Ep #134: Stop Hesitating: It’s Time to Raise Your Prices

Hey, woman founder, if you have been asking yourself, is it time to raise my prices? There's a reason that question is coming to you. And right now with everything crazy pants happening in the world, it can definitely feel harder than ever to know what to do. But this episode is going to shift that for you. Because this isn't just about pricing, it's about deciding whether you're ready to lead at the next level of your business. I'm Kendall and in this episode, I'm helping you get clear on one thing: Is it time to raise your prices, yes or no? So that you're no longer circling that decision, second guessing that decision, or waiting for the perfect moment. It's all here for you in this episode of The Money Coach School Podcast. Let's dive in.

Welcome to The Money Coach School Podcast. To really excel at coaching women, you have to be skilled, confident, and even fearless at money coaching. If you're passionate about women holding genuine money power and love supporting women entrepreneurs, then this is the show for you. Now, here's your host, money feminist Kendall SummerHawk.

Hey, woman founder. The question on the table is, is it time to raise your prices? Today's episode is all about helping you make that decision. You know, there's a moment in your business where your pricing starts to feel tight. And yes, you're signing clients. Yes, your work is doing great with your clients. They're getting results and money's coming in. And there's something in you that keeps returning to that same question: Is it time to raise your prices? Maybe you're asking this question because you have a sense that you've outgrown where you are.

Maybe you're asking it because you're seeing the value that you're bringing to the table with your clients. Or maybe you're asking if it's time to raise your prices because you've undercharged for a while now, and you're still caught in that same loop. The point is, regardless of the reason, if you're finding yourself asking the question, that means there's a valid reason for it. And I get that right now with everything happening in the world, the economy, the conversations, the uncertainty that's in the air, that question can feel that much harder to answer.

Because part of you is expanding, while another part of you is looking around trying to gauge what's smart or what's safe, what makes sense right now. So in this episode, we're not just talking about pricing, we're deciding, is this your moment to raise your prices or not?

Now, before we dive in, if you could do me such a huge favor, if you would go ahead and click the follow button that's right next to where you are listening to this episode, I would so appreciate it. I am your money coach and every episode here is designed to expand your cash flow, strengthen how you make money decisions, and help you create financial independence. So definitely click that follow button and let's get you never ever missing an episode.

All right. So here's where we're going to start because this really matters. Most of the ways that you've been taught to make this decision about whether you should raise your prices or not are based on outside circumstances. But in reality, those outside circumstances will keep you disconnected from your own leadership. So you've likely heard things like, wait until you're fully booked, raise when demand increases, look at what other people are charging.

And all of that puts your pricing outside of you and it creates this dynamic where you're constantly watching and adjusting and trying to get it right instead of just deciding. It's exhausting, right? Because the truth is, you don't raise your prices because the market tells you to. I mean, yes, sometimes you do. But you raise your prices because you've outgrown your current number. And that's a very personal internal decision. So how do you know if that's actually happening? Well, there are three things I want you to look at. Here they are.

Number one, your pricing no longer matches the level that you're leading at, that you're operating at, that you're delivering at. You have grown, your skill is deeper. I talk about this all the time. Your thinking is sharper. The way you hold clients has expanded. But your pricing is still tied to an earlier version of you. So there is that mismatch and you feel it. You feel it when you say your number. And I know you love your clients, but you feel it when you deliver your work. You feel it when money comes in. And sure, there's gratitude there, absolutely. But there's also this knowing that the money coming in isn't what it could have been. It isn't what you want it to be. So the point here is that your pricing is meant to reflect who you are now, not your past.

Number two, there's a higher number that keeps coming up for you and you keep overriding it. This one is big, because most women think that they don't know what to charge, but that's not actually what's happening. There's a number that comes to you. Maybe you've heard of someone doing similar work as you or even below your level and it's still so much more than you charge, right? Or maybe it's a number that you really want to step into because it represents a milestone for you. And there's everything that's good and okay about that. Or maybe the number is as simple as an acknowledgment that this is what your work should be valued at, at this stage of your evolution.

But then your mind steps in. It steps in and it says, is that too much? Will people pay that right now? With everything going on, does that make sense? And so what do you do? You adjust and you don't adjust upward. Let's be honest, you adjust downward. You talk yourself out of it and you bring it back down. And this happens not because the number was wrong, not at all. It happens because it asked something of you that's going to need to change. There is a reason though your intuition keeps putting a number in front of you. That number represents more than money. It represents a level of valuing your work that you're ready for, even though it may feel a little scary to step into. So the key point here is that your next level price isn't something you figure out, it's something that you stop overriding.

And number three, you feel the pull for more, but your pricing keeps you in the same place. Now, I want to be clear about this. This isn't about doing more. So many times women think that, well, if I charge more, I have to do more and I don't want to do more. And that's an equivalency that you do not want to make. Charging more, it's really at this point more of a catching up of where you are than it is a way of saying, oh, well, I also need to do more. And that's for another episode entirely, but trust me, this is not about doing more. It's about what you're already ready for. More depth in your work, more refinement in how you coach or consult or advise, more space in how you run your business, more money moving through your business. Think of how good that would feel. And of course, what it brings to you, which is more freedom in your life.

And you can feel that next level, but your current pricing holds you in your existing range. So even as internally you're wanting to expand, your business keeps repeating the same results. Now here's the key learning in this. At a certain point, your pricing either supports your expansion or it keeps you circling where you have been.

Now, let's talk about why this can feel so charged right now. This question of should you raise your fees or not. It's because the question about raising your fees is not happening in a vacuum. There's a lot being said right now about money, about the economy, about uncertainty, about people pulling back, being cautious, watching their spending. And if you're sensitive, which I know you are, you feel that. You pick up on it, you process it, you factor it in. And that's where things can start to get really blurry and the decision gets delayed. Because what begins as awareness, you know, that there's a lot happening in the world, has now turned into hesitation.

