The Leap from Employee to Firm Owner
After 11 years working in another firm, Jen Fery took the leap. She went from employee to firm owner.Her boutique firm, Lumos Accounting, gives her clients insights into their financials.
In less than two months, her practice quickly filled. Between old clients finding her and referrals from her QuickBooks ProAdvisor profile, she attracted more leads than she could handle. If you wonder how to raise prices on clients and strategically grow your dream firm, Jen shares her insights in the interview below.
Do Things Her Way
Jen learned a lot while working in another firm. Not only did her accounting skills improve, she observed the firm’s business practices. Everyone at this accounting firm worked long hours. she no longer wanted that for herself.
As a firm owner, she decided to do things differently.
✔ Adjust her work schedule.
✔ Add technology to speed up her processes.
✔ Advise clients on how to financially improve their business.
Between working from home and school-age children, she chose to limit her work hours. At 2pm Jen shuts down her computer, heads out the door, and drives her kids to after-school activities.
No Work; No Pay
An hourly rate possesses a significant flaw – it limits her income. If she’s not working, then she’s not earning money. A pay cut wasn’t acceptable. Like many accounting professionals, she feared losing clients if she raised her prices.
So, she devoted uncountable hours to researching price strategies – and discovered value pricing.This price strategy separated her fees from time. As a result, it removed the worries about whether she could bill enough based on her time. Although she spent many hours studying the process, she needed guidance to implement value pricing.
Each month she delayed the pivot to value pricing meant lost potential revenue. She no longer wanted to leave money on the table. Yes, the transition requires time, money and energy. According to her calculations, the benefits outweighed the challenges. This was an investment she was eager to make.
How to Raise Prices on Clients
Jen was ready to roll up her sleeves and get started. Because she had specific requirements, we defined her priorities. Of course, her first question was how to raise prices on clients.
Here’s what she wanted to achieve:
👉 Communicating her value so clients could picture what it’s going to be like when they work with her.
👉 Moving current clients to her new rates. This meant letting them know the direction of her firm.
👉 How to onboard new clients and value price their services. (She share the 3-step process in her interview.)
👉 Upfront payments so she no longer invoices clients. Who wants to chase money?
👉 Adding advisory services to recommend opportunities for improvement.
Jen didn’t initially know how to raise prices on clients. By following the Raise Your Rates Formula, she successfully converted 100% of clients to her new value priced packages.
Everyone Wins with Value Pricing
She now possesses the confidence to accurately price her services. With a clear-cut process, Jen no longer leaves money on the table.
By separating her fees from time, she consistently seeks ways to improve efficiencies. She loves the various apps which integrate with QBO to get things done quicker. Plus, she advises her clients on how to improve their financials. It was a win-win for her and her clients.
You deserve to set rates which reflect your value. Do you wonder how to raise prices on clients? Then watch the interview to discover how Jen converted 100% of her existing clients. The shift to value pricing quickly increased her income without working additional hours.