As usual Jordana is on the money, and this time I mean literally. I shared with Jordana my three programs and then we talked about the fees associated with each program. After each of my programs’ descriptions, read: “Rates begin at ____”. Jordana quickly pointed out the problems with this type of pricing – she asked me what added value would I provide a client for the rate to increase, how would the rate increase and what were the indicators for me to increase my rate. I had no idea how to answer these questions and I realized that I was afraid to commit to a set price, I was scared that I might undervalue myself, or that I was putting a cap on how much income I could generate. Jordana’s suggestion was simple, “map it out”. Figure out how much you want to make, per month or week, think about how many hours you want to work and then make sure the prices you set are consistent with that. And because you have three different programs with different prices, figure out all of the combinations of number of clients in each program you need to work with to meet your ideal income. Well duh, how come I didn’t think of that?
As soon as Jordana and I ended our call, that’s exactly what I did. I settled on my ideal income, for now, per month, I decided my ideal work schedule (M-Thursday 10am to 6pm max) and then I looked at my programs and created the combinations that met my income requirements and my available time. I came up with 13 combinations and realized that in order for me to be comfortable and provide my clients with the best value I need to raise my prices by $100, $50 and $25 respectively. As daunting as this task originally seemed, it took just 45 minutes and a calculator, and now I know exactly week-to-week, month-to-month, what my bottom line is. And how can you get where you are going, if you don’t know what you need?