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The Estherpreneur is a weekly chat about doing business and life God’s way. Join your host, Edna Harding as she offers biblical strategies and practical applications to improve your mind, business, spirit, relationships, and finances. Listen along as she talks with guests on how to thrive in all areas of life. Edna is a Wife, Mother, Growth Strategist, Author, Minister, Certified Maxwell Business Consultant and Executive Coach, an accredited Master Mindset Coach, and Speaker whose message of hope, truth, and wisdom reaches people all around the world. FavorandWealth.com Estherpreneur.com
Edna Harding [00:00:02]:
Well, hello, everyone. Thank you for tuning in for another episode of The Entrepreneur podcast where we dive deep into the strategies that enhance your business and professional growth. I took a little bit of a break, and if I sound a little muzzled, it's because I am dealing with severe allergies. Last week, I took a break, for the holiday, not on purpose, but by, I guess, by accident in a sense because my allergies are kicking my butt, and I did need a little bit of a breather. And so I'm glad to be back. For those of you guys who are new, my name is Edna Harding. And today, we're tackling a topic that can literally pay off, and that is how to charge more for your services. How many of you guys want to charge more for your services? Raise your hand.
Edna Harding [00:00:54]:
Raise your hand. I see your hand there. I see your hand there, and I see your hand there. You know, I remember when I first started out, I was charging just enough to cover my expenses, barely making a profit. And it was a game changer when I realized that my prices should reflect the value I bring to the table, not just in bare minimum to stay afloat. Now as believers, this is a struggle for many people because, you know, a lot of us are naturally servant hearted, and we wanna honor God. We wanna help everyone. But in reality, it is God's will for you to be profitable.
Edna Harding [00:01:34]:
Now let's dive into how you can make this shift. Okay? So first of all, I wanna say, and everyone knows this, it starts in the mind. Okay? Everything starts with the right mindset. If you don't believe you're worth more, why should your clients? And I'm sure you've heard this many, many times, and this is something that a lot of people, you know, jump on the bandwagon. They preach a lot out in social media and into, you know, you know, other business coach, other speakers, but it's true. It's so true. It all starts in your head and what's going on between your 2 ears. Because if you don't believe you're worth paying, they are not going to pay it.
Edna Harding [00:02:23]:
It's about recognizing that unique solution you provide and understanding that good service deserves fair compensation. Okay? You know, there's a scripture that talks about how, you know, that we should make a living based on, you know, the work that you have. And so he doesn't want his children to struggle. You cannot be a blessing if you can't cover your expenses. Right? So at the end of the day, you can't just talk about making it, surviving. Right? I'm surviving. I'm making it. It's not just the bare minimum to stay afloat.
Edna Harding [00:03:05]:
Okay? That is not going to help you or anybody else that you god called you to. So, I wanna talk about that, because a lot of people, they'll ask me, well, what's the lowest I can charge? Or what is the cheapest price I can go? Or how could I make it affordable for my audience? You know, stuff like that. And I think 1 of the things that someone said to me multiple times, actually, different individuals said, your customer's financial situation is not your problem. And I know that sounds so bad and so, prideful and sounds so, not empathetic, but in reality, it's true. I put myself in the customer's shoes many times because I've been to customer many times, and there were a lot of times that I couldn't afford something. But because I saw the value of it, I went ahead and did what I need to, as long as it was gonna be a huge ROI for me, both personally, professionally, and financially, I went ahead and did it. And, you know, that is really important that you have that mindset that instead of saying, well, what's the most how can I make this affordable? What's the lowest I can charge? You have to ask yourself, well, what is the value of the transformation I provide? Now I do have to say this, that there is a fine balance between price and value. Because a lot of times, you know, because, there are people who don't have the heart of God, who don't have the servant's heart, and who truly is about greed and just wanting to make so much money for themselves is the value that they provide is overinflated.
Edna Harding [00:05:07]:
Meaning, they say, oh, this, you know, this is a $1, 000, 000 worth of value, but it's only, like, 5, 000, for example. You know? It's really important that you discern the value through the lens of the spirit of God. Meaning, truly look at the transformation that you give and how much time and how much money this can save them or how much time and how much money they can they can earn. Right? And a lot of times, I like, for me, I advise my clients, if you could afford it, meaning it's not gonna cause you to struggle, give them the better rate. Give them the best rate so you could serve more people. Because Jesus gave so much to us, and it only cost us a little bit compared to the price he paid. Right? So it's okay to be a blessing. It's okay to, you know, price it fairly and give immense value, which is kinda like, you know, that, that phrase that a lot of people use nowadays in my space is, what do you call it? Unforgettable offer.
