Increasing Revenue: Raise Your Rates or Your Clients?
This is a pervasive small business issue. I was talking with a friend today who has the potential to change the world, but he was charging small-time pricing. As I thought through the issue, I realized that like many people I have met, he had a block to seeing the potential for larger fees. I think there are several potential issues going on here and for others: One's network is made up of small thinkers and cheap people. One's clients are used to paying smaller fees. One's self-perception is not great enough to allow for big pricing. The value offered is not worth more than the small pricing. Here's one of my answers to him (I thought it was brilliant): It is easier for us to change our pricing to match our networks than change our networks to match our pricing. But if we want true abundance, we need to change our networks/clients to match our BIG vision. Here's a response to each of the points above: This limits our thinking because we calibrate based on the people we are around. Back to the adage "You will rise to the level of the five people closest to you". Change your clients. Go up-market. Start working with people who will create a bigger impact. If you want to maximize your impact during your lifetime, you need to work with people who have major impact, or who will soon. Working with people who are concerned only with themselves or maybe a few others will not juice most people enough to keep going strong. Focus on maximum impact. I have a great friend, Paige Armstrong, who is a psychotherapist and coach (psycho-coach :-)). She has helped me and [...]
