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How to Confidently Raise Your Rates (and NOT Lose Clients)
LIVE Workshop – May 4, 2017
GO TIME IN…
Welcome to the workshop!
Lisa Wells
11 am – 12 pm: Money Blocks & Value Statement
12 – 1 pm: Pricing Strategies & Packages
1 – 2 pm: Step-by-Step in Asking for the Raise
(Breaks will be built-in to each session)
Agenda(All times Eastern)
• Download at:http://virtualassistanttrainer.com/ratesworkbook
Workbook
Mindset & Money Blocks; Values
Statement
What’s blocking the flow of abundance
and how to fix it
1
Bartering
Money Block #1
• Giving away services for free• Bartering or swapping• Negotiating with clients
• Giving away services for free• Bartering or swapping• Negotiating with clients
Homework:Decide here and now that you will stop bartering.
Bartering
Money Block #1
Sending Mixed Messages
Money Block #2
• Settling• Saying one thing but giving
energy to another
Sending Mixed Messages
Money Block #2
• Settling• Saying one thing but giving
energy to another
Homework:Choose a goal and then be clear and congruent.
Being Too Generous
Money Block #3
• Always picking up the tab• Putting yourself last
Being Too Generous
Money Block #3
• Always picking up the tab• Putting yourself last
Homework:Give yourself something (time, something beautiful, simplified life) and practice receiving.
Overindulging
Money Block #4
• Retail therapy• Food• Training/courses/ebooks
Overindulging
Money Block #4
• Retail therapy• Food• Training/courses/ebooks
Homework:Go on information diet and create a budget.
Giving Your Power Away
Money Block #5
• Contracts• Business advice• Setting rates in relation to
others
Giving Your Power Away
Money Block #5
• Contracts• Business advice• Setting rates in relation to
others
Homework:Stand in your power, you are worth it!
Surrounding w/ Poverty Mindset
Money Block #6
• Complain about money• Fearful, scared about debt• Outgrown mastermind
groups
Surrounding w/ Poverty Mindset
Money Block #6
• Complain about money• Fearful, scared about debt• Outgrown mastermind groups
Homework:Start with yourself; ATM; affirmations
• Get really clear and figure out EXACTLY what you want in great detail, be specific
• Come up with your Big Goal• Each day, write it down, each time imagining how it will feel to achieve
this goal• Read the big goal out loud, imagining all the details• Write down one BIG action step that I can take that day to make it
happen• Notice anything that comes your way, like a coincidence, a fortunate
happenstance or pleasant surprise related to the goal• Each day, write down how grateful and fortunate you are and what you’d
like to attract more of
How to Manifest
- My BIG Goal
My consulting business is bursting at the seams. Each month, 2 clients will buy Infusionsoft to help them in their business and happily pay for my Kickstart package.
“
“What makes you different from all the other VAs and why should I hire you?”
“Why do I always get the worst clients?”
“Yay life is awesome!”
• Who is your audience?
• “coaches and consultants”People
• Who is your audience?
• “coaches and consultants”People
• What are they struggling with?
• “Systems aren’t talking to each other, wasting time and money”
Problem
• Who is your audience?
• “coaches and consultants”People
• What are they struggling with?
• “Systems aren’t talking to each other, wasting time and money”
Problem
• What will happen after working with you?
• “No longer wasting money & on top of things”Post-Game
• Who is your audience?
• “coaches and consultants”People
• What are they struggling with?
• “Systems aren’t talking to each other, wasting time and money”
Problem
• What will happen after working with you?
• “Less confusion and more automation”Post-Game
• What service do you provide?
• “Business Freedom Booster” packagesPackage
I have a method for ________ to move them from ______________ to _________________ with my _________________________________________
(People)
(Problem) (Post-Game)
(Package)
I help ______________ with ___________ so that they can _________________________________________. I do this using my _______________________________.
(People) (Problem)
(Post-Game)
(Package)
My Simple Social Media course enables female small business owners to move from social marketing overwhelm to a step-by-step system and plan that will easily grow her business!
This package enables coaches to move from time-for-money burnout to high leverage by creating and launching informational webinars.
This service enables speakers to move from barely known to getting their voice heard with done-for-you podcast administration.