Edna Harding [00:06:23]:
Is that right? Oh, gosh. My brain's blank. Incredible offer. There you go. Unforgettable offer. Incredible offer. So that is, you know, that is just a shift in mindset that you need to have is ensure that you don't base it on what they can afford, but base it on value, but also don't over overinflate your value. Does that make sense? Alright.
Edna Harding [00:06:47]:
Number 2, know your market. This means not only understanding what others are charging, but also why are they charging that. So you need to ask yourself, are you providing more value? Are your services more comprehensive? You need to use this information to strategically position your pricing in a way that reflects your unique offering. So for me, I have people I have coaches that I've hired, you know, that provides a fraction of what I provide, and yet they're charging a lot. You know? I had 1 coach that I char that charged $6, 000 just for access to knowledge and not systems. And for me, I have systems in place. And so I really like, for me, I know that the market value that I, that I'm charging is a lot better, and it may not be apples to apples because maybe she has a team and you get access to more, coaches, for example. But you only get, like, 3 audits, you know, for 6 months.
Edna Harding [00:08:01]:
So if we really look at it apples to apples, the value that I provide is a lot more, and I'm charging a lot less. Does that make sense? So the key is you need to see if people are willing to purchase the same type of offering already and people are buying. And then if they are, what value or what features and benefits do you have to offer your clients to have, like, your like, basically, the same space as your competitors that is different from theirs? And is it comparable to, the value and the price that they charge. I hope that makes sense. And so for me, again, market research is 1 thing, but I also listen to the spirit of God. And this is where you have a kingdom mindset. I asked the Lord specifically, what do you want me to charge for this particular program? And he'll give me a rate, and that is what I charge regardless of what the market says. And I know I'm just contradicting myself, but the point is use market research, but also ask the holy spirit to confirm or validate the price that you have in your head.
Edna Harding [00:09:16]:
Does that make sense? He knows what he's doing. Okay? He knows exactly what the people, who he called you to can afford. He also knows your needs. He knows exactly the thing the money you need to have in order for you to run the vision that God has given you. So he'll take care of both of you. You know, it's a win win situation for you and your clients. I hope that makes sense. Okay? Alright.
Edna Harding [00:09:42]:
And the third thing, you know, speaking of value, there's always room to enhance the value you provide. So whether if it's packaging services to offer comprehensive solutions or simply elevating your client experience, these enhancements can justify higher rates. So a lot of times for me, if it involves more 1 on 1 time with me, I raise the rates. K? If it's self paced, so far, I haven't had any self paced, programs. It's always involved my 1 to 1 coaching because I truly believe that. I don't know, like, you have like, for example and the example I use, you know, the Bible. Right? Yes. You could read your Bible on your own, but if you have the Holy Spirit helping you and guiding you and and helping you, you know, make it practical or other teachers or mentors who knows the Bible, that really helps the journey, better.
Edna Harding [00:10:37]:
You know? It it helps you move forward in the the plan because you hear the author's voice, if that makes sense. You hear the creator of the program's voice, and they can apply it specifically to your situation. And so I truly believe that, 1 way, if you're not doing that already, if you'd you if all you have is self paced is you need to add some sort of 1 to 1 component at the end of the self paced program so that you could increase your rates. Okay? And so you wanna think about additional services or benefits you can bundle into your offerings to make them more attractive. And 1 of the other things that I've added to my programs is you could outsource certain projects to me because some some things are really easy to me, and it's hard for clients. And it takes them, you know, 2 days trying to figure something out, and it literally takes me 5 minutes. So those are things that you could say, okay. You know, you have a do it yourself, do it with you, and done for you type of thing.
Edna Harding [00:11:40]:
And those things that you're really easy for you, you could do a add, a done for you service for them so that, it'll save you time and provide value to your clients, and still charge more because of your time, if that makes sense. Alright. Now let's talk about communicating the value because this is really crucial. You need to be able to articulate clearly why your services are priced as they are. You need to help your clients and customers understand what makes your service exceptional. Role playing could be a great way to practice. So for me, I, for me, role play is fine in a sense that, you know, I have a AI software that helps you role play with your target avatar. And III beta test it with my first group coaching program here, last spring.