So you slip into asking, well, should I wait? Is this the right time? Would it be smarter to stay where I am for now? And listen, there's nothing wrong with being aware of what's happening around you. I get it. I am incredibly not only empathetic, but an empath. And so, you know, I can be a sponge for what's happening. But your pricing decisions, they cannot be led by collective fear. They cannot be led by collective fear. And you start filtering your decisions through what feels uncertain around you instead of what's actually true for you.

So in moments like this, most women become more cautious. And again, that's another episode I could go through for certain. But women have been conditioned to protect, to hesitate or to wait instead of being future focused. You know, it's only been in the past couple of decades, I mean, really the past 20 years or so, that women started owning businesses like we do now. So we don't have hundreds of years of experience in being decisive during wacky ass geopolitical times like we're experiencing right now. So if you feel hesitation, it makes sense. I get it. But here's the thing that you don't want to let get crowded out. You and I, everybody listening to this podcast, we are trailblazers. We, female founders are fire starters. I've talked about this for years. We are fire starters. We go first. We go first. And while that can feel intense and it's scary as all get out sometimes, it's also really exciting and it's also where your leadership is truly forged.

So here's the decision point, right? You knew we were going to come to this moment. Is it time for you to raise your fees, yes or no? That's it. It's as simple as that. Because this isn't something that you slowly think your way into. And of course, I'm going to be honest about my bias. I want the answer to be yes. And I want it to be yes because you recognize this as an opportunity, not a no from a place of contraction or fear winning out. The yes comes because there's a moment where you recognize that you are no longer available for the current level, that you are ready to move, move upward. And if that's true, then raising your fees is the next step. If you keep circling it and watching and waiting and thinking, then your business will keep matching that same level.

And I want to touch on something here and I'll probably do a whole episode on this, but I want to touch on a little bit of money math. I want to bring a little money math into this. Because if you know that you are due to raise your prices, like you know this in your heart, and instead you defer, it's important that you're clear that deferral has a cost to it. It has an actual number to it of lost income. And I think it's really easy to gloss over this and to just think, oh, I'll raise my fees in another six months when things have calmed down a bit. Well, firstly, this isn't something that's going to suddenly settle down. The state we're in the world, not going to settle down. We are in a season in the world where this is what it is. And at the same time, there are plenty of clients available to you. There is an abundance of clients available to you. There is an abundance of clients who will hire you at your new raised fee, an abundance.

But I want you to really take this in. Deferring is a cost that you likely haven't calculated yet. And I know that hits hard and I want it to hit hard. You know here in The Money Coach School, of course, we love the math. So even if we look at this for, let's take 10 seconds to look at this. If you, and I'm just going to make up this number here, if you defer raising your prices by, let's just say 30%, then that 30% is money that is not available to you now to start accumulating and compounding.

Now, this isn't scarcity talking, because you can always make more money. That's true, but you cannot make up for lost time. You cannot make up for lost time. And that time of accumulating and compounding for you, that is how money works. That additional 30% in this example can be money going into your investments, compounding for you starting right now. And over time, that is a significant contributor to your wealth creation. Wealth is created by making pricing decisions today, not deferring them.

All right, so let's bring this all the way home for you. There is a version of you who already knows the answer to whether it's time to raise your prices. And she isn't scanning for permission. She isn't waiting for the perfect moment. There is no perfect moment. There's just now. She decides when she's ready to lead at the next level and she moves from there. That, my beautiful soul, is pricing leadership. And this is exactly the work we do inside The Pricing Room™. You bring the real question, is this my moment to raise my prices? And we get it clear so that you're no longer circling it, you're no longer second guessing it, you're decided. The Pricing Room™ is where high integrity women founders like you stop dancing around their pricing, around their numbers, and start building wealth that feels really good. You know, I always say pricing is your wealth portal. It truly is because every integrity aligned price that you set is more than just a number. It's a step towards the life and the freedom that you're intentionally creating.

Now inside The Pricing Room™, you get weekly coaching, training, and pricing tools. You get emotional support to hold your new number with clarity and with confidence, and you get languaging support so that you can stand behind your numbers without shrinking, without overexplaining, without overdelivering. Now, the founding member rate inside The Pricing Room™, as of the time of this recording, is $38 a month or $380 annually, which gives you two months free. I know it's like a crazy low price. It's going to be changing very, very soon here. So I would encourage you to get in on this because then you'll get locked in at that thirty-eight a month. There's no contract, you can cancel any time. And you can check it out at KendallSummerHawk.com/pricingroom. So again, that's KendallSummerHawk.com/pricingroom. I'll also drop a link in the show notes.

And here's what I want to leave you with. Deferring the decision of whether to raise your pricing or not has a cost, not just financially, but in how you see yourself, how you lead, how you're positioned in the eyes of your ideal clients, and in what your business makes available for you. At some point, the question shifts from, should I raise my prices to, how much longer am I willing to stay here? And that's the real decision. So I know you've got this. You totally have got this. So I want to say thank you for being here. I love you. I want to support you with this. Come join me inside The Pricing Room™. And for sure, I will see you in next week's episode.

Thank you so much for tuning into this week's episode of The Money Coach School Podcast. If you enjoyed this podcast, make sure you follow so you never miss an episode. Also, I would so love and appreciate if you would leave a 5-star review. Your review supports women just like you in discovering all of the juicy tips and insights I’m sharing here on how to coach women on money.

And if you want to learn how to excel at coaching women on money, definitely go to KendallSummerHawk.com and check out the wealth of money coach trainings that we have for you. Thanks so much for being part of this money coaching movement and for tuning into the show every week.