I want to tell you a story about Bill. Bill and I had a business discovery call not too long ago, to go over his current inability to scale his business. He comes from 23 years of working in holistic health as a professional.
10 years ago when bill worked in the health club, he had some generous clients who no problem shelling $140 -$160 per one hour sessions. Many of his clients worked with him for years to recover and elevate from pain and problems they have experienced for years.
Now Bill is flying solo and uses his own private studio along with private session at the client’s house.
However, Bill is only charging half the rate his clients paid 10 years ago.
Since most of his former clients have moved away, Bill only has about 7-10 sessions per week compared to the 18-23 he was serving in the health club at $140 per session.
Yes Bills circumstances has changed. He is no longer a part of the health club.
But his experience and expertise has actually grown since then. He received more certification, more client experience and authored a book
Bill is an expert in his field. So why is he undercutting himself?
Simple, Bill doesn’t know his own value. This is extremely important especially if you want to make your business sustainable and scalable you need to know what you are worth and ask for it.
Bill isn’t being true to his integrity. He doesn’t see the correlation between what the health club charged and what he should charge. The health club he was working for knew his value and knew that bill was worth every penny of that $140 and so did his clients
Why doesn’t Bill know his value?
Bill thinks by having a lower price, it will make him competitive. So during the sales process, he doesn’t have to handle objective on pricing. Since no one can compete with what he offers at that price.
Bill likes the clients he currently has doesn’t want to ask for more payment out of them in fear of losing them.
Bill doesn’t believe his service is worth more than what he offers.
If you are financially worried about what to charge. Ask yourself the following questions?
How many clients do you have per week?
How much do you make from those clients?
How many hours do you work per week including no training hours?
What is your expenses including taxes?
Now take (what you make- Expensive)/Number of hours you work
Does this seem like a logical amount for your experience, expertise, and time?
If it doesn’t then what is your hourly value?
What are the setbacks you are placing that is permanently preventing you from getting the income you want?
To discover how to remove the obstacles that is preventing you from getting the income you want:
Call, email, or go to my calendar to schedule that 15- minute business evaluation so that we can determine the setbacks that are happening and how we can eliminate them from your business so you can have the desired income you want.
Dynamic Empire Consulting