Why Women Entrepreneurs Undercharge—and How to Raise Your Prices with Confidence

GGGR Episode 320 – Final

SUMMARY KEYWORDS

High ticket pricing, internal beliefs, mindset shifts, client value, premium branding, scarcity mindset,

growth mindset, custom packages, energy work, luxury brand, client transformation, pricing strategy,

confidence building, business goals, wealth building.

SPEAKERS

Speaker 1, Karen Yankovich

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Karen Yankovich 00:10

Karen, hello and welcome to the good girls get rich podcast. I’m your host, Karen Yankovich,

and today we are going to tune in and turn inside out the biggest block that keeps you from

charging the prices that you need to charge to be able to step into the kinds of wealth that’s

available to you, and that block is often your internal beliefs. We’re going to explore your fears,

your worth, your next level energy. This is a safe space to do that. I’m going to share research

and mindset shifts and maybe some a couple little rituals to help you anchor in to that

confidence so that you can step into those higher ticket packages with that confidence and with

ease and start to build more wealth. Here’s the thing. I want to just say this, and I say this, and

I say this all the time, and this is not an apology for high ticket pricing, because I don’t think

that we need to apologize ever more of an explanation. I’m not talking about overcharging. I’m

not talking about taking something that used to charge $20 for and charging $20,000 for it. I’m

talking about creating a package or a pro program or a product that you can massively over

deliver on because you’ve got the budget to do. So Right? And, you know, I’ve told the story

before, maybe you’ve heard it, but I had a client one time that I was working with this exact on

this exact strategy with her, and she’s like, I know, you know, I was thinking it’s going to be

$5,000 thing, but I was thinking, you’re going to probably want it to be a $10,000 thing, so let’s

just go with that. And it was like a coaching type package for corporations. So I said, Okay,

perfect. Let’s go with $10,000 so we mapped this whole thing out. And then I said to her, what

if it was a $20,000 investment? And she lit up. She’s like, well, then I can do assessments for

their team members. I can go into I can go on site once a month. And she started rattling off all

these other things she’d be able to do at that higher investment level. I was like, well, doesn’t

that sound amazing? Right? Like your, your client, is getting even better service for you from

you, right? They’re getting a better package from you. They’re delivering at such a bigger at a

higher value. You need less of these clients to get to the numbers you need to get to in your

business to reach your business goals. So it’s like, and the people that you’re ultimately helping

the employees at that company are getting your best stuff, right? So that’s win, win, win.

Imagine if you went in with that $5,000 ticket in mind, as opposed to that $20,000 ticket, right?

So that’s what I’m that’s the mindset I want you in here as you listen to the rest of the show,

because some of the common fears that I hear is, Well, I’m I don’t know if I’m really worthy of

that 20k or 50k or 100k or people will think I’m greedy, or, what if nobody will pays this. And,you know, let me just say this. And this is one of the reasons I do this show, okay? And when I

did some research for this episode, I can’t even tell you how many sources I found to support

this next statistic, way more. I mean, it’s crazy. Women under charge at a cost on average,

28% less than men. Can you imagine? Let me just say this. We know that we’re better than

some out many of the men out there, probably some of you may be better than all of the men

out there, right? And this is not a man women thing, but men go in with the confidence for the

higher price point. Women, on average, charge 28% less than men for the same service. This

isn’t a lack of skill, right? You probably have as much, if not more, skill than the men that are

proposing, 28% more than you’re proposing. It’s a systemic scarcity triggered mindset. Okay?

So these are not flaws. You’re not flawed. If this is happening, if you’re doing this, it’s a human

response to systems that have been telling us for decades to shrink, right? For decades. I

mean, listen, I’m older than probably many of you listening to this show, right? So I have been,

you know, taught this my entire life, my entire life. So we have to unlearn these things and

learn how to create a package at a price point that we can over deliver, give massive value to

our clients, but also serve ourselves at that level where our cup is overflowing, right and we can

continue to serve from that place. So let’s talk a little bit about like, how you’re pricing this. So

many people I speak to, you know, well, they they figured out by hour, and if you have hourly

pricing in your in your on your website, you need to take, don’t know, because, you know, at

the end of the day, you don’t just charge for the hours that people are seeing you, right? If

you’re a coach and you say a four hour package is $400 people immediately do the math like

$100 an hour. It makes her think she’s worth $100 an hour. You know, you’re not only spending

an hour on that client, right? All the pre work and the post work and all the training you you

went to to be able to be able to do this coaching or consulting with them in the first place,

right? That all goes into that $400 price point. But when you have like, four hours for $400

people immediately think of that hourly rate, right? So we’re talking about basing your pricing

on your value and the deliverables, not the number of hours. So. That you’re working with

people. Does that make sense? I just want you to kind of reframe this a little bit and remember

see and see that you can create a package that is not selling your time, it’s selling the

transformation that you provide, okay? And your branding signals value, right? Like you see a

Chanel brand or Apple, those strong visuals and that positioning justify their premium costs. I’m

sure you probably have heard the the, you know, the the example of a bottle of water, right?

