Disclosure: This post contains affiliate links, which means I earn a commission at no expense to you. Affiliate links are marked with the asterisks (*)
Running a business is hard. It takes a lot of work to build your client or customer base. There is a chance you’ll start off with low-hanging fruit to make things a little easier to get started, but you need to reach out for the higher-paying clients and customers.
It doesn’t matter what type of business you’re in. The cost of living is going up considerably and there are talks of another recession coming. That means needing to build a business quickly and effectively. It can seem like an impossible task, but there are steps that you can take to get those higher-paying clients and customers.
Believe in yourself
You can think that you won’t get more because people aren’t willing to pay more. That’s not the case at all.
Not all of this is about what others are willing to pay. It’s all about you believing in yourself. If you don’t believe you can charge more in our business, it’s not going to happen. You’re not going to have the guts to even consider charging it.
You have a great product or service. You can deliver what you promise (and more). You are worth more.
Don’t hesitate on higher-paying clients and customers
When someone comes to you asking about what you charge, it’s important not to hesitate. This is a sign that you don’t believe in yourself, and you won’t get the higher-paying clients and customers.
Yes, you may have someone wanting to negotiate anyway, but they are less likely to low-ball you because of how nervous you sound. And they’re more likely to realistically negotiate upwards towards your rate.
State your rate calmly and confidently. It’s tempting to say “but I could go down to…,” especially as a woman. We want to please people, right? Well, it’s time to cut that out and just state your rate. If they ask to negotiate, then it’s up to you. Again, remain calm and confident when negotiating.
Search for the right markets for higher-paying clients
To get higher-paying clients or customers, you need to search in the right places. Those bidding sites aren’t going you any favors for this. It’s a race to the bottom because clients want to pay as little as possible.
The best thing you can do is go direct to the source. You want to research the top businesses within your industry. You want to figure out the potential clients and customers with the money available. Market directly to them and you increase your chances of gaining better clients.
Build your rate with your current clients
You may be able to turn your current clients or customers into higher-paying clients. This will take some work and time but could be worthwhile. It means you have less work finding new clients, and you know the work you’re already doing.
Work your way up with your current client base. Tell them that you’re increasing your rate in a few months (to give them time) and share the newly proposed rate. They may come back with a lower offer that is still a raise, and then it is up to you whether you accept it.
If you don’t want to accept it, you have a few options. You can stick to the low rate, negotiate another rate or drop the client.
This is something you want to do regularly anyway. Inflation happens every year. If you’re still charging what you did three years ago, you’ve taken a paycut. It raise my rates at least once a year.
Drop your lower-paying clients and customers
To make room for your higher-paying clients and customers, you need to drop your lower-paying ones. This will also give you some more time to market.
Yes, it can be a scary thought when you’re struggling financially at the current low rate, but think about the money that you will get in the future. The other option is to keep your lower-paying clients for now and do extra work for the marketing. Then you can drop the lower-paying clients when you get the higher-paying ones.
This is something to consider if you know your lower-paying clients aren’t going to raise their rates. You’ll know them better than anyone else. I had a couple of clients who I knew wouldn’t pay more. So, I marketed, got the higher-paying clients, and then told the lower-paying ones that I couldn’t keep them on.
It’s time to get higher-paying clients. Yes, you can do this. It’s time to believe in yourself and start looking in the right markets. What’s your next step?
What are you struggling with in business? Share your needs in the comments below.