I Can't Put My Prices up because I'll Lose Customers.....
It's the conversation you have in your head all the time right?
Well, you're not alone. It's a common thought across all Trades.... and it will STOP you from having a successful business.
But why do we all think like that, why do we have these negative, business crippling thoughts?
...because your MONEY MINDSET SUCKS!
Yes, you heard me..... there really is such a thing as Money Mindset and if you want to move your business forward, or even just break it out of the prison it's currently in, you'll need to change your Money Mindset.
The first place to start is your belief in yourself.
You are worthy of making money. Say it over and over until you believe it!
You have to STOP UNDERESTIMATING YOUR ABILITY to be able to help someone with the service you provide. And you need to be on board with the prices you charge - no matter what industry you're in.
We know you're a great plumber, or sparky, or painter or hairdresser.... and we're sure plenty of your customers know this too.... so why is it so difficult to charge what you're really worth?
Because you're constantly listening to that little voice in your head that says things like:
- I can't put my prices up because I'll lose customers
- I can't put my prices up because they'll be higher than the going rate, and then I'll lose customers
- I can't put my prices up because everybody compares hourly rates and they'll ring around any find somebody cheaper.
Do you know what all of these thoughts have in common - FEAR. Fear of loss and/or change.
As humans we're very good at doing this - listening to the little fear part of our brain. But the problem with this is that it ends up holding us back, from pushing forward, from making changes - from grabbing the life we want to be living.
Of all the things that scare us, loss can seem like the most terrifying, and we will often make poor decisions simply to avoid that loss.
Economists have identified loss aversion as a major factor in financial decision-making, in that most people would rather avoid losing money than gaining more. The psychological impact of losing is thought to be twice as powerful as the pleasure of gaining.
We all make irrational decisions everyday simply to avoid losing.
We buy things we don’t need because a sale’s ending soon. We keep gym memberships we aren’t actively using if we know we won’t be able to get that same rate again. We use our time in ways that feel unfulfilling because we fear losing time on a decision that might be wrong. And we won't throw out something because it cost us money, even though we don't need it anymore. And we fail to invest in ourselves, even though we’re aching to expand, because it can feel painful to part with our money.
We can’t ever know for certain that a risk will payoff, but we can choose to recognize when the fear of loss motivates our actions, and make a conscious effort to overcome it. If we don’t, it can severely limit our potential for growth and happiness.
Understanding all this we realise that it might take you some time to talk your little FEAR voice down, so the strategies we've put together in our workshops, will help you to make a compromise. They'll put you on a path to quieten down the Fear voice and make some small wins in your business.... and then you can move on to the BIG WINS!
Your next challenge will be to squash that voice altogether and really start to completely alter your money mindset....
Key takeaways here: Remember - YOU ARE WORTHY! You play an invaluable part in this society, it's a skill that you've spent years learning, and it's not a job that just anyone can do.
Stop undervaluing your role, your service, and the great work you do for your customers. :)