Like you buy a case of water in a, you know, shop, right? And a bottle cost 12 cents. You buy a

bottle at the airport, the same bottle costs $4 right? But at the airport, it’s premium positioning,

because you’re jumping on a plane you don’t have, certainly not, you know, taking it well, you

can’t even bring it past security anymore, right? So you’ve, you know, there’s a value to buying

that bottle for $4 at the airport. It’s the same freaking bottle of water, right? So there’s

psychology around that. There’s psychology around that, and the branding signals all that. So

you have to consider your branding, and that’s why we focus so much on your personal brand,

and how you show up on LinkedIn and how you show up with your publicity, right? If you’re

getting featured in newspapers and magazines, because that leads to premium branding, you

look like somebody that people have trust in and confidence in, right? Charging more doesn’t

make you that price. It reflects the value that you deliver. So it isn’t really about you, it’s about

the value you’re delivering, right? And premium pricing works because it it triggers that

scarcity and exclusivity in buyers minds, like if I so do this myself, and I certainly not

consciously, but I know I’ve done it, and maybe you can relate to this. If I pay $10 for

something and somebody else tells me the exact same things for $10,000 I’m like, wait, I pay

$10,000 for this, I better. I better. I better jump on this. I pay $10 for it. Like, I have a

spreadsheet of things I paid $10 for because I forget that I bought them, right? So again, now

that’s an example of just overcharging, right? So I’m not suggesting you do that. You don’t take

your $10 things and make them $10,000 but understanding that you can create $10,000 things

because people connect to that, that premium pricing works because it triggers exclusivity, andK

people like charging more helps people because they perceive deeper transformation and are

ready to invest, and they’re ready to do the work, right. They’re ready to do the work. And I will

tell you this from personal experience, and from personal experience working with many, many

hundreds and 1000s of women over the last 1015, years doing this work, the people that invest

in you at this higher level are the best people to work with. They are. They’re ready to do the

work they want to. They want to work with you. You’re obviously showing up at a different level

for them than you do for your $5 people. Right? So the the relationship itself is better. And

there’s so it’s so much. It’s so much. It’s, frankly, it’s easier to get to 100k or 500k a year with,

you know, $10,000 clients, than it is to get there with $10 clients, because you need to get so

many more of those. And you don’t need to, you don’t, you know, and there’s so many more

you’re getting. Aren’t even really the ones you want. The beautiful, amazing ones are the ones

ready to pay you $10,000 right? So I really need you to do that mindset shift. Maybe you’ve

read the growth mindset book from Carol Dweck. If you haven’t, we’ll link to it here, and her

growth mindset model is moving from I’m not enough to I’m actively growing my value, right?

We don’t ever stop growing. So if you’re feeling right at this moment, as I say all these things,

that you’re like, Karen, I just can’t even imagine saying and the investment for that is $50,000

that’s because you’re still in that I’m not enough mindset, and we need to move you to that. I’m

actively growing my value mindset. Okay, this is, this is, you know, the this is a moment in time

for you. It’s a moment in time for you. And I am here for you in this moment in time because I

want you to feel as comfortable saying and the investment for my service that we just

discussed is $50,000 as you say, please pass this all, and that’s why you’ve got to practice it

and practice it and practice it and practice it and practice it and practice it because it needs to.

It’s a muscle. You’ve got to you’ve got to create, right? And you know, the one of the beautiful

things about creating a high ticket service in your business, and doesn’t mean you can’t have

low ticket services also, right? But I think all of us need to have a high ticket service in our

business if we have something available, if somebody wants it, right? Is that you don’t need to

have, like, 100 sales pages and upsell pages and all these checkout pages and all that other

stuff you just you need to have a conversation with a potential client, right, a prospect. And you

need to be able to say, Okay, let’s map this out. Let me hear what you want. Tell me what

you’re looking for. Do a little uncovering, right? Do a little uncovering, and what they’re what

they’re really looking to get out of this engagement that they’ve reached out to you about, or,

frankly, you’ve reached out to them about,

Karen Yankovich 09:51

and then, you know, you can put together what you’re going to call a custom package for them,

but your custom package could be pretty much the same for everybody you do this for, but

you. You going to tweak it to match what they really want? Like, maybe they want you to come

on site. Maybe they don’t. I had a client one time. Oh my gosh, poor guy passed away. But he,

um, he lived in Boston. I live in New Jersey, and he needed to see me once a month. So once a

month, I would drive. We would drive to Connecticut and have lunch, and he would pay me. He

would give me a give me a check once a month and I’d have lunch. And honestly, I built in what