Edna Harding [00:12:36]:
And it really helped me see, you know, the weaknesses of my clients. Right? And as far as their sales conversation. So role playing is a great tool, but another way for you to really, hone in your ability to communicate the value is actual sales calls. Whether it's cold calling, in person, speaking engagements, workshops, networking. Like, these are great opportunities to practice your spiel and see people are resonating with what you're saying, if people are buying, if people wanna meet with you. Because if they're not buying, if they're not, wanting to meet with you, if they're not, you know, validating or wanting to engage more, then you probably are not communicating your value well enough. So a great way to do this is to actually schedule a bunch of calls and meet a lot of people and, you know, start a podcast or speak of someone else's podcast or offer a free workshop or free training at church. Those are ways for you to see if you are, good at communicating the value of your products and service or your program.
Edna Harding [00:13:50]:
You know, this is really huge. Right? And then the last, powerful strategy that I employ is find ways to cut costs on operational spending. And so for me, what I've done in the past, especially when I started investing in systems and software and things like that is I started reducing unnecessary expenses. So I was able to save money and enhance profitability without increasing prices for my clients. Okay. So what does that mean? I automated a lot of things. If I saw things that I was repetitive that I was constantly saying, I recorded a video or tutorial for that specific thing. And it's awesome because automation meant that I could handle more client interactions and manage processes without increasing my workload or staffing needs.
Edna Harding [00:14:42]:
Right? And so that really helped me. Adding system systemizing my program, my sales process, my marketing things, even my my, project management, my my for example, my, I have a client portal with action plans for specific different problems. Like, I just share that to the client portal, and I don't have to repeat myself because I've done tutorials over it. And I could pick and choose which I want, which really helped me, especially when I customize, personalized plans for different clients. I'm not, you know, spending days days weeks weeks trying to come up with something. I just used things from previous, custom plans that I did. And because it's already in my systems, I pick and choose which task I believe will be relevant to the particular client. So that really helped me cut my cost down because I'm not spending that much time.
Edna Harding [00:15:39]:
And number 2, it really made it simple for me to work with as many clients. So for example, right now, I'm currently working with 5 clients. And, if I wanted to work with 20, I could, but I'm not going to yet because we're in the middle of a move. We're moving to Alabama in a little bit, but it literally is a switch. Like, I could I could serve, however many clients. For example, group coaching, I could serve up to 300 people. For 1 on ones, there's a certain amount of people that I have. My strategy sessions, I'm limited to 4, a month.
Edna Harding [00:16:13]:
And I share all of this to say that the reason why I know I'm able to do this is because of systems. Right? Another thing I wanted to say is I also set up automated email responses and scheduling systems, which reduce the time spent on routine task. So, again, if someone, reaches out to me and interested in speaking with me, I have a nurturing sequence for that. If I have, you know, someone who signs up for my free webinar, my free training, I have an a nurturing sequence for that. I literally have different marketing mechanisms or at least, for, whatever we call it, templates. Even though it's not automated yet, I have the templates I could just copy and paste and just change the name, to help me increase my efficiency, which then lowers my cost for my operational expenses. And I don't have to increase my prices for clients, and I'm able to save money in the back end so that I could save money in the front end for my clients. Does that make sense? Alright.
Edna Harding [00:17:16]:
K. I gotta go pick up my girls here soon. The next thing I wanted to talk about is objections because objections are natural. Okay? So the key to handling them is with empathy and reassurance. So 1 of the things that I have to say is if a client box at a price and a lot of times, people have a lot of pride, and a lot of times, they don't wanna say they can't afford it. So they'll say, oh, I'll think about it. You know? Give me till next month. Those are signs that they can't afford it.
Edna Harding [00:17:43]:
Like, really? I noticed that, And and some people really can't afford it, which is completely fine. But don't go off of, like, they're interested. Follow me in a few weeks. Like, I noticed, like, the ones that are really serious will act now. Right? And even if they just get us the smallest offer that you have, they'll start with 1 session, and then they'll go to the next session. Right? So the key is really reading between the lines, and don't go off of what they say. Go off of what they do. So, 1 thing that you can talk about is just the value that they're getting.
