2 Actions to Ditch Imposter Syndrome When Updating Your Pricing!

I get it. Pricing your services and products is hard AF. Imposter syndrome is a BITCH and it comes out to play big time when it is time to pick or raise your prices.

How can you put a price on your knowledge, your time, essentially yourself? Why would someone pay you for what you know or the products that you create? There are a million other people out there doing what you do. Suzy, Linda and Karen are so much better at what I do. Why would anyone ever want to work with me/buy my products? Have you been on this thought train before? I know I have, so I totally get it!! I still take short rides once in a while, but thankfully the rides are getting shorter and less frequent. I want you to know that imposter syndrome never fully goes away. I am sorry to say that it will always creep into your head now and again. I talk to a lot of business owners, some have been in business for over a decade and they still have their moments. So I want you to know that it is okay. I want you to stop beating yourself up for it! I know you’ve probably read this before but Suzy, Karen and Linda aren’t YOU!! You are the only you out there and you are the perfect person to provide your services or products to so many people!

I want you to be aware of all of the imposter syndrome thoughts in your head, but raise your prices anyways! If you haven’t raised your prices in the last 12 months, this is your sign that it is time!!

Here are the two things that have helped me the most when it comes to ditching imposter syndrome and pricing!

1 - I set my price increases 2 years out! That’s right 2 YEARS! I know how much I will charge for each one of my services 2 years from now. I know when I will increase, and to how much. It seems a little extreme but I am here to tell you that it has been a game changer for me.

Why is this strategy effective? Because it allows current me to build a plan for future me to implement. By planning out my future prices it allows me to plan out my increases with a clear head. With the knowledge that 6 months from now, I will have helped more clients and improved my skills. It’s funny but current me is usually way more confident that future me when it comes to pricing. Full disclosure, every time I come up to a price increase in my plan, I feel nervous and second guess the price that is staring at me from my computer, but I do it anyway! PRO TIP: Make these plans when current you is coming off of a great week or client session so your confidence is at a peak!

2 - I reflect on the impact of my coaching to my clients. I step back and look at the value I am providing them. I could go on forever, but I won’t. I will share with you a few of the impacts that I have had on my clients to help you get an idea of what this will look like for you. These might seem a little extreme but I want you to go there too. Find your extreme impact on your clients or customers.

I reduce the stress level of my clients. You know what stress does, right? It touches all areas of your life. Your relationships, your physical health, your career, and your mental health. By reducing the stress levels of my clients, I know I am improving their lives on so many levels.

I increase the confidence of my clients. I work with predominantly self-employed women. By increasing their confidence, they show up different in their lives and in their businesses. This has huge impacts on their business and business incomes! Getting control of your finances and feeling confident in your financial decisions is life changing. I have been there and I know how significantly it has changed my life.

Now it’s time for you to take action. I want you to take 10 minutes to step back and see the impact you are having on the lives of your clients and customers. Really expand into the deep impact. I know you may be thinking that there aren't any significant impacts on your clients from the product or service that you provide, but I know there is. Dig deep and you will find them!

And FFS, if you haven’t increased your prices in 12 months or longer, go start making a plan. How much notice do you need to give? Then start working on what your new prices will be. While you’re at it, decide how frequently you want to increase prices. I suggest annually for more established businesses and twice a year for newer businesses. Do it scared, but please do it! You are worth it!!

Not sure where to start or feeling overwhelmed when it comes to developing your price increase strategy? I’d love to help you with this. Click HERE to book a pricing strategy session with me! This is one of the things that I love to do with my clients that are self-employed. Having an outside set of eyes on your business and the impact that it is having can be a huge help. For product based businesses, we will also look at the the cost to you to produce your items so we can see the big picture!

-Sherry