The surprising insights going from $20/hr to $3,000/hr
October 19th, 2012 - 26 Comments
I used to get really weird reactions when I would quote my hourly consulting rate — and it was only $20 back then.
Fast forward to the last time I did consulting, when I quoted my hourly rate of $3,000, and I got barely a raised eyebrow.
How did I go from $20 to $3,000/hour in a few years?
People always think it’s some fancy script on raising rates. I’m actually going to give you a word-for-word script you can use right here in this post.
But it’s actually much deeper than that.
This is what the GIMME THE CRUNCHY TACTICS!!! people miss. They genuinely believe if they discover the “right” words, they can “convince” someone to part with their money. But they miss a much deeper strategy.
(Btw, candidly, most people will not be able to charge this amount. It is a ridiculous amount and we all know it. It just happens that I have a few esoteric skills that are highly valued by business people. In truth, I wish they would pay me the same for my extensive knowledge of ironing shirts and habanero salsa, but the market is the market.)
More importantly, it’s about a deeper strategy of being an ADVISOR rather than trying to extract every little bit of money from the people you’re trying to serve.
See, you can go from $20 to $50/hour with a little work. It’s actually not that hard.
But to really move into the next level — into the $100/hour, or $250/hour, or even $1,000/hour stratosphere — you have to take an entirely different approach.
Many of my students have begun this ascent. The best part is, as they move their rates up, they’re forced to deliver increasing value to their clients. Win win.
Today’s question is from Stephanie, a tutor who wants to know how to raise her rates, even when it may mean saying “no” to parents of a struggling child. I’ll give you the word-for-word script, but I’ll show you a deeper strategy that helps put your client at the center of your world — instead of trying to make a quick buck.
Take a look:
LEAVE A COMMENT: Share an example where you COULD give someone advice that would hurt you in the short term…but benefit you BOTH in the long term. It could be with money, relationships, health, whatever.
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