I called an aggravation tax for that, because I had to drive to Connecticut once a month to

meet with them, right? So, so, you know, I charged him for that, because my time is valuable,

right? I don’t, I don’t normally have to do that with my consulting clients. He insisted on that, so

we put it together, and I charged him an extra whatever, $1,000 $500 a month, $5,000 a

month or something. I mean, took away a day of my time every month, right? That’s a, that’s a

big, the big ask, right? So if you want me to do that, there’s a, there’s a cost for that. So you

put together these custom packages for them, and it, what it means is you don’t have to create

all these pages ahead of time. You create this custom package, you put it together in a, youknow, you use chat, GPT, or whatever. You put all the deliverables in, and you say, please pop

out a, you know, beautiful proposal for this, and then you put it in a PDF, and you email to

them, and you’re done. You don’t have to have all this pre work for something that you may or

may not ever even sell, right? So when we’re talking about these higher ticket packages, it is

this actively growing my value mindset that we’re doing as we’re as you’re talking to them,

because you’re now, you’re in your zone, right? Well, I can do this, I can do that, and maybe

they’ll ask you for a couple of things that you don’t know if you can do. But here’s what you can

do at a higher ticket price point, you can bring somebody in, right? I bring our PR expert in

every now and then with my consulting clients. If I need somebody I can do I can walk the walk

and talk the talk. But, you know, sometimes it needs to go a little deeper, so I’ll bring in

somebody. On a little higher level than I am I, you know, I am, I am like the I like to refer to

myself like at the Mogul at the top of all this. I don’t need to know how to do all the things I say

we’re going to do. I need to know I have somebody that can do all those things right, and that

comes from actively growing your value. Okay? So think back. Think back. Here’s a little

journaling prompt for you. Think back to your previous life, your previous chapter. Maybe it was

corporate, maybe it was something else you were doing. Who knows? Maybe it was even like

some volunteer thing you did. Maybe it was as the president of the PTA, whatever. Think back

to a time, a moment in time, where you delivered way above what you were asked, outsized

results. Like totally outsized results. How would that feel, priced at its real impact? Right? Think

about that journal on that for a second, because I’m guessing it might not have been priced at

its real impact. So let’s talk a little bit about how to kind of energetically get to this place.

Because, you know, I you might have these big dreams, but if your energy is here and your

dreams are here, your if your energy is low and your dreams are high, they need to be aligned

if you’re ever going to achieve them, right? So let’s talk a little bit about like, a couple little

morning and energetic anchoring rituals that you can do here. So in the morning, if you’re

struggling with this, if you’re if you have a day where you know you’re going to be talking to

people at a higher about higher price point packages, you’re going to be spending your day on

LinkedIn, connecting with people, reaching out to people. I want you to think about a real

success you’ve had, if you, if you have, maybe a place that you a box or something that you

keep testimonials or thank you cards that you’ve gotten, or whatever. I want you to recall some

real successes that you’ve done, and I want you to speak it out loud. I want you to maybe even

watch some of the testimonial videos maybe you have from some of your clients, right? Go to,

you know, I have our success stories page on our website. I can go and watch some of those

videos, right, and remind myself of the kinds of transformations that the work that we do

around here provides for the people that I work with, right? Because this supports your self

worth before you’re sending those price quotes, right? So do that energetic work before you

even start your day, so that you’re starting your day at that high vibe level. And then maybe

every week, you want to look at your offers, maybe even once a month, look at your price

offers. Do they feel the Do they feel aligned? Do they feel anxious? You know, if you’re feeling

anxiety around some of it, then stop for a second and think about, what are the beliefs causing

me to be anxious about all of this? Right? Because I can promise you every single solitary

woman listening to this show right now I can have a conversation with and we can go up with a

$50,000 consulting package that you can offer and market and land a contract for. And I don’t

say that lightly. I don’t say that lightly. If you’ve worked with me, you know, I don’t say that

lightly. We can make that happen, but you have to, you have to have do this energy work,

right? You have, if you feeling a little anxious, you’ve got to do the energy work to get you

there. And you got to kind of troubleshoot what’s in the way of those kinds of things. I, you

know, I can help you with them as if we’re working together, right? But here on this podcast,

this is the work you got to do, right? And I want you to think about treating yourself like a

luxury brand, right? Get some premium headshots. Get a banner that exudes your value, you

know. Get somebody to do some great graphics for you, visuals and reminders to you and toS

