The Market Value of Services for Spiritual Services and Businesses
One of the things that I have observed is that most spiritual business owners do not understand how to value their services and price structure. Many of them rely on their intuition and guidance to set their prices and some do not value themselves enough to charge the value of their services.
What is the market value? It is the amount that something to be sold based on the value of the given market. How do you understand the value of your services? Some of the things that need to be considered when establishing the value of your services based on expertise are:
What has been your investment of money and time in education and certifications? The value of your services should be based on the investment that you have made in time and money in learning and expanding your spiritual growth in this area of expertise. Individuals that have spent months or years gaining their expertise in their field or focus can charge more than individuals that have not spent time investing in their areas of expertise.
How many months or years have you been working in your field of focus? Are you considered an apprentice, a seasoned professional, and/or an expert? If you have not been working with clients in your field for more than three years, you would be considered an apprentice in your field or someone that is new to the field. It takes time to become a seasoned professional or an expert. You gain wisdom the longer you work with your clients.
As you can guess, the more education and experience you have in your field raises the market value of your services and you can charge more for your services. If you are a leader or teacher in your area of focus, the market value of your services is more than someone new to the field.
When you are a new practitioner in your area of focus, you need to gain experience, feedback and confidence before you start charging clients for services. You will grow in your field and gain the respect of your clients when you value your services based on your market value. Brand new practitioners should set up a process that allows them to provide FREE services in exchange for valuable feedback and testimonials for the first 5-10 clients. After they have completed 5-10 sessions, they can charge a minimum charge of $20-$40 based on the time and cost of the service for another 5-10 sessions. As the practitioner gains more and more experience they can raise their cost of the services over time.
Some new practitioners tend to start with pricing structures that are similar to seasoned professionals and experts in their areas of focus. They struggle with attracting and retaining clients. If a client is charged for a service that they do not believe gave them the value that they are expecting, they will not return and they will share their experience with their families and friends.
We must address the thought that spiritual gifts should be used and given for FREE. It is important to remember that there needs to be a valid exchange for services. These exchanges can be as simple as giving a service in exchange for another service or valuable feedback. These types of exchanges tend to be set for individuals that are learning a new modality or individuals that want to expand their experience by trying new things or new integrations of their work.
You must review the pricing structure of your competition or other individuals that are offering similar services. Your clients price shop. They review the prices of other practitioners and sources that offer the same or similar services. Do you know what other individuals are charging for their services? What is their education and experience? Are they new or seasoned? Who seems to have clients? These are all things that you need to review and consider when setting your prices. If your prices are the same or higher than seasoned professionals, why would clients what to schedule a service with you?
Who is your client? What is their disposable income? If you are serving a client base with income levels of $30K-$50K a year, their disposable income is going to be lower than individuals with income levels of $75K-$100K. These are some additional things to consider when setting your prices for services.
Consider the formula for calculating annual disposable income of 1% of the annual income. If an individual makes $30K, they would have an annual amount of disposable income of $300. They will seek services at $20-$50.
Some spiritual practitioners want to be able to offer flexibility to clients that may have financial limitations. They do not want individuals to miss out on having support and healing if there is a true need for the individual. As a spiritual business owner and practitioner, you can set a percentage of your business to support individuals that may need financial consideration based on need. It is not unusual for spiritual business owners to have a percentage of their business be a contribution to their community to support individuals that may not have access to spiritual healing and support.
Sometimes pricing will be higher based on demand. An individual that has demand will be able to set their prices higher than other individuals. For example: Hay House Speakers will be able to set prices higher than a new practitioner in Denver. When you have demand and all of your appointments are full with a waiting list, you are in a place to increase your pricing structure.
You may want to offer a FREE 30-minute consultation that will allow your clients to meet you and to discuss the services you offer. This can be a great opportunity for them to learn more about you and your services.
Do we list prices or not? The real question is what would you prefer if you were seeking a practitioner that offers a service. Would you prefer to have an idea of their prices before scheduling an appointment OR would you be comfortable scheduling a service without knowing the pricing schedule? Most individuals would prefer to have an idea of the cost of the service before scheduling an appointment and many will not take the time to ask about the price.
However, if you have set your prices above many of the other practitioners, you may miss out on having a client based on your pricing. It is important that you are always taking the time to compare your pricing structure with other practitioners with similar education and experience.
Some individuals will set their pricing structure based on pricing scales. When you set a price range, most individuals will seek the lower price. You will want to set the price higher than the minimum price in the range if you want to allow individuals to negotiate the pricing. You will have clients that will ask for reduced pricing. The best way to offer reduced pricing is with service packages that offer multiple sessions for a reduced price.
What is your service: _______________________________________________________
How much financial investment have you made in learning this service? __________________
How much time have you spent learning this service? _______________________
Are you a master or teacher of this modality? ____ Yes _____ No
Did you get certified or receive a certificate of completion? ____ Yes ____ No
Are there any costs to providing this service? ____ Yes ____ No
What are others charging for the same or similar service?
Lowest price: _______________
Highest price: ______________
What are my teacher(s) charging for the service: ___________
My price will be: _______________________
Find out more about Vialet here: https://discoveryourspiritualgifts.com/vialet-rayne/vialet-s-services
Vialet Rayne of Discover Your Spiritual Gifts created an inclusive and welcoming spiritual center and metaphysical store in historical downtown Littleton, Colorado. Discover Your Spiritual Gifts is a haven for those seeking and teaching spirituality. This sacred sanctuary and loving community exist to heighten our individual and collective consciousness while unearthing and sharing each individual's inner gifts.
We'd love to connect with you and engage with you!
To get the most updated class schedule, you can visit our Meetup Page.
We also have our own spiritual networking group that you can find on Meetup.
Check out videos about our space, our classes and our team on YouTube.
We also have a Facebook, Pinterest and Twitter page.
Come visit our center any day of the week. We'd love to show you around!