VA Business Coaching Blog » Business Tips

Seven Tips for Raising Rates

Jeannine Clontz — Thu, 01 Sep 2011 19:18:37 +0000

Like most industries, raising your rates is a delicate process that many virtual assistants and small business owners fear. While understanding what prospects are willing to pay for your particular product or service is key to growing and maintaining your business, sometimes it’s as easy as learning that you need to generate a certain amount of business at certain fees in order to keep afloat.

We’ve looked at packages as an alternative to actually having to disclose your rates, to help clients get a better feel for what can be accomplished in a certain amount of time, or to complete a certain project, but it still needs to be based on a rate that allows you to keep your business running, while providing you with the income necessary to live a reasonable lifestyle.

I’m sure you, and your clients have noticed that everything is on the rise, gasoline prices, food, healthcare, etc., requiring you to adjust the way you do business in order to remain profitable.

Here are my seven tips to help you raise your rates:

How much do you want to make? Decide how much money you want and need to make, both on a personal level and to manage to save some money to keep your business going and take on new ventures.
Fees should be based on your level of expertise, especially if you are providing services. Those who have lots of experience, perhaps continued education and certifications, not to mention maintaining expensive software programs, can and should charge higher rates. If you’re like me and consistently increasing your experience through trainings, and special programs, you should be charging a higher rate than many others who don’t take the time.
Don’t let the fear of losing business stop you from raising rates – We’ve all had those nagging thoughts about all of our clients taking their business elsewhere if we even consider raising rates, or maybe you believe you’re not worth it – whatever the case might be, know that you provide a valuable service or product (or you wouldn’t be in business) and you won’t lose much, if any business when you increase your pricing – at least that’s what most people have indicated, and what I have experienced over the many price increases I’ve taken.
Like creating packages, your fees should represent the value and benefit of the results you provide to the client. If you’re solving an important issue or problem in their business, they’ll be willing to pay an appropriate fee.
Test the market first. Many times before I plan to take an increase I will test the market by quoting a higher rate to a prospect, just to see if the market will bear my new rate. As I continue to quote the higher rate to new clients it helps me to substantiate taking the increase across the board. Many times I will give current clientele 6-months at the old rate before it takes effect for them. This is a great way to let them know you care and want to earn their business for many years to come.
Evaluate your current client base. We all have a few clients that we hang onto because we really like them, but they are not profitable to our business. Remember, you are in business to make money, this is not personal. Let them be the first to approach with your price increase. If they are not willing to continue working with you at the higher rate, they really weren’t the right client for you anyway. You were wasting your valuable time on the wrong type of client. Offer to refer them out to someone else who is able to provide them with the products or services they need at a price they can afford. This will free up your time to find new, more profitable clients.
Check the competition – look at some of your competitors and find out what kinds of rates they’re charging to be sure you are not really behind the market on pricing. Try to compare yourself to someone who has the same level of expertise so that you’re taking a look at someone who would be equal to what you’re able to produce and, if you find several people at the same level of expertise with a wide range of rates, check to be sure they’re doing the same kind of work/projects you do, as well as, how the different rates may average out.

This is a great time to take a close look at your rates and packages and decide what will serve you and your clients best.

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com ; or contact her at: coach@VAbizcoach.com.

INVENTORY BLOW OUT WHILE SUPPLIES LAST!

The Second Edition of Entrepreneurial Freedom – How to Start & Grow & Virtual Assistance Practice is due to be released in a few weeks, so we’re BLOWING OUT remaining First Edition copies at HALF PRICE!

While supplies last, get your First Edition copy of Entrepreneurial Freedom for only $9.98 – BUT THAT’S NOT ALL! Save on shipping, too! Only $2.98 – a $1.00/book savings!

Want to save even more?

Purchase the First Edition Companion Workbook, while supplies last at a REDUCED PRICE, TOO!

Add the First Edition Entrepreneurial Freedom Companion Workbook for only $6.50 (A $6.45 savings) and bring down your shipping costs to $3.98 – a $2.00 savings!

Don’t wait, quantities are limited. You MUST place your order at www.EntrepreneurialFreedom.com to take advantage of our Inventory Blowout pricing*!

