive-income versions of your services, to train and prepare the clients on your waiting list how to be your ideal client, while helping them get there!

Ditto if your programs are the best they can be and you’re providing all the value you can provide, but you’re still turning people away. Raise your rates and skip ahead to Step Five.

But don’t worry if that’s not you:
Raise Your Rates – 7 Ways to Plan Your Rate Hikes deals with other scenarios too. In fact, by the end of the session, you’ll have a good idea of exactly what is stopping you from raising your prices, and how to correct that.

So, take action, head over to the studio and get started on the program, and the remaining 6 steps, tonight!

Don’t forget to join us in the Studio Workshop and brainstorm with other entrepreneurs on hiking your rates!

7 Ways to Plan Your Rate Hikes

Happy New Year!

Happy New Year!
It’s a new year with a new vision!

It is that time again. Time to make New Year’s resolutions and start fresh. Everywhere you go you will be asked: “What are your New Year resolutions?” Why? Because that is just how it is. This year, my answer will be different than it has been in the past and I suggest you do the same. When asked what this year’s resolutions will be, I will have one simple answer:

No resolutions this year.

I honestly can’t remember the last time I made a New Year’s resolution that lasted longer than a couple of weeks, can you? This is why I say ditch the resolution and kickstart the year with something that will move your business forward.

Instead of yet another ill-fated resolution, articulate a vision. The good thing about having a vision, instead of a resolution, is they are broad and can evolve as you and your business grow. If you consider your vision with every action you take, you are more likely to move in that direction.

People are goal-driven and accomplished goals, big and small, keep the momentum going. So, create a vision and set the first goal to make it happen. Make it a SMART goal. SMART being specific, measurable, achievable, realistic and time-limited. These goals can only be achieved if specific actions have been taken to ensure it is accomplished within a timeline. They are easy to track and will be stepping stones to a broader destination, your vision.

So, write it down, create a vision board, yell it from the rooftops, whatever your method is – get started and create a vision. I would love to hear about it, so please share! We can accomplish goals and carry out our visions together.

Wishing you a new year rich with the blessings of love, joy, warmth, laughter, and success.

P.S. Be sure to check out the Studio’s all-new Resources Page and the TVS Workshop Community!

Questions to Ask Before Launching Your Business

Questions to Ask Before Launching Your Business
If you have decided to launch a business, you have made a very courageous choice. There are many things you need to know before launching a new business. There is inventory to take into consideration, initial start-up cost and upkeep, hiring employees, sales, marketing…the list goes on extensively.

But first-things-first; answer these three critical questions before jumping in.

Are you doing this for the right reasons?

Sometimes an individual or a group of individuals will launch a business because they think it is expected of them or because it is a family tradition to do so. Other reasons are merely for monetary benefits. With high hopes and goals of only making tons of money, sometimes a new entrepreneur may lose sight of his or her customer.

Once you examine your motives behind starting up, go on to the next important question. Once you know what type of business you want to begin, ask yourself who your target audience is. Knowing that you want to create a business and knowing what that business is will simply not be enough. You need to know who your target audience is and who your ideal customer is.

Honing in on a target audience is something that you can delve into even deeper by creating a specific niche and then going on to create a sub-niche. In this manner, you will be certain that you have focused on a specific need for an even more specific customer.

Have you thoroughly researched your action plan?

Setting goals and measuring them is essential when launching a new business. Put a plan into motion, but allow yourself the flexibility to expand on that original plan. Ask yourself if your business plan is too narrow-minded or if it will achieve the desired outcome you seek and go beyond even that.

Make sure you research if there is enough demand for the product or service you are offering or if you will be just another company offering the same old thing. Ask yourself if you can put a new innovative twist onto something tried and true.

Do you have the time? If not, will you make time?

Ask yourself how much time you are willing to dedicate to this business. What if this business is something that you will find success with right away? Are you willing and able to put the time and trouble in if it does become successful right away?

Also, think about whether or not this is a part-time business or a full-time endeavour. Do you have enough funds to last for six months to a year until your business becomes steady enough to stand on its own two feet?

Once you can answer these critical questions, you can be well on your way to having a successful business endeavour.