K

your clients at your premium, your energy precedes your words. People can see and feel who

you are before you even start talking. I. So you have to, I’d rather you do less at higher level for

those higher tickets. First of all, doesn’t sound amazing. I want you to do less work, have less

things, have less less visuals and less graphics, and a smaller, tighter website and just a great,

tight LinkedIn page to get bigger ticket clients that are at a premium level, so you can hit the

price points that you want to be hitting, right? Amazing. Amazing. It’s amazing. And then you

also have to surround yourself with other people that are higher ticket setters. You know, I

remember when I first started in my entrepreneur journey, there were so many people that I

was talking to that were in my circle, and many of them still are in my circle. And a lot of them

were like, and I want to be a high I want to, I want to be a six figure business owner. And I was

like, hmm, like, I’m sorry, but $100,000 as an entrepreneur, you might as well go work at

Macy’s. And that’s how much money is going in your pocket after you pay your VA and your,

you know, all of your your your CRM and Canva and all the things you have to buy, right? As an

entrepreneur, that’s not enough money. I needed to surround myself. And I will say, and I’ve

said this many times on the show, when I talk to people about working with them privately or in

our she’s linked up program I look for women that I can see a quarter million dollar business in

their future. Because if I can’t see that, then I can’t really help you, and I can help you get to

there, right? But if you’re stuck, and they know, I just need to make a couple extra bucks

because, you know, blah, blah, blah, that’s I’m not here. I’m not the person for you to hire. You

want to surround you. So you need to be surrounded by people that have that same value and

beliefs as you. If you are surrounded by people that go you really, you really think you’re going

to have a million dollar business. No, you need to get rid of those people out of those people

out of your life and surround yourself with people that are like, hell, yeah, I’m in. Let’s do it,

right? I’m helping you. I’m ready to do it, I’m ready to do it. I’m ready to help you. And you help

each other, right? And you can lean on each other when those mindset blocks come up,

Speaker 1 16:52

which is so huge, so huge. So let’s just recap

Karen Yankovich 16:57

here a little bit. I want you to think about what emotional barriers might be in your way of

hitting these higher ticket price points. Then think about how you can reframe it and build in

some rituals that are going to help you get to the other side of these things, so that you can

reach so that you can achieve the goals you have for yourself. I want you to have big goals. You

know, if you have big dreams. You need big goals. If you have if your big dream is that you

want to build a nonprofit, right? Maybe your big dream isn’t even about putting money in your

own bank account. You want to build a nonprofit. Let’s get real. Big dreams require big money,

and you have to do the work. You do the mindset work so that you are prepared to attract,

handle and, and, and deliver at the at the value that that big money deserves to be delivered

at. So think about one thing that you’re tempted to just kind of give away, you know, double or

triple its price, even if it makes you uncomfortable, live in that tension. If you’re not a little bit

uncomfortable, then you’re not probably charging enough money. And, and let me know. Touch

base with me. Connect. If we’re not connected on LinkedIn, we should be connected on

LinkedIn. And message me or or share this episode on LinkedIn and say, here’s what made me

uncomfortable, and here’s what you know, here’s what this episode shook out of me, and here’s

what I’m going to change. You know, often when I get interviewed on, you know, for whatever,a lot of times they’ll say, Well, what one piece of advice do you have for, like, women business

owners? And I’ll be like, Well, an easy thing for me is, whatever you know, take a pick a service

or product or service you have, and double its price point, just double it, like, double your

pricing, and don’t even think about it, and then start to say, at this new at this new price point,

what else can I deliver? How can I deliver at this higher level? Just double it. So I’m going to say

that same to you, double or triple, something that you’ve got out there right now, live in the

tension of it, but just do it and know that I’m here to support you with this. I’ve got a workbook

that I am happy to to share with you. If you go to Karen Yankovich COMM slash, 320, download.

You can grab this premium pricing workbook and or send me a DM on LinkedIn, just saying, you

know, high ticket energy, and I will get you this premium pricing workbook. And I want you to

do this. I want you to do this because you deserve abundance without apology. Let’s help your

energy match your impact. And let’s, let’s have, let’s please let there be more wealthy women

in the world so that we can do the good, the kinds of good that this world needs us to be doing.

So Karen yankovic.com/ 320, download. Get you the premium pricing workbook, and I will see

you back here again next week for another episode of The Good girls get rich podcast.