(*) = not applicable on any sales through Amazon.com For orders in quantities higher than 5-copies, please contact us at: sales@entrepreneurialfreedom.com for more details and savings!

Seven Tips for Raising Rates is a post from: VA Business Coaching Blog

What’s Holding Back Virtual Assistants? – A Price-based Business Model

Jeannine Clontz — Tue, 21 Sep 2010 12:52:02 +0000

Many small businesses start by offering to be the ‘lowest priced’ service provider. What could possibly be wrong with this thinking? Won’t you get all the clients you ever want or need? Won’t they be loyal to you as long as you keep your prices low?

This methodology can be extremely damaging to the long-term health and wealth of any business. This positions your business to attract only those people who aren’t looking for what you really want them to be looking for – quality, value, service, and benefits.

There will always be someone willing to offer a cheaper price, so you’ve created a clientele based solely on price that you will continually need to compete with in order to maintain any on-going business. And if you ever raise your prices, plan on having most of your client base looking for someone else offering the same services for less.

I have always believed that offering the highest quality service positions me to attract a more loyal clientele and helps create a more solid relationship based on mutual respect and value.

Don’t sell yourself short, create exclusivity instead.

Be more selective about the clients you work with and the projects you accept. You’ll be surprised to find that you are able to command a higher price, without much resistance from your current clients, and leave clients with a feeling of exclusivity that they’re fortunate enough to be on your client list. This allows you to have a much more loyal and supportive client base that will want to refer new business to you and will help keep your business growing and on track to succeed.

Pricing is a HUGE issue for most business owners. Make sure your pricing allows you to have a strong and viable business for many years to come. If you don’t see a way to build a business on anything more than being the lowest priced provider, this may not be the best opportunity for you.

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding Back Virtual Assistants? – A Price-based Business Model is a post from: VA Business Coaching Blog

What’s Holding Back Virtual Assistants? Change Your Beliefs!

Jeannine Clontz — Tue, 14 Sep 2010 17:13:19 +0000

We’ve already discussed the risks of starting your own business, but another thing that many times may hold you back from true success are your beliefs. If you believe that you can only make a meager living in this business, then you most likely will.

When I first started my business it was meant to be for ‘fun money’ – my husband and I enjoyed traveling so the money I made in my home-based business was earmarked for future travel. That worked beautifully for almost five years. That all changed when my husband was laid off his job.

Suddenly I was thrown back into being the main bread winner. I had a big decision to make. Either I step up the pace in my business to bring in a more significant income, shut the business down, or take it to part-time while I go back to the corporate workforce.

I decided to dig in my heels, and make enough of an income to support our family. Thankfully, I was able to increase my business beyond what I believed I could accomplish, and grow my business in several directions. If I hadn’t believed that I could, I know my ending would have been quite different.

If I didn’t believe I could do it, I know I wouldn’t be here today. Trust me, there were plenty of people, mostly friends and family, who didn’t believe I could take this type of a business to a level significant enough to support our family while my husband searched for something new, but I did, and in record time.

How can you begin to change your beliefs? Look at your current business model. Is it allowing you to grow and be profitable? If not, what changes would be necessary to move you in that direction? You need to do some soul searching and find out what your dreams and expectations are and model your belief system to meet those needs and expectations, on both a professional and personal level. You will find they go hand in hand.

If you believe you can be successful in your VA practice, you most assuredly will!

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding Back Virtual Assistants? Change Your Beliefs! is a post from: VA Business Coaching Blog

What’s Holding You Back – Virtual Assistants – Find and Use Your Power

Jeannine Clontz — Thu, 12 Aug 2010 16:03:58 +0000

Having your own business is the ultimate in power. You totally control your lifestyle when you’re an entrepreneur. It’s your call. You found the power within yourself to get this far – you know you have superior skills; you know you have value; you know you can eventually spend more time with family and friends once you establish a prosperous business; and you know that one of the benefits of your power as an entrepreneur will allow you to choose where you live and how you live. Your finances are not being controlled by someone else, or a corporation, but solely by you.

You have the power, let’s learn how to focus it on what’s most important to you and where you want to be in your business. What are you passionate about as it relates to your business, not your skills, but your business.

