How To Know When To Raise Your Prices

How do you know when it’s time to raise your prices?

This is a question I’m asked ALL the time.

Because when clients come to work with me, they often have a monetary goal in mind – they want to make more money.

Yes – they want to work with more clients, grow their impact, and create the vision board lifestyle they desire for themselves and their families.

But making more money is almost always at the top of the list. 

And when thinking about making more money – most people go straight to creating something new. But creating something new takes more time and effort than leveraging what you’ve already got.

So before we get to creating something new, the first thing we look at is your pricing – because the quickest and easiest way to increase your earning capacity is to raise your prices. 

And that’s what we’re talking about in today's episode of the Feminine Fire Podcast – how to know WHEN to raise your prices. 

There are 6 signs to look out for when making a decision about raising your prices – so let’s begin.

My approach to pricing… 

I know some business coaches will tell you to double your prices straight off the bat without even knowing your current pricing or any context or taking any nuances into account – that’s not how I roll.

I teach an ENERGETIC approach to pricing – which is all about you and your energy. 

While it is possible and, considering you’ve chosen to listen to this episode, maybe even probable that you are grossly undercharging for your services (anyone charging $10 for an oracle card reading, I’m looking at you) – it’s also super important that you’re energetically in alignment with your pricing. 

If you raise your prices to a number that feels so wildly high that you can’t get your energy behind it – you won’t be able to show up and sell your offers without your nervous system flipping out. 

Your energy needs to be neutral around your pricing, or as neutral as possible. You want to be able to confidently show up and say, “this is the price, how does that sound?”

If the price is too high, you’ll choke on your words or mumble out the price really quickly, hoping they don’t really hear you. That’s obviously NOT the energy you want to be in when selling. You want to be feeling confident and 100% behind your offer.

So how you feel about your pricing matters. 

Now this is not a free pass to keep undercharging for your work. It’s important that if you’re due for a price rise, that you do it, no matter how uncomfortable it is. And I will always lovingly encourage you to do that. 

But it IS a permission slip to ignore blanket advice of “just double your prices and be done with it” if that feels wildly out of alignment for you, and instead trust yourself and your inner knowing when it comes to landing on a number. 

But before you get to that point, you’ve gotta know WHEN it’s time to raise your prices. So that’s what I want to share with you today. 

6 signs you’re ready to raise your prices – plus my super simple strategy for determining what your new price should be.

So let’s get into it.

Sign 1: You’re fully booked or approaching fully booked

This is the simple economic principle of supply and demand. If you’re in demand, the price should reflect that.

Now on its own, this might not be reason enough for you to raise your prices. You might be fully booked and happy to hold your prices where they are for now. 

But it’s something you’ll want to consider at some point soon, because if you’re at capacity and not looking to scale in other ways, the only way to make more money is by raising your prices.

So this will be on the cards for you soon if you’re fully booked or approaching fully booked.

Sign 2: You’ve upskilled or done any new training which has improved the service or products you provide

Again, this might not be something on its own that means you do raise your prices, but it’s something to consider. 

If you’re now offering a better, more robust service to your people, then your prices should reflect that.

Sign 3: The costs of delivering your service or product have gone up

This is particularly important for product based businesses, but also service based too, if your raw costs have gone up, then your prices should reflect that, otherwise those increased costs will be eating into your profit margin.

Sign 4: You haven’t raised your prices in a long time

What constitutes a long time? 

If you haven’t raised your prices in the last 12-18 months, it’s worth doing a review. 

If you haven’t raised your prices in 2-3 years or more, then I’m pretty confident in saying that it’s time to raise them. 

Inflation is a thing and it applies to you and your business. Raise those prices accordingly.

Sign 5: You’re feeling resentment at your current prices

This is a big one. 

And again, this is about the energetics of your pricing. 

If you’ve ever had the thought “ugh, this is not worth the money they’re paying me” then you’re undercharging and you need to raise your prices. 

This is the opposite of what I was talking about earlier when you price too high. 

When you price too low, you’ll feel resentment towards your work, your clients, your customers, which is not the energy we want to be in. You didn’t get into business to feel this way. 

Your pricing needs to hit that sweet spot where it feels like a fair energetic exchange for the work you’re doing. The goldilocks principle. Not too high. Not too low. Just right. So if you’re feeling any resentment at your current prices - it’s time to raise them.

Sign 6: You simply just want to raise your prices

You don’t need mine or anyone else’s permission to raise your prices. 

If you want to raise your prices, do it. It’s as simple as that. 

Your business. Your offer. Your price.

So those are the 6 signs you’re ready to raise your prices.

If you’re a yes to any of these, and particularly if you’re a yes to more than one – then, ding ding ding, it’s time to seriously look at your pricing.

Join Confident Consistent Cash

If you want support with your pricing strategy, this is one of the first things we talk about in Confident Consistent Cash – my 4 month group coaching program supporting you to build your confidence and create consistent cash in your spiritual business. 

The first module is called Quick Cash Strategies and the VERY first thing we do before anything else is an audit of your pricing and then depending on the outcome of that audit, we raise your prices accordingly. 

So if you want support to create consistent cash in your business, then I’d love for you to join us in the next live round beginning in November. 

You can find out more at https://www.beccuzzillo.com/ccc 

My super simple strategy for raising your prices… 

Once you’ve decided to raise your prices, the next step is to decide on the number.

My approach is to always encourage you to stretch a little bit beyond what’s comfy – not so much that it’s wildly dysregulating but enough that it feels a little bit stretchy. 

What I mean when I say “stretchy” is deciding on a price that’s a little bit beyond what feels comfortable BUT not so far that it gives you heart palpitations. You wanna go to the edge of that comfort zone and take one step beyond it.

And the reason I recommend this is because, particularly as women in business, we almost always undervalue ourselves, we tend to err on the side of caution and be more conservative with our prices. So to counteract that, we wanna stretch a little bit beyond that edge. We wanna find that stretchy, but not too stretchy, sweet spot for your new pricing. 

To do that, the process is simple: take your current price OR your ballpark price (the price you’re currently thinking), add 10% and then check in to see how it feels in your body. 

You’ll often know straight away, but if not practice saying it out loud. 

Imagine you’re having a conversation with a potential client or customer, they ask you how much and you say: “the price is $X” – how does that feel? If it feels a little stretchy, but you’re still able to get your energy behind it and share the price confidently, amazing. You’ve found your sweet spot.

If it still feels really comfortable, like not even a stretch, then try adding another 10%.

If it feels way too high, then try adding 5% and see how that feels.

It’s also okay to go through this process and decide that you’re keeping your prices the same for now. If that’s you, then I’d schedule a time to review your pricing again in 3 months time.

It’s as simple as picking a number, checking in with how it feels in your body and trusting your intuition.