Identify any money blocks and strategies to overcome them
Work on value statement
Post questions in chat box
We will be starting Session 2 at12 pm ET
Pricing Strategies & Packages
Alternatives to structuring your offerings
2
- Quest ion to ask yoursel f
Who would I have to BE in order to charge the amount that I want to charge and attract the clients who will pay?
“
• Dream number• 4-Step Formula
Choosing Your Number
• How much to live the life that you want?Number
• How many hours do you want to work?Hours
• How many clients do you want to serve?Clients
• Number / hoursCalculate
4-Step Formula
Choosing Your Number
$5,000100 billable hours
5000 / 100 = $50
• No scheduling consistency• Reach burnout quickly• Penalizing yourself for being fast• Based on commodity
The problem with hourly…
• Based on time (number of hours)• Pros for the client
• Good for those just starting out• On a budget• Long=term VA
• Pros for you• Consistent cash flow• Set schedule• Easier to market
Retainer Model
• Cons for the client• Monthly payment even if they don’t provide the work• Not ideal for those who are cyclical or part-time
• Cons for you• Track time• Stop working when hours ran out
Retainer Model
Sample Social Media PackagesSt
arte
r Pa
ckag
e • 30-min assessment
• Profile Setup
• Optimize profile
• Custom graphics
Mai
nte
nan
ce P
acka
ge • Posting to social media sites
• Monitoring accounts
• Blogging
Pre
miu
m P
acka
ges • Includes
starter package
• Reputation Mgmt
• Metrics and reports
• Facebook Ad campaigns
• 3-month strategy game plan
Service Package
Quantifiable
Social media posts
Bookkeeping
Setup a shopping cart
“Up to 3” press releases
Support Package
Hours vary month to month or cyclical
Great for tech VA clients
Approximate hours by interviewing client
• Require a much higher level of service• Incentive is earned and not given• Proven business model with steady and quantifiable
revenue streams• First 90 days, pay is based on a flat rate based on
approximate number of hours• Eg. 30 hours x $50/hour = $1500
• After 90 days, reduce flat rate and introduce incentive pay• Eg. $1000 base rate + 7% commission on product
sales
Incentive Model
Calculate new hourly rate
Brainstorm packages
Post questions in chat box
We will be starting Session 3 at1 pm ET
Step-by-Step Process in Asking
for the Raise
If you believe you deserve it, they will too..
3
- S l ight ly t imid e-mai l
Hi Barb, just wanted to
let you know I’ll be
raising my rates.
Sorry to have to do this
but, well, you know how it
is.
“
• What if I don’t know what my value is?• Ask your clients• Use your testimonials• Look at what those who have worked with you
have said• What if you don’t have any clients?
Finding Your Value
• You have to BELIEVE in yourself• Have a clear and UNIQUE selling point• Sell VALUE not money
Value Tips
• List your education, both formal and informal• College Classes• Seminars (online & offline)• Books• Courses (online & offline)• Events• Degrees & Certifications
Finding Your Value
• List your experience• Classes you’ve taught• Speeches you’ve given• Webinars• Blog posts• Articles published• Forums that have been shared or feedback
Finding Your Value
http://varecommends.com/fascinatePromo code: IGNITION
(expires in November 2015)http://varecommends.com/fascinate
Promo code: IGNITION
(expires in November 2015)
Finding Your Value
http://varecommends.com/fascinatePromo code: IGNITION
http://varecommends.com/fascinatePromo code: IGNITION
(expires in November 2015)http://varecommends.com/fascinate
Promo code: IGNITION
(expires in November 2015)
Ask your client how you can improve your work with them.1
• Survey or email, doesn’t have to be formal
• Ask if there’s anything they’d like you to do differently
• If budget was no concern…• Provides valuable insights!
Research and document information and stats.2
• Time saved• Revenue generated• Number of new clients /
followers / likes• Decrease in unhappy
customers or product returns
Figure out what client wants and how you can offer it for free.3
• Review ‘wishlist’ items from client
• Choose one item• Brainstorm offerings
Ask for the raise – in a phone call or in an email.4
• Repeat back to them what they wanted and new complimentary service
• Indicate selectivity and mention stats
• State your new rate• Offer to refer them
Q&A
Bring it.
4
• Replay links• PowerPoint slide deck• Workbook• Transcript• Samples, Scripts & Templates
Replay, Links & Resources
http://virtualassistanttrainer.com/ratesworkshop-may2017/
Bonus Q&A CallThursday, May 11th
2 – 3 pm ET