There are many ways to validate and control your power. Sometimes it’s as easy as looking into the mirror every morning and reminding yourself how valuable you are, how important it is that you continue to grow your business, or reminding yourself that you have great skills and take a leadership role in building your business.

Find someone to share your dreams and aspirations with who will encourage and support the power you have to move forward and develop your business.

In the early years, for me, it wasn’t my husband, he just didn’t understand; and I hadn’t built up any solid relationships with anyone I could trust that I could share my dreams with. My solution was getting a journal where I could write down my goals and dreams. It really helped me to strengthen my resolve and improve my self-esteem. Sometimes I would go back and re-read and even re-write my dreams as they progressed. It was a fabulous exercise that I use in several ways in my personal and business life to this date.

You have to find your inner strength and power to devote some of your passion on developing a strong and viable business. It will ultimately take your business beyond what you ever imagined.

What’s your POWER Story? Share your powerful message by leaving a comment below!

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding You Back – Virtual Assistants – Find and Use Your Power is a post from: VA Business Coaching Blog

Recent Interview on Business Ethics

Jeannine Clontz — Thu, 29 Jul 2010 12:59:50 +0000

I was recently interviewed by Darlene Gonzalez of True Harmony Media, LLC for her A Virtual Perception Podcast on the topic of Business Ethics for a Virtual Assistance Practice.

There’s even a chance to win a copy of Entrepreneural Freedom….check it out!

http://bit.ly/bTwppW

Recent Interview on Business Ethics is a post from: VA Business Coaching Blog

What’s Holding You Back? Managing Risk

Jeannine Clontz — Mon, 26 Jul 2010 11:59:11 +0000

Starting your own business is taking a big risk. The easiest way to manage your risk is by seeking information and looking at the business by analyzing the pros and cons. Keep your expectations high while putting systems in place to guard against the cons.

If you come up with more cons than pros and can’t manage to create a system to minimize the risk of the cons, and implement it, you may find your business remains stagnant and becomes almost impossible to grow.

A good example would be trying to manage the risk of a home invasion or break-in. My home has deadbolts, door chains, and exterior motion detector lights to minimize my risk of a home-invasion or break-in. Someone who has an alarm system simply harbors less risk than I do, but we are both proactively managing the level of risk we are comfortable with. Because of this, I may have to accept paying higher insurance rates, or accept the entire burden of any loss that is a result of a home invasion or break-in.

Even if you’ve been in business several years, it’s always good to check-in with your industry and increase your knowledge of businesses in general, just to make sure your company stays at the leading edge and managing this risk will go far in helping you make better business decisions with less stress.

This is good for you, your company, and everyone around you. The better your risk management, the better everyone will feel about your success.

Take a moment to decide what level of risk you are taking with your current business model and whether or not you may need to reassess your risk and better manage your exposure to that risk.

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding You Back? Managing Risk is a post from: VA Business Coaching Blog

What’s Holding You Back – Surround Yourself With Supporters

Jeannine Clontz — Wed, 21 Jul 2010 15:16:25 +0000

Starting and growing a successful business isn’t easy. You need to surround yourself with like-minded people. And that means people who encourage and support you in starting and maintaining a business.

As hard as this is to say, you may have to minimize connections with family and friends who are not supportive of you in a positive way. It is detrimental to the health of your business to be in the company of anyone who will encourage you to, ‘get a real job’, or insinuates that your job is less important or not making a contribution to the family finances. This can really chew away at your resolve and determination to own your own business. You have to maintain a positive attitude and only like-minded friends, family, and peers will keep you on your game.

That’s why making time to continue growing and learning whether by reading, participating in seminars and groups like the Elite VA Insiders are so important to continual business success.

Make the commitment to surround yourself with positive supportive people as you start and grow your business. Join one or more industry associations and get involved by volunteering or participating regularly in forums. Join several well respected social networking groups and set aside a minimal amount of time each day or week that you’ll participate in these forums. This will increase your network of ‘positive’ support and help you strengthen your resolve to grow a profitable business.

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding You Back – Surround Yourself With Supporters is a post from: VA Business Coaching Blog

What’s Holding Back Your Success? Make the Decision to Move Forward!

Jeannine Clontz — Tue, 13 Jul 2010 19:41:34 +0000

If you’ve been in business for any amount of time, you know that this is not easy. There’s no immediate success without very hard work. You have to really want to have your own business, and want it badly.

