Why You May Not Be Earning Enough as an Entrepreneur And How to Get There
When it comes to setting their prices or raising them, entrepreneurs often get stuck at how to structure their rates. And do you know what? They rarely charge what they and their services are worth.
You might know that your service is valuable, and that it will be a significant help to your clients, but you still end up undercutting the pricing, offering discounts, and simply not charging enough.
Why? Because you are letting your self-esteem determine your prices. And because you are allowing your limited belief system around business and income to determine what you charge and when.
Are you reading this and thinking to yourself, “Yeah but I don’t do that.” You see, your mind is going to tell you every reason why not to take the next step toward raising your prices and increasing your income. Whatever fear is at the forefront of your mind you will latch onto and accept. And then… Boom.. you’ll settle there and come up with a rationalization as to why you are doing so.
It can be detrimental — to your business growth, your mindset, your health, and to your wealth. Settling for less can mean foregoing that flexible schedule you’ve always dreamed of, pushing back retirement, or limiting what you’re able to do in your life and when.
The thing is, you could be earning so much more, much quicker, and people would be willing to pay you. I’ve done it myself, and I’ve helped my clients do the same thing, again and again.
According to recent data from the U.S. Bureau of Labor Statistics, over 20% of businesses fail in their first year — and the percentages climb from there. I believe one of the reasons so many fail is because they don’t make enough money fast enough. They just don’t know how.
A fabulous client of mine shared this story…
“As a new entrepreneur just two years into my business I hired Maureen to help me increase sales, increase my confidence, and develop packages. Before working with Maureen, I was giving my services away for a very low fee. During our work together, Maureen taught me to increase the value of the service I provide and to increase my rates and to be confident in doing so. As a result of working with Maureen, I have tripled my rates and got them!! We developed a package plan for my clients, and I gained an extreme amount of confidence. So, if you are looking to gain confidence and to increase your income, Maureen can get you there.”
She knew her service was valuable and that she needed to raise her prices, but she could not figure out how or bring herself to actually do it. She was very frustrated and dismayed. Through the process I use in my coaching, I showed her exactly how to do it, what to include, and why. While showing her how to achieve these new rates, I also helped her gain confidence in herself and in the process.
You see, mindset is the most critical factor, even in income. Without support here, it just won’t work. You need strategies for that too.
If you are not earning enough as an entrepreneur and think you might be charging too little, you don’t have to settle. It takes a new strategy, and a new vision moving forward, but you can drive your income beyond what you even thought possible.
Maureen Considine is Founder and CEO of Finding Your Way Coaching. A Master Coach with expertise in Income Acceleration, Business Development, Sales and Mindset, she is the Wealth Health Creation Strategist for entrepreneurs, executives, and other high performers. Maureen has over 25 years of experience in sales and marketing. She has helped hundreds of clients grow their businesses and reach their true potential using her unique, intuitive, and holistic approach. Maureen has a B.A. in Psychology, with training in mindset and the Psychology of Sales.
