Increasing your prices can feel nigh on impossible when you work for yourself. Breaking it to clients that the price is going up, fear of losing clients, fear of putting people off working with you. Will I look greedy? Will people think it’s too expensive? This is all too familiar territory for the business owner. But you need to increase your prices, regularly and here’s why.
As business owners we need to talk about pricing. About three months ago I increased the price of my monthly membership. I know the new price has been the reason why some people haven’t joined. So why has the price of my membership doubled in twelve months? And why should you care?
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Effort – time available versus money earned
When the Social Media Mastermind first began in January 2021 I’d never run a membership community so I wasn’t experienced in providing ongoing support in this way.
The offering was two coaching calls a week. One in the morning for the morning workers and one in the afternoon for the people who work better after lunch. There is also the content review. Members are invited to submit content for review every week. I review this content and then as a group we meet on a Thursday and I give feedback. Now we don’t just deal with social media. We also look at blogs, emails and web copy. By going over everyone’s content together the members learn a lot more than if they were just getting feedback on their own.
Finally we have monthly workshops. These workshops usually last around two hours and focus on solving a very specific problem. Everything in the mastermind is designed to give the members the knowledge and the support they need to create their own marketing content.
Curating and managing a community like this takes time.
Curating the teaching and learning content that gives people practical and implementable copywriting skills takes time. And if I charge pennies for that service then I have to make up my income elsewhere. And if I’m busy doing other stuff the quality of the Mastermind drops. And the chances of me overworking are pretty high because of the financial pressure. Increasing my prices gives me the time, energy and space to deliver a much higher quality of service to my clients than if I was trying to be all things to all people. Nobody would get the best of me. And ultimately, how long your business lasts depends on the quality of the service you provide.
2. The gender pay gap
There is a gender pay gap in all sectors and all industries in the UK. Research from Tide has shown that female freelancers earn nearly 20% less than men. Self employed men earn nearly 43% more than women. Closing that gap starts with how we set our prices. And it isn’t just on the men to close the gap for us.
Being a leader is about role modelling. I have a responsibility to my daughter to show her what women are capable of. To not pass on any limiting beliefs around money. To not encourage society’s sexist expectations of her role or earning potential. It’s my responsibility to show her that the only person who limits her earning potential is her. And as a mentor to many other business owners it’s my job to walk my talk. I regularly encourage my clients to increase their prices. I would lose all credibility if I wasn’t increasing my own. If I tell other women that to want more isn’t greedy, then I’ve got to role model that belief and demonstrate it with my actions. If I tell my clients they are under charging for their services, I lose trust if I under charge for my own.
3. The cost of living crisis
The cost of living in the UK will rise by 7% in 2022 but that’s not actually an accurate reflection of the increase. Food writer Jack Monroe notes that the cheapest bag of pasta in her local supermarket has risen by 141%, the cheapest rice has increased by 344% and a small bag of apples has gone up in price by 51%.
So if a weekly food shop cost you £100 a week you’re now looking at it costing at least double that by the end of the year.
So now your food budget is doubled. What about fuel? What about gas and electricity?
Why aren’t you putting your own prices up?
If the answer is you don’t know how or you’re scared then I can help.
The sole purpose of the social media mastermind is to show you how to create marketing messages that attract your ideal client, get more eyes on your business and position as the go to person for the problem you solve.
If you joined the Social Media Mastermind for a year you’d be investing £2000 in learning how to bring more customers into your business.
That’s ten more customers at £200 over the year
That’s twenty more customers at £100 over the year
That’s fifty more customers at £40 over the year
But you don’t have to join for a year if you don’t want to. You can join for a month. And if you don’t like it, you can leave.
I help service based businesses get clear on who their ideal client is, what their ideal client needs, create a message that clearly explains the service they provide and the benefits of those services. Then I show them how to take those messages and turn them into a strategic and consistent presence.
If that sounds like something you need and you think it’s worth the £200 a month price tag get in touch and I can answer any questions you may have.
Email me at clair@upwriteonline.co.uk and let’s have a chat.