Charge Your Worth
Charge what you're worth, not what they can afford.
We've talked previously about your initial phone call and your office forms. With that in place, let's talk about how you'll get paid.
What you charge will be highly dependent on your location. Practitioners in major coastal cities will likely be able to ask more than those in small communities in the midwest.
However, much has changed now that we can offer sessions over Zoom and reach to people all around the globe. So setting your fees will be something you will adjust based on your demographic.
Whatever you decide on for fees, be sure to charge what you are worth. Setting your fees too high may price you out of business. However, charging too little may give the impression that your services aren't valuable, plus you will need to work with more clients to cover expenses or go out of business.
Guidelines for Setting Fees
I read a blog post by author Seth Godin that was very helpful in setting my mental state when assessing my fees. According to Mr. Godin, your rates should be set so that 80% of the people you speak with say yes, and 20% of the people say they can't afford you.
I've found this philosophy helpful in measuring my fees' appropriateness and being more relaxed about those who say no. A person's objection is not a reason for the practitioner to take that personally or feel rejected. It's simply data to be used to gauge the effectiveness of your rates.
The rates you charge will be dependent on many factors, such as the following:
- Your skill level.
- Your prominence in the field and in the location where you practice.
- Your other credentials and skills.
- Your demographic—who is your target audience, what are the income levels of the local people.
- Your available schedule—if you're solidly booked, it's time to assess charging a higher fee.
- The value of your time—are you also trying to write a book or teach a class? If you have multiple income streams or are building them, you may need to charge a higher rate for those few precious hours you can devote to clients.
A place to start is to find out what is being charged by your local practitioners:
- Psychic, tarot, astrology readers
- Energy healers
Compare your services, effectiveness, and results, and charge accordingly.
It quickly becomes apparent that when you give away your services, or charge too little, you'll have a much tougher time getting your clients into a trance or getting them to do any of the work necessary for a successful session. The more they are invested in the process, the more effort they will commit to having a successful outcome.
It's a rare occasion when a client is best served by having only one session. Imagine going to a chiropractor, massage therapist, or acupuncturist and expecting to have all health issues resolved after one treatment. In fact, in many cases, having only one session can open up a 'can of worms’—and leave your client more raw and confused than if they had not had any treatment at all. You might compare it to cracking an egg and having it separate the white from the yolk and cook itself perfectly all on its own.
With this in mind, consider offering a package rate for those clients who would like to invest in themselves and engage with you in the process of creating a better life and future. Clients will likely invest in the packages and allow you to become partners in this journey when appropriately explained.
You may also consider creating programs. Much like what you would do with a weight loss program, you could include private and group sessions, products like books and audios, and various other bonuses.
Offering multiple sessions is not about simply trying to get more money out of a single client. It's about ensuring that your clients have the best experience, obtain the results that they seek, and speak highly of you to all their friends because of the success that you have created together.
Think about how you want to structure your service rates and how you can best serve your clients while creating a sustainable business.