Get started on your business with these free resources from inside The Virtual Studio.

Be sure to join us inside the TVS Workshop and share your expertise!

Questions to Ask Before Launching Your Business

Starting an Online Business: How to Set Clear Goals

Starting an Online Business:
If you are starting an online business, you are joining the ranks of hundreds of thousands of others. There are many tasks to achieve when it comes to your online business. One of the most important and perhaps the most beneficial ways to achieve success is to set clear goals for that business.

There are several ways on how to go about setting clear goals. For many individuals, their goals are so broad that success is something that never happens. However, you can learn to rely on your set of goals to achieve success if you set them up correctly.

How to Set Clear Goals for Your Online Business

1. Be specific

When you set a goal, it is imperative that you be specific about that goal. Simply stating that you want to reach a specific target audience or to make money is not a specific goal. A specific goal would be something like “I want to gain 100 more likes on Facebook in the next three months.” Or, “I want to make an additional $5,000.00 in the next three months.” Goals need to be specific to be successful.

2. Write everything down

No matter how trivial you may think it may sound, it is imperative to write everything down on your action plan. Without writing it down, it is as though you are not declaring it to the world.

3. Break it down

Break down your goals into sub-goals. It is as though you are choosing a niche and then choosing a sub-niche. For example, if your niche is women over forty, perhaps you could break that down even further to make it divorced women over forty. Break it down and be specific.

Breaking down your goals makes them easier to reach. If you have a goal to gain three more clients in the next six months, break it down on how you plan to reach that goal. For example, “I will guest blog on other sites” or “I will join LinkedIn and promote my business.” However, you want to do it, make sure to break it down precisely.

4. Put a timeline to your goal

Giving yourself a deadline to achieve a goal is probably the best thing you can ever do for yourself. You are accountable to yourself and your business partners by attaching a timeline to your goals. By doing this, you put a little pressure on yourself to achieve that goal by or before the set time.

5. Be accountable

Being accountable to yourself and someone in your new business is an excellent way to make, keep, and achieve goals. Giving your word is a powerful tool not only reaching but also in exceeding clear and specific goals.

When your goals are specific and clear, success is just a stone’s throw away.

Get started on your business with these free resources from inside The Virtual Studio

Be sure to join us inside the TVS Workshop Community for inspiration and support the journey ahead!

Starting an Online Business

3 Easy Steps to Creating Your First Product

For new entrepreneurs, in nearly any field, product creation is the best way to:

• Reach a wider audience
• Grow your brand
• Earn more profits

So why aren’t more adopting the product creation strategy? Like I was, they’re most likely stuck in the process, unsure of the steps to take to create a great product.

Step 1: Identify a Need

As a business owner, you already have great insight into the wants and needs of your ideal client. You chat with her on Facebook, answer her email questions, respond to the comments she leaves on your blog, you may even work with her one-on-one.
What is it she needs the most help with right now? This is the product you should be creating because you already know you have a built-in audience and there is a good chance she is not the only one out there that needs it.

Step 2: Gather Your Documentation

If you’ve been in business for more than a few weeks, chances are you already have all of the answers required—all you have to do it organize them. Some places to look for content you can re-purpose include:

Your blog
Emails, even your auto-responder
Previous client calls and experiences
Your social media accounts
YouTube channel
Your checklists and worksheets

All of these things (and many more) can be edited and organized into a comprehensive product that solves a serious issue and you can do it in less time than you might think. After all, you already have the bulk of the work done!

Step 3: Create the Solution

Now that you have your content, it’s time to put it together in a way that will make sense to your audience.

Will you…

Write a Kindle book? This is an excellent option for solving a very focused, single problem. Even better, Kindle books offer a fabulous opportunity to reach a wider audience.
Create a membership site? For a comprehensive, step-by-step course, you can’t beat the flexibility of a membership site.
Offer a group programs? Add personal time with you to your membership site and you’ve got an instant group program. Not only that but you’ve dramatically upped the value (and cost) as well.

[Tweet “”Nike doesn’t want to make products for everyone – they want to make products for champions.” Simon Sinek”]

Your choice will depend largely on the scope of the solution. Is it a simple answer that can be explained in a few pages or is it a complex issue that requires several weeks of work?