You need to be totally committed to doing what’s necessary to make your business work. It also may mean you have to make some sacrifices, making certain that your business comes first and that you set boundaries for family, friends, and clients.

If you want to be an entrepreneur, if you want to make a good income and eventually have more time for family and fun, you will have to start by making some hard decisions about what you’ll need to do to succeed.

Having a business means no excuses, and no complaints. Either you have the drive and motivation or you don’t.

Make the decision now to take the steps to grow your business with the knowledge that you will need to immerse yourself into making this a top priority, and doing things that may now be ‘outside the box’ for you.

Talk to other successful VAs and change something to take your business where you may not have considering going. Try a new marketing plan; put together a system to reach past clients as well as prospective clients. Drag yourself away from something that’s taking too much of your time and not producing results, and make the decision to move forward.

Jeannine Clontz, provides professional business coaching to established and start-up virtual assistants (VA’s). Learn more about Time Management for Virtual Assistants by downloading her FREE report “A Fresh Look at Time Management for Virtual Assistants”, or request her FREE audio CD “What’s Holding Back my Business Success?”, and more by visiting: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

What’s Holding Back Your Success? Make the Decision to Move Forward! is a post from: VA Business Coaching Blog

Take our latest poll!

Jeannine Clontz — Sun, 02 May 2010 16:14:54 +0000

Take Our Poll

Take our latest poll! is a post from: VA Business Coaching Blog

Building Email Marketing Trust Through Appearance (Part One)

Jeannine Clontz — Mon, 01 Feb 2010 18:40:12 +0000

Appearance is everything, even in the success you can achieve through email marketing. Your branding, and the trust you gain through recognition, is gauged by the appearance of the messages you send to subscribers. The design you utilize, projects your quality and distinction.

Many email users consider commercial messages as spam partly because they look like spam. Marketing messages sent out with little attention to branding, layout, and design details will likely be considered spam and quickly ignored or deleted. To avoid portraying this image and to gain trust from your subscribers, you need to pay attention to the appearance of what you send out.

Here are my tips to help you build trust through the appearance of your emails and, allowing your email marketing campaigns to achieve success.

1. Make sure the ‘from’ line is recognizable.

Recognition is important in gaining trust from subscribers. This makes it crucial to use a recognizable name in your ‘from’ line. Use your real name, an online alias, or organization’s name, product or service. Obviously, you should choose whichever name your subscribers are most likely to recognize as well as respond to positively.

2. Optimize the preview pane.

Apart from your sender and subject line, what appears in recipients’ preview pane is what many people first encounter. The content seen through the preview pane, helps recipients decide whether or not they want to read the entire message. To keep your subscribers from ignoring or deleting your emails before receiving your message, make sure that what appears in their preview pane is recognizable and attractive. Try using your logo, a masthead, and an attention-grabbing headline.

3. Encourage subscriber communication.

Many Email Marketers use "Do Not Reply" accounts because they don’t monitor communications sent to the address they use to send out emails. This is often used when emails are sent by third party suppliers or email marketing companies.

However, this can be detrimental to the success of your email marketing campaign. You should actually encourage your subscribers to connect with you with comments, suggestions, or questions. By doing so, you gain insights from your subscribers and inspire trust through your interactions.

Check back next week for three more tips for building Email Marketing Trust through Appearance. Meanwhile, please share your comments or questions regarding the design aspects you follow to create success in your email marketing campaigns.

Find out more about our February Elite VA Insider session – What You Absolutely MUST Know About Design featuring expert VA, Jan Wlodarski of Inspired Design (www.inspireddesignexperts.com) on my teleseminars page: http://bit.ly/CrHSM

Jeannine Clontz, owner of Accurate Business Services, a VA practice, is an author, writer, speaker and VA Business Coach specializing in providing professional business coaching to established and start-up virtual assistants (VA’s). For her FREE audio CD “What’s Holding Back my Business Success?”, a 2-month trial in her Insider group coachingprogram, or 1-month trial of her coaching club visit: http://www.VAbizcoach.com; or contact her at: coach@VAbizcoach.com.

Building Email Marketing Trust Through Appearance (Part One) is a post from: VA Business Coaching Blog