Episode description

I was asked a great question this morning from someone launching a new practice. In summary the question was this: “How do I know when to set my fees at the same rate as others?” There are so many factors that go into fee setting, but the first thing you need to factor in is your own money baggage.

Do you feel “worthy” to charge the same as your colleagues?

Do you feel you “deserve” to earn a decent living from your labours?

Do you feel that you “should” put the financial welfare of others before the viability of your business? (That’s a BIG question, I know).

Where did you money attitudes come from? Family? Peers? Colleagues?

It might be time to understand what an “industry standard” means, why it’s important when it comes to setting your fees.

1. Understand what your industry’s recommended fee is, and what it’s based on

2. Don’t undercut your colleagues

3. Don’t diminish the value of your profession

Here are some other things I want you to think about, journal on, or get some coaching around:

1. How do you feel gratitude towards those who charge more and those who charge less than you?

2. How do you match your fees to your values WITHOUT going broke?

3. What are the unforeseen money disasters lurking if you DON’T start as you mean to finish? (Remember, it’s harder to raise your fees than to set them appropriately in the first place).

4. BE CAREFUL whose opinions you listen to.