How Do I set Rates for my Palmistry Business?

Vintage Unisonic Model 940-B LED Electronic Handheld Calculator, Made in Taiwan, Circa the 1970s

I was a recruiter for several years for a big, international consulting firm and I’d have to hide my smirk every time a person with no experience and a brand new degree or certification insisted on earning the top  pay range for a given skill set.

While we rarely paid them the top dollar, if they proved their chops in technical interviews, and they had the people skills to make their team/client happy, we’d do whatever we could to bring them on board with a nice salary and various benefits.

The inverse is true in the metaphysical world.

If you have a Palmistry business, chances are you’re not earning what you’re worth, despite your skills and  years of study.

Some of the reasons?

  • Mindset
  • Prejudice against “greedy rich people”
  • Limiting beliefs about self-worth

What I hear most often is this catch-all –

“I’m not ready to charge yet!”

When you graduated college, chances are you DID go into the job market and ask fora salary in exchange for your experience, skills and time. So what’s the problem with charging now? You likely have MORE experience then you did then, right?

Of course you’ve got to get a handle on the mindset minefield and rework your relationship with money, and I know you’re working that process. So Today get ready to set your rates and feel good about it. Here are four quick actions for you to take:

  1. Get out a piece of paper and write down all the classes, workshops, certification programs, and free readings you’ve done since you began your exploration of your specific metaphysical or healing tool.
  2. Go through the list and add the new ones that just occurred to you. This is a MUCH bigger list of actual work than you originally thought, isn’t it? In fact, compare this to the amount of time you’d actually spent in the field before you applied for your first “real” job. Profound, eh?
  3. Just for giggles, tally up the amount of TIME you’ve spent in pursuit of your current level of expertise. In hand analysis, most “beginners” spend at minimum 104 hours in class time and another 100 hours conducting readings and participating in tutoring – just to complete their certification. That’s a minimum of 200 + hours!
  4. Do a quick calculation of the number of dollars you’ve invested in learning your specialty and working with coaches and specialists to help you build your business. Include those you’ve paid for legal advice, accounting advice, graphic design, web site hosting and whatever else you’ve purchased or invested in to make your business real in your own eyes.

Do you see that you are legitimately in business after this exercise?

I know it can take you a little more time to feel legitimate, but that time comes more quickly, when you are in business. What this means is, charge for your services!

What Rate is the Right Rate?

Here’s how to calculate your rate:

Take the square root of the hours you’ve spent and multiply that by the number of dollars you’ve spent and then divide it all by the density of the last meal you ate.

Kidding.

The process for calculating your rate (despite what many people will tell you) is practical and intuitive. Just like you.

Yes. There are books and gurus to tell you exactly how to calculate your rate and then in a few months, they will tell you to adopt a completely different model. So, you can go with the whims of the gurus or you can create a method that suits you.

If you decide to go with the method that suits you best, read on for some guidelines. (as with all my coaching, I work in guidelines – not tablets written in stone. You know yourself best at your core – I simply gently push you to get back there.)

These are GUIDELINES, you can create a completely different pricing model and be perfectly okay. This is YOUR business after all. The buck stops with you – the important theme being – the BUCK. You need to earn some.

  1. Look at your budget. Your business budget should include everything from the design of your logo to your business cards. If you’re not sure if something contributes to your budget, ask your accountant. Some people hate making budgets because they hate thinking of spending all that money. However, you’re going to spend that money anyway, being realistic gives you an incentive to be clear on what your bottom line looks like.Get a handle on how much you spend on your business/education/learning each month.
  2. Write down the amount of money you spend each month on your business. If you have expenses that are annual, or semi-annual, divvy them up into a monthly number.
  3. Are you expecting your business to provide your living expenses too? Get a handle on what that number is now. Include your annual insurance payment and other out of the blue expenses. Ultimately you want to avoid going into massive debt just to buy groceries.
  4. Total the business expenses and living expenses and voila – you have a number to earn each month!
  5. Before you get into whittling down your expenses, take a deep breath and ask yourself all the ways you can earn that money with your particular brand of magic. Let’s say you want to earn your money providing healing circles and offering Oracle readings – that’s awesome. Ask yourself (your Guidance, your Angels) how many hours you want to work each day/week/month. Or ask how many people you want to serve in that time-frame if that makes more sense for your purposes.
  6. Walk away from your calculations – go outside, talk to Mother Nature, walk the dