Would you like to make more money while working less? If so, keep reading.

When you start a business, if you are like many entrepreneurs as I often hear when I do consulting or during my networking events, you may want to sell to everybody. I did this, too, when I started Biba4Network. You want to make sure that you won’t lose any sales, and you may even be ready to lower your prices to ensure that you will close the sale. But after a while, you realize that you are working a lot for very little money. You are not breaking even, and you are actually losing money. So, this is clearly not the best technique.

Often is not easy to say “no” to a client. We always think that if we say “no,” they will never buy again, or they will run to the competitor. Well, some of them will, but let your competitors lose money; you have other goals.

When you have been in business for a while, you will be more comfortable with your products and services. And more importantly, you will be more comfortable with yourself, you will gain greater self-confidence, and you will develop the courage to raise your prices. As long as you provide great customer service, you have testimonials from a number of satisfied clients, and you know that there is value in what you offer, there is no reason to lower your prices.

Of course you will not raise your price by 50% at one time, but you can add more value to your products and services in order to justify the price increase. You can develop different levels and bundles of services or packages.

For example, you can offer two or three different packages of your services. The basic package as an entry rate. Then, if your clients want more services, they have the option with the premium package or the deluxe package. The multiple offering makes it easier for the client to make a purchase according to his/her budget and interests.

It is simple, because there is no discussion over price. Your clients buy what they want, and they get what they buy.

Many coaches and consultants use this technique, because this is also a way to avoid negotiating or arguing over the price of their services. Instead of speaking about price, they will ask, “What program are you interested in?” This helps you avoid mentioning the words “price” or “dollar,” which tend to scare people. If selling is not your favorite part of the business or you don’t like to speak about money, try it. Practice until you become comfortable. You will achieve better results.

By the way, even if you lose some clients over time because you increase your prices, that is not necessarily a bad thing. You will have fewer clients, but earn more money for your time and services, as well as work less, which will give you more time for yourself, or to work on your own marketing plan to grow your business.

And if you are really worried about losing too many clients, apply your new rates only to new clients and wait for the New Year or September to raise your rates to your current clients, little by little.

Few years ago, I mentioned in one of my teleclasses, how in one of my businesses, I raised the price of a service from $99 to $1000 in less than two years, and how I have a lot more clients now than before. As a result, I make a lot more money working less and, very important, working with people who really trust me and not working with clients who picked me just because I had the cheapest rate.

The other benefit of this strategy is that your clients become your raving fans, and send you referrals over and over. This means that you will attract more clients without having to chase them.

So, you see, it is not that difficult to raise your prices, as long as you offer a useful product or service and people are able to see the value in your offering. Of course your ability to raise your prices will vary depending on your market, but it is worthwhile to test your pricing and your offering. Customers will be willing to pay more when they know the quality they will receive from you and they understand the benefits for them.

Take the time to see how you can add value to your products or services, implement this strategy on your business, and you will be surprised on how will easily you will make a lot more money.

(c) 2007 Biba F. Pédron

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