What would happen if you doubled your hourly teaching rates today? Would 50% or less of your students stop taking lessons with you?
What about if you increased your rates by 50%? Would 30% or less of your students cancel their lessons?
If you're not a math whizz, here are those numbers:
If your answer to either of these questions is "yes," then do it today. Alright, maybe don't actually start charging your students more today. But make the decision today, and start charging your students more soon. Like tomorrow. ;)
Why? Because you'll be making the same amount of money, but teaching fewer students.
Then you have the flexibility of working less time and making the same amount of money, or working to attract new students at your higher rate and making more money.
If you charged $125/hr for lessons, you could make $10,000 per month and only teach for 20 hours a week.
The math is simple. Of course, the mindset shift may be harder.
But here's the thing:
First, you need to believe that your time and expertise is more valuable than you are charging right now. Then, you need to demonstrate to others that that's the truth.
Notice I didn't say that you need to convince them. You aren't lying to them. You're not trying to pull the wool over their eyes. This isn't some sleazy marketing play dreamed up in Mark Zuckerberg's executive suite.
All you're doing is showing them why you are worth what you are charging. And that's why positioning is so darn important.
If you have 13 minutes to spare, watch my positioning and pricing workshop video. I promise you that it's worth your time. It could save you dozens of hours a month.