92: 3 Easy Ways to Raise Your Prices
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[00:00:00] Welcome to Therapy in the Great Outdoors, the podcast where we explore the business and practice of nature based pediatric therapy of all kinds. If you're an outdoor loving pediatric practitioner in the fields of occupational, physical, or speech therapy, social work, or mental health, this podcast will help you start and grow a successful nature based practice or program.
I am the ever honest, always a hundred percent real. You'll hear it all on this podcast. Dr. Laura Park Figueroa. I'm a pediatric OT with over 20 years of experience and I run a thriving nature based practice with profitable locations in two different states and multi six figures in revenue. I also host the free online community at therapyinthegreatoutdoors.
com to help you pursue your nature based therapy dreams too. Are you ready to take action on those dreams? Let's jump [00:01:00] in.
Hello friends. We have come to the last episode in our series on money and pricing. That we have been doing this month. So today I'm going to share three easy ways to help you raise your prices and make more money doing what you love in your business.
Two of them are very easy. You can do them right away. And one of them after a little bit of planning is also a very easy way to make more money, working less hours. and being more happy in your work. So if this is your first time joining us, welcome. I am so glad you're here. And I know that we are all busy people in this day and age.
And it means so much to me that you take time out of your day to join me here on the podcast and listen in to what I have to share with you.
So let's dive right in. Right in to the good stuff. The first one is to offer installment payments over time. So this is something that if you have an offer, I [00:02:00] mentioned this on previous episodes, we need to get out of this mindset of one hour equals this much money, and this can be very hard to do if you're working in an insurance based.
model, which many of us have in the past. And as business owners, I think even if your practice takes insurance, you need to be thinking about ways to diversify revenue streams and get out of that one hour equals a certain dollar amount thinking. So. One thing that you can do is if you offer a product or a service that costs a certain amount of money, so let's just use 1, 000 for this example, that can seem very expensive, right, to a middle income person to spend 1, 000 on a service or product.
Now, if you offer that product, but you offer installment payments over time, it definitely decreases the psychological hit, as well as, Makes it actually accessible for people to afford something if they can break up the cost over time. So this [00:03:00] is an easy way to raise prices because you can raise your price, but then at the same time, raising your price for that service or product, you can offer installment payments that allows people to spread the cost over a series of months.
So that is the first way. And that is something very simple to do that many people can start. Implementing right now in your business to offer installment payments. Okay. The second way is to add upsells. So this is something that can definitely impact the bottom line profitability of a product or service that you offer in your business.
What I mean by an upsell is something that is an additional service that adds value to a specific product or service that you offer. So think about things that you could add as an upsell to your current service. A simple example of this might be a parent consult call, a monthly parent consult call that parents could add on to. Their [00:04:00] additional services that they're getting from you in your pediatric clinic, something like that. Okay.
And then finally, the last one is package pricing. And this is the one that I said may require a little more planning, but after you have planned it and implemented it, it does free you up to work more effectively, more efficiently, gain more transformation for your clients and for you to feel. Really good about the money that you are getting paid to provide a service.
So this is mostly for service businesses, or maybe, I guess, if you had a product, you could do a package pricing. If people purchased every month, a certain product that you have, something like that. But when I say package pricing, what I mean by that is you create a specific package that people receive for a flat monthly rate.
So, you know, I'll use even numbers again. Maybe for a thousand dollars, you provide weekly visits. Now think about a pediatric practice maybe. Maybe for a thousand dollars, you [00:05:00] provide a weekly visit with the child, you provide a monthly consult call for the parent, you provide a visual, and you provide access to an online platform where you share information with families.
Maybe that's how you would write it up. And then you, you offer that as a package to families where the families would then pay you that flat monthly rate and you're out of the, the time for money trap then you're not working based on, well actually overworking, you know, sending emails when you're not being paid to or making phone calls when you're not being paid to, things like that.
When you set up a package pricing service. You can include in that package, whatever you want to include. And the benefit of that is that you set very clear boundaries for your clients then as to what is and what is not included in each package. I have helped several coaching clients transition to package pricing, all of them with resounding success.
They all say how amazing it is to work in this [00:06:00] way. And. One of the things that is frequently said is that now I'm being paid to do the things that I was doing before for free. So most of the people that I have helped set up package pricing actually use like a three tiered model where there's a basic package and then there's a mid level package and then there's a very high level package that's very expensive.
And they aim to sell mostly in the middle level package but it gives them some freedom too because if people can't afford that middle level package, they can. Buy the basic package, or if people want a very high level of white glove service where they have VIP access to you, they can buy that, that very high level of service that's very expensive.
So the thing about package pricing is that you are in control of that. You get to say what is included in that package. And as you create those packages, you need to think about what is really going to bring about transformation for your clients. And when you. Do the transition to package pricing. I think [00:07:00] it's really important to tell your clients why you are doing it.
Many of my coaching clients that have transitioned to package pricing often say in their email or in their announcement to their clients that this is best practice. This is the way that they know they can get the most transformation for their clients , by working in this manner. And so it is a really great way that I think is really the the frontier of, of what is happening in healthcare.
I think it is on the up and up. It is something that we're going to start seeing more and more in private practices is for people to use this package pricing model because it does have so many benefits to it for the business owner.
All right. So that's it. The first was just to review, the first was offer installment payments where people can spread their payments over time. The second was to add upsells to any existing products or services that you have. And the third is to create package pricing for your services. [00:08:00] I hope that this episode gave you some ideas, how you can take small steps toward raising your prices, whether it's something we talked about on the podcast today, or a different way that you raise your prices.
I just. I want you to value yourself value your business value, the services that you offer people. I used to say on my old podcast, small steps make great gains over time, and it is very true. So. When you are taking these small steps to do things like raise your prices or to offer extra value to your clients, it makes you such a more competent nature-based practice. Owner.
So that's it for today. And I will see you next week's episode is going to, we're not going to be talking about business anymore, but I am going to talk, with a farmer about regenerative agriculture. So we're back on a nature-y topic next week. So tune in for that, and I will see you [00:09:00] then.
Hey, before you go, if this podcast has helped you in your nature based work, will you take one minute to leave a five star review for the podcast, wherever you're listening right now? It helps me keep producing free content for you when I see that it is actually having an impact in the world. So thank you.
Thank you. Thank you so much for doing that. And now go get outside and enjoy therapy in the great outdoors. See you next week.
