Should I Lower My Fees?

Have you been considering lowering your fees? Host May Yeo Silvers suggests that if you want to lower your fees, you can, but it can quickly become a habit that causes you to devalue your worth. The better route would be to slowly raise your fees so that you do not shock your pre-existing clients and can build your self-worth over time.

 

If you start out charging say $50 and then you try for a huge price increase all at once, you will likely lose some of your current clients who were unprepared for that change. You may also struggle to book at that higher cost initially and that can reinforce limiting beliefs about your self-worth. Instead of hiking your rate up a ton all at once, raise it slowly over time and inform your pre-existing clients of the coming changes. By raising your rates slowly, you will retain more of your clients and be more likely to get more new bookings at the higher rate which will raise your confidence level. This way you won’t need to consider lowering your fees, because you never raised them unsustainably high in the first place. 

 

There will always be someone willing to pay whatever rate you wish to charge. If you want to lower your fees, that is your right. However, if you raise your fees slowly and build your self-worth, you may not ever need to lower your fees in the first place, because you will be booking clients consistently. 

 

Quotes

• “You have to be mindful when you're raising your fees whether it makes sense to do it in a short period of time with such a big chunk.” (2:44-2:53 | May)

• “Stand firm because in a sales conversation. Whoever has the biggest conviction is going to win.” (3:17-3:22 | May)

• “There will always be someone who's going to pay that price at whatever price you charge.” (7:24-7:28 | May) 

• “At the end of the day, should you lower your fees? Yes you can. But just know that it will become a habit. And if you're okay with that, that's okay because it's your business. But I would rather that you raise your fees slowly.” (13:11-13:24 | May)

 

Links

Connect with me at: may@events4anyone.com

Website: events4anyone.com

LinkedIn: www.linkedin.com/in/mayyeosilvers

Facebook: www.facebook.com/mayyeosilvers

IG: www.instagram.com/mayyeosilvers

TikTok: https://www.tiktok.com/@mayyeosilvers 

FB private group: https://www.facebook.com/groups/events4anyone

 

Podcast production and show notes provided by HiveCast.fm