Give Yourself a Raise

If you want to raise your prices for your VA services, but are concerned that you might lose customers, then know that you aren’t alone. This is an understandable concern shared by many entreprenuers.

Everyone, however, deserves regular raises. The cost of living goes up, and your skill and experience increases over time. Therefore the value of your services is always increasing, and if you don’t raise your prices accordingly, you aren’t being fair to yourself.

There are two angles to approach a price increase from, and both are important. The first is your attitude and how you feel about charging more.

Do you feel as though you’re worth it? Do you think you deserve to make more money? Be as honest with yourself as possible. If the answer isn’t “yes, absolutely!”, then you have some internal work to do.

There’s a great book written by Barbara Stanny called “Secrets of Six Figure Women” that will blow the lid off any limiting beliefs you have about the value of what you offer. Or, a life/business coach could help you work through your own personal gremlins and motivate you to take the plunge.

Once you’re ready, try using one or more of the following strategies to make it feel easier and less risky:

- Begin quoting your new rates to new customers immediately. When they don’t blink an eyelash, it will give you the confidence to raise them for existing customers. On the other hand, if suddenly most of them balk, it will clue you in that maybe you need to adjust the new price a bit, add to your skills, or both.

-  Do it slowly. Choose a few clients at a time and raise them. You can see what happens, and again, it will give you the confidence to raise them for the rest.

-  Give your clients plenty of notice. It’s always easier to get used to the idea if you don’t have to start paying right away. A minimum of one month and preferably six to eight weeks works.

-  Raise them in two steps: half now, half later. Three to six months in-between works. This is a great strategy if you’re asking for a larger increase.

– When you bring new clients on board, let them know it’s your policy to review your prices yearly and increase them if appropriate. Your customers will be prepared well in advance, and it will be easier for you if you decide to raise them.

– Take the opportunity to tell your customers how much you value and appreciate them, when you inform them of the increase.  If the cost of doing business has gone up for you, let them know that also. This may make it easier for you to communicate, and easier for them to hear.

– Remind yourself that even if you lose a client, you’ll be making more money from the general increase. You could easily end up make the same amount of money, but have more time or space for a new client!