It’s Time to Raise Your Rates! Here’s How to Do It

Prices are going up everywhere thanks to inflation. But even if inflation wasn’t an issue right now, most professional service providers could stand to increase their rates because they naturally tend to underprice themselves. The truth is that your services are invaluable, especially given the consequences and risks you’re mitigating for your clients. However, most people we talk to fear that they’ll lose business to competitors who charge lower rates.

But that shouldn’t matter!

For starters, raising your rates, more often than not, still results in a sort of addition-by-subtraction situation. Even if you lose potential business because your rates are higher, you won’t lose ALL of your business.

Think about it this way: If you normally sign 100 clients at $100 per hour, and then double your rates but only sign 50 clients, you still break even on revenue. However, you’ve gained a TON of capacity in the process. The reality, however, is that you likely won’t lose half of your clientele. Maybe 25%, but even that’s unlikely.

Most businesses increase their prices by 2-4% on a regular basis. The key is to run some numbers and land on a reasonable increase. It can be as small as 10%, but it needs to be done. It will increase the profitability of your firm and open up more opportunities to improve your firm’s processes, hire more staff, and more.

Plus, if you have a marketing strategy that positions you as the expert, people won’t balk at the rates you’ll charge because they’ll come in expecting to pay a premium price for premium results. We can help with that, by the way.

All of the pieces are there for you to bump up your rates. The only remaining obstacle is you choosing the new number. Do it TODAY.

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Spotlight Branding

Spotlight Branding is a content marketing and branding firm for lawyers and other professionals. Our goal is to help you create an online presence that positions you as a credible expert in your field, keeps you connected with your network in order to stay top of mind and increase referrals, and to become more visible online so prospects can find you!