Remember, creating a product doesn’t have to be complicated or time-consuming. Sure, you can design a massive, all-inclusive course if you like, but when you’re just getting started, that’s a daunting prospect. Instead, work with what you already have and you’ll have your first product up and selling in no time.

Do You Have a Business or a Hobby?

Do You Have a Business or a Hobby
I see it all the time, someone has made the decision to start their own business, so they build a website, start selling their product, and jump right in! It is excellent, it is brave, it isn’t always the right thing. Online business owners can easily “open their doors for business” without a firm business plan in place. Some may test the waters to see if they attract any clients and some start out doing this online work as a side gig while working their full-time job.

If this is how you opened your business and now you are in elbows deep, are you able to tell if you have a business or if it is still just a hobby?

My first business started as a hobby, I loved taking photos of my kids. A hobby traditionally is an activity that pleases you and you do in your spare time. A business, on the other hand, provides a service or products to clients, has business hours, and strives to make a profit.

Do You Have a Business or a Hobby A woman's suitcase packed with a camera and a laptop ready to blog about her travels, and the quote " Every creative person's dream is a hobby they're lucky enough to get paid for." Do You Have a Business or a Hobby

Here are some questions to ask yourself to determine if you are working a business or a hobby:

Do you have firm business hours or are you working sporadic hours as your family or full-time job allows?
Do you make the most of your business hours or work time, working as efficiently as possible, or do you get distracted by social media or other behind-the-scenes tasks?
Do you have a business plan, even for one year, which includes expected profits?
Do you make opportunities happen or do you wait for them to come to you?
Do you withdraw every penny from your account after clients pay or do you give yourself a pay structure and reinvest some of your profits into software, training, or other business expenses?

If you were unsure before, you should have an idea now about if your business is indeed a business.

Hire a Business Coach to Guide You

You don’t need a business degree to start a business; sometimes a unique product idea or a strong desire to offer services is enough to get started. Hiring a business coach or mentor will be helpful. They will assist you in setting up your company to grow and generate profits. You don’t know what you don’t know. Without a business coach, you will make a lot of trial and error mistakes, some of which could cost you substantial amounts of money. I know this from experience. Instead of closing your eyes and hoping for the best, work with a coach to create a business plan. They will help guide you through the next steps. A good coach will be able to help you and provide tried and true business advice and strategies.

Also, your business coach will also serve as your accountability partner. Someone who wants to hear from you about your progress and who will call you out when you don’t do as you promised. Often knowing someone is expecting results is enough to spur people into action because they don’t want to let down the coach.

If you’re ready to work with a business coach and ready to turn that hobby into a business, I’ve got some openings in my calendar for new clients so reach out to me to book your discovery call.

Do You Have a Business or a Hobby

1. Know Your True Worth

2. Ask with Confidence

3. Always Add Value When You Raise Your Rates

4. What to Say When Clients Return to Higher Prices after an Absence

5. Count Your Successes

Business Training $55

Don’t miss an article, sign up to be a TVS Insider!

5 Ways to Raise Your Rates

5 Ways to Raise Your Rates

Your Credibility and Experience is the Key to a Growing Business

Showcase Your Expertise

Showcase Your Expertise

What?! How Can I Drop a Client?

Can a Toxic Client be Tamed?

Make Changes to Onboarding Clients

Don’t Fall Victim to Toxic Clients

That’s when business burnout really strikes.

Step One: Reconnaissance

7 Ways to Plan Your Rate Hikes

7 Ways to Plan Your Rate Hikes

Happy New Year! It’s a new year with a new vision!

No resolutions this year.

Are you doing this for the right reasons?

Have you thoroughly researched your action plan?

Do you have the time? If not, will you make time?

Questions to Ask Before Launching Your Business

How to Set Clear Goals for Your Online Business

1. Be specific

2. Write everything down

3. Break it down

4. Put a timeline to your goal

5. Be accountable

Starting an Online Business

Step 1: Identify a Need

Step 2: Gather Your Documentation

Step 3: Create the Solution

Do You Have a Business or a Hobby

Do You Have a Business or a Hobby

Happy New Year!
It’s a new year with a new vision!