How to Double Your Rates


Two of my recent clients have doubled their rates and I wanted to share with you how they did this, despite local competition and one of them owning their business for many years

What do you feel it would take for you to raise your rates considerably or even double them?

There are two elements to increasing your rates

  • Practical (transactional)
  • Energetics (emotional)

First let's look at the Practical

How do you know your rates will stand an increase?

Here’s some clues:

If you're booked solid on all your most popular weeks or weekends

If you've ever said to yourself “I could have filled my rooms 10 times over last weekend”

If you're turning people away because you’re full

If you're being described as the cheapest, or best value in your reviews

How would you rate the quality of your guests?

Do you like them?

 

Are you already under-charging for the great hospitality you offer?

Have you done the numbers on what you’re currently charging?  Is it worth your while?

Do you discount for things like single occupancy, or children?

How would you rate yourself professionally as an owner?

 

Now let's talk about the Energetics

How do you know your rates need to be increased?

If you're feeling resentful around guests and their demands

If you've ever felt worthless or disrespected by guests and/or family members

If you're feeling tired, exhausted and burned out

When your rates are too low, you’re in competition with other properties and that's never a great place to be

 

There are customers for every price point – low price points attract low value guests, high price points attract high value guests

Raising your perceived value, allows you to raise your rates

What are you assuming about or projecting onto your guests?

Is there an invisible upper limit on what you think you are worth?

 

Professional hosting demands professional rates, not discounted or cheap

Self belief plays a huge part in how you’re perceived – you must believe in yourself and your product

 

Being slightly outside of your comfort zone is where the growth happens.  It creates tension within and you have to be able to handle that tension until your subconscious mind catches up with itself

Get into alignment with your new rates and holding yourself to them without any justification

 

Self image – you must step into yourself as the King or Queen of your domain energetically so that your guests feel that

You don’t need permission from anyone

 

How do you know how high you can go?

Test, test and test again

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Yvonne Halling is an award-winning hospitality consultant, specialising in independent B&Bs, Inns, Boutique Hotels.  Using her simple 4 step formula, she helps owners to create businesses that make money, provide financial security and delight their guests