Updated: Apr 10, 2022
Learn from event mentorship program expert May Yeo Silvers as she shares how to raise your event planning fees guilt-free.
Why you need to raise your event planning fee AND how are you going to do it GUILT AND FEAR FREE? When you raise your fee, three wonderful things will happen.
1) You start attracting your ideal client.
Clients who are used to paying high dollars for a service understand they are paying for the value and the experience they can get by hiring you. Their mentality is very different from clients who have a low budget who will nickel and dime you.
You will notice that clients who are willing to pay a higher event planning fee or have a higher budget for their event approach the entire planning process differently. They act more professionally, such as they are almost seldom late for appointments, they will follow your directions, and not second guess you. They will also have as little involvement in the planning process as possible because they know they have hired an expert to plan their event so there is not much they have to worry about or be involved in.
They pay you top dollar to take away the stress of planning the event themselves. They trust your judgment, respect your work, and will adhere to the timelines you share with them. They know they have to give you all the information in a timely fashion in order for you to plan a flawless event, otherwise, their money will go to waste.
2) You feel more valued for the work you produce and you start feeling more confident about yourself and your business.
When a client pays you a high event planning fee, you subconsciously will feel like you have to "step up your game". You start taking YOURSELF seriously. You start thinking like a CEO, make decisions like a CEO and act like a CEO. You walk around with an air of confidence and people will start noticing you.
Your mindset also starts to change. You no longer think small, play small, and act small. You understand and acknowledge your worth. You no longer think that you need to go after EVERY client. You learn how to say NO to the wrong client so you can reserve your time and resources to say YES to the right client.
3) You WORK LESS and EARN MORE
If your income goal is $100,000, and you are charging $1000 for each client, you need 100 clients. If you are charging $2500 a client, you need 40 clients. You just reduced your workload by HALF. Talk about creating your dream life doing what you love. How good does that sound?
Now, the question is, how do we raise our fee without having the fear that no one will hire us, and feeling the guilt that you are overcharging?
How To Raise Your Fee
I am going to share exactly how you can do it.
1) Raise your fee SLOWLY but FREQUENTLY
Everyone has a set-point. A set-point is an invisible benchmark, comfort zone, target line or whatever you want to call it. For instance, your set point for your weight is 150lbs. One day, you step on the scale and you see you are at 160lbs so you start to freak out and go into extreme dieting. Your mind and eyes are used to seeing 150lbs and now you see 160lbs and you want to get to 150lbs as soon as possible. Same for your fee. If you are used to charging $1000 and you decide to increase your fee to $2500 the next time you quote a client, you will have a very hard time verbalizing that new fee fluently and confidently. You will find yourself sounding a little unsure, timid, and even stutter when you name your fee. This is because the new number is so foreign to you that your inner voice is screaming, "What are you doing??? That is not what we are used to charging and we are going to lose this client!" This is because you are so used to saying, $1000, and collecting $1000, anything more or less than that will create an immediate reaction. That's the reason why we need to increase our fee slowly so our body and mind don't go into shock. When the increase is small, the mind is able to adjust to the new number much quicker. And we also want to increase the fee frequently. With small increments done on a frequent basis, your mind is now trained to seeing small increases over a short period of time.
You will feel more comfortable quoting the new fee because the increase is small enough that you don't choke when you say it. You are also able to align your belief in your self-worth to the new price at the pace you are comfortable with.
2) STOP projecting your scarcity mindset onto your potential client
Do not transfer your head trash to your potential client! What I meant by that is if you think you are too expensive and start assuming your potential client can't afford to hire you, then you just convinced yourself that you are NOT WORTH the fee you are charging or the potential client has the same scarcity mindset as you.
Do not assume anything. Remember how assume is spelled? You start to assume and you make an ass out of you and me. If the potential client is talking to you, that means she is already seeing the value in hiring you. Why do you want to self-sabotage and assume they can't pay your fee? Especially after you have qualified them during your sales process?
If you do not charge your worth, you are ROBBING yourself. Do not feel guilty for charging your worth. This is a transaction. One must be willing to pay and one must be willing to accept to make it a transaction. If you feel confident in charging the high fee and the client is happy to pay, take that money and do your job!!!
If you feel guilty because you think that you are overcharging, then you are robbing yourself from making the money you deserve to make. If that's how you allow yourself to think, then stop complaining that you are not making enough money and that people don't pay you for your worth. You need to start working on your mindset and how you value yourself and your work.
Want to learn how to raise your fees and start attracting your ideal clients? Hop on a call with me and I will share how you can raise your price GUILT AND FEAR FREE.
Standing By You,
May Yeo Silvers