We all know, undercharging is rampant among female entrepreneurs and as I say so often, it’s the #1 thing that kills your business faster than anything else.
A common concern that comes up time and time again for female entrepreneurs is that many often feel like they won’t be so accessible or affordable if they raise their fees.
Female entrepreneurs tell me time and time again that clients at a lower investment level are more demanding, less respectful of time, as well as often cancelling sessions at the last minute. They end up not getting results because they aren’t motivated to do the work.
You can also start to feel resentful towards clients when you know you are undercharging. You may have thought a lower investment would make you more “accessible” and supportive for clients, especially business to business, but the resentment it stirs up can lead you to realising that you aren’t paid enough to be spending your time chasing after clients.
A female entrepreneur recently told me that she had to close her previous business as she had been trying to keep it as accessible as possible for all, but ultimately, her clients weren’t valuing her service, so she wasn’t making any profit. So, by trying to serve all, she was actually serving no-one, as the value of her work just wasn’t appreciated. Fortunately, she has now pivoted her work to serve a more profitable, and appreciative market.
Another entrepreneur told me that she consistently undercharged and often regretted it. She told me how she thought she was being helpful and supportive to other small businesses by offering a reduced rate for a particular service. However, she found that it was precisely these clients who hadn’t paid on time and she was having to chase up on unpaid invoices.
However, once fees are raised, things turn around and you will find that higher-paying clients are more serious about their work, pay on time, do the work, and respect your time and expertise.
Charging premium fees invites you to become a better business owner and deliver a more energetic, committed and aligned client experience.
Turning your focus to the committed clients you DO want to serve at your highest level, doubling, tripling or raising your fees makes complete sense as the clients who are ready to make that kind of transformation, that you specialise in, will see that clearly and show up committed to transformation.
By making this one shift in your business, you are liberating yourself from less committed clients and propelling your business forward by serving your new, more committed clients, more masterfully, as you feel more energised serving at this level of client commitment.