Should you increase your prices?

My instagram is flooded right now with notices from clinics stating that they are raising their prices. It’s been a hard year and a half for all clinicians. The extra expenses incurred during the pandemic may require some price adjustments.

Even if there was no pandemic, you should be looking at your prices on an annual basis to determine if you need to change anything. Did you know that the price of goods and services increases by roughly 2% every year? This means that to JUST KEEP UP with inflation, you would need to increase your rates by approximately 2% each year (or 4% every other year).

Here are some other things to look at:

• What are other therapists in my area charging?

• Am I offering added value that justifies a price increase?

• Have my expenses increased?

I know charging more can be daunting. We are in a field of CARING for people so it feels hard to ask for money. Remember that you are worth it! I also love this quote from Nicki Iskander, an RMT in Ontario, “The gender age gap isn’t going to close itself!”. Many of us are females and I think we can shy away from “asking for a raise”. If you're in a position to make some changes, then go for it! Work smarter, not harder!

For more tips and advice on raising your rates, check out Episode 2 of our BRAND SPANKING NEW podcast! Also, what’s with that phrase? Why are we spanking? There’s spanking involved? 😂 Okay, I’m a nerd and Googled it. According to Grammarist it’s a merge between the phrase “brand-new” and “spick-and-span” but “in truth no one knows quite how it was coined or what it originally referred to.” 🤷🏻‍♀️ Now you know.