How much is your precious time worth?
Your precious energy?
How do you place value on both?
What is your definition of success?
These are questions to ponder as you consider your rates. If you’re in this line of work, it is your time/energy/presence that you offer a client. What is that worth?
Believe me: whatever the amount, someone will pay it. However, you need to feel if that rate is right for where you are now. You may want to make $300/hr — but if $50 is really what you inwardly believe you deserve, you won’t get many clients at $300 or feel undeserving when the few do arrive.
Deciding your rates will bring up every insecurity and unworthiness you have around money. Out of the many clients I read who are entrepreneurs, there is only one who truly has no issue with $$. EVERYONE else, including myself, has blocks around money. Working for yourself is an amazing way to heal those limitations.
I didn’t start at $255/hr. It was $20 — nearly 20 years ago. Even then I couldn’t believe that someone would spend $20 on a session. I gradually — VERY gradually — raised my rates when I started to a) value my time and b) improve my reads. I learned how much time goes into building a biz and what is required as a sole proprietor (short version: everything). My rates grew as I grew, though every time they increased, I’d be afraid that no one would pay.
Some clients didn’t continue on the path with me. New ones joined and had no issues with my rates. Why? They valued my work because it gave them value.
I always go back to the example of a mechanic. Beginners don’t make as much as master mechanics and most would prefer the experienced one to fix their car. That master mechanic dedicates years/time/classes/ failures/stress/financial worries/hands on practice to charge what they do — and they are worth it. Masters never stop learning — they simply continue to hone their craft.
I also realized what success means to me: TIME. Free, open time. Charging a higher rate means that I work less but earn more. I “made it” with a flexible calendar, time off, remote work and an easy day. Erasing debt made time even sweeter — because I don’t have the pressure to make a certain amount just to pay off endless bills. Money provides the ability for me to enjoy my time in the ways I desire.
Your rates naturally grow as you figure out your definition of success, dedicate yourself to your “work” and appreciate every person and dollar that finds its way to you.