Edna Harding [00:18:21]:
And this is why on my landing pages, I truly break out the cost of all the different things that they're getting, if they were to hire different companies to do those things. So I'm literally giving them a comprehensive suite of services that really is gonna streamline their business efficiencies, cut down their cost, and also improve, you know, their, their strategies when it comes to sales, marketing, and even personal development because a lot of those things that they would hire individual coaches to, help them with, those are things that I'm qualified, I'm certified for, and I have programs in place to help them with those areas versus them hiring, like, 5 different people. Does that make sense? So you need to be able to really be prepared with the numbers and respond with actual data that highlights the benefits over features. Alright? And then another thing that I wanted to say is nothing speak louder than success stories because testimonials, case studies, examples of your work can powerfully justify your rates. 1 way to do this is offer a free taste of what it's like to work with you, whether if it's, I do this a lot for churches. That's really my, where I do it because I wanna serve God with my gifts and talents. I wanna serve God's people. But have but before I did churches, I used to do, like, free trainings at chambers, free trainings at women's organizations, free trainings for, networking events that really helps you get exposure out there and people could see, you know, your gifting firsthand versus, you know, them, you selling them and they have you know, it's all talk.
Edna Harding [00:20:04]:
They they you want them to experience what it's like to work with them, and that's a way for you to show social proof. Because a lot of times what I found is, you know, there's a lot of, like, testimonials. I have over a 100, 000 testimonials and all these other stuff. But in reality, if you look at those, and unfortunately, and I've seen this time and time again in Facebook and Instagram, is they're all fake. They're robots. They're not real. And so how do you give them an authentic experience that you know what you know is by giving them a firsthand experience of working with you. And that's how I get a lot of my clients if they experience work at me, they heard me speak, you know, they're looking at my LinkedIn content, for example, or someone referred me to them.
Edna Harding [00:20:48]:
Like, those are ways for you to expand your reach and really justify your rate. So make sure you're collecting positive feedback from clients, whether if it's free or paid, and ask permission to share your stories as part of your marketing. I actually whenever some someone signs up with me, I typically have in the contract says that I will use their testimonials under a story for social proof and that they need to be okay with it. Okay? And for the most part, they're okay with it. Right? Alright. And then the la and then, the last thing I wanted to say, because this is really important. You know, for existing clients, I want you to consider gradual price increases. Don't go from, like, let's say, $1, 000 to $5, 000 all of a sudden.
Edna Harding [00:21:35]:
I always get grandfather my clients in, and if I do have to increase their rates, it's not as hefty as those people who are brand new to me. So what this does is it respects the relationships, that you currently have and also updating your, your pricing will reflect your current value. So so for example, an example that I have. So initially, when I first started my VIP sessions, was $700, and then I raised it to $1, 000. And if I'm $1, 000, I'm now up to $1500. And it's because I know the value that I bring, and I know what my time is worth. And I know that I literally give them everything they need so that they could go from stuck to unstuck. So, what was I gonna say? My brain is like, okay.
Edna Harding [00:22:29]:
So, you know, you need to communicate these changes transparently explaining why your rates are increasing and how the clients will continue to receive great value. And then for me, it has to do with the technology, the systems, the software that they have access to, as well as the community that they're gonna be part of. And, literally, I'm I'm giving them more and more resources that will not cost them an arm and a leg because they're not hiring someone else. It's all part of the package that I bring because I'm always thinking about what how else can I better serve my clients? How else can I increase the value and the output and the productivity and the profitability of my clients? And that's what I implement in all my programs. Alright. So we've covered a lot today from mindset shifts to communicating value and handling objections. Remember, charging more isn't about earning more. K? It's not.
Edna Harding [00:23:25]:
It's about recognizing and honoring the value you provide. It's utilizing the gifts and talents God instilled inside of you and getting paid for it. It's okay for you to take care of your family. It's okay for you to go on vacations. It's okay for you to get a massage. It's okay for you to have a nice house. Okay? The the thing is there is a difference between greed, right, and being blessed. Okay? If you're greedy and you're taking advantage of people, if you're not providing value, if all you're doing is take, take, take, you become very materialistic where you're serving wealth and not and, and you're serving mammon and not God, that's when you need to, like, slowly roll and be like, okay, God.
Edna Harding [00:24:06]:
Check my heart. Make sure my heart lines up with your with your heart. Okay? So I encourage you to take a bold step this week and review your pricing. I want you to ask yourself, are you really charging what you're worth? Okay. Are you really charging what you're worth? Well, thank you guys for tuning in. Don't forget to subscribe and leave your feedback. Join us next time on The Essentrepreneur podcast as we explore another exciting topic. Until then, keep pushing your boundaries and charging what you deserve.
Edna Harding [00:24:33]:
God bless you guys. I love you all, and have a wonderful day. Bye bye.