Why "Just Double Your Rates" Fails (And What Independent Consultants Should Do Instead)
Want to charge more for your consulting or coaching services? Don't double your rates. Do this instead.
Hey Misfit.
You've heard the guru advice.
If you want to make more money as an independent consultant or coach, just double your rates.
Charge $2K for a project? Next prospect, say $4K. Then $8K. Then $16K. Into infinity.
Sounds simple. It just didn't work for me.
And if it’s not working for you, either, read on.
Problem 1: Head Trash
Here's what the gurus miss.
When you're an independent expert, you're not selling a product. You're selling yourself.
There's no third-party buffer. No company to hide behind. You are the product.
And here's the kicker. The better the expert you are, the higher the bar you set for yourself. Which means stronger imposter syndrome. You can see the version of who you want to be, and the gap between here and there feels loud.
So you double your rate, sit across from a prospect, and say the new number. But you don't feel it. And if you don't feel the number, you can't say it persuasively.
Clients feel your emotions. Confidence is contagious. So is doubt.
Problem 2: Your Clients Don't Know How to Buy You
Your prospects aren't experts at buying your level of expertise. That's not an insult. It's just true.
So when you present one offer, one number, take it or leave it, you leave them no choice. They compare you against your competitors.
That's the last thing you want.
The Fix: The Rule of Three
Ever notice that software companies always show you three prices? Small, medium, large. Airlines do it too.
It's powerful pricing psychology, and almost no independent consultant or coach uses it.
Present three options. Every time. Even if you only do one type of engagement.
Low ticket. The minimum engagement. Client absorbs more of the risk. Less of your time. Probably close to what you charge today.
Mid ticket. The sweet spot. The one you want them to buy.
High ticket. The "money is no object" option. Priced so much higher that it makes your mid option look downright reasonable.
Here's how to build that high ticket.
Sit down with a pad and pen and ask yourself: if money were no object, what would I do for this client, and what would I charge?
That's the exercise I run with our members inside Band of Misfits, and it changes everything.
Why This Works
Three options get you out of your own head.
You're no longer asking, "Am I worth it?" That question isn't even on the table anymore. Instead, you're doing what experts do: helping your client evaluate the pros and cons of each path.
The high ticket has a con (it's expensive).
The low ticket has a con too (you're just not as available).
Now you're having a rational, expert-led conversation about which option fits them best.
No more imposter syndrome in the room. Just you, being the expert.
It's stupid simple. And it works.
Your Move
Brainstorm your three options today:
Low ticket: your minimum engagement
Mid ticket: the sweet spot you want them to buy
High ticket: the "money is no object" version
Then use the three-option structure in your very next proposal.
You're doing great. Keep up the good work.
Profits + Peace ✌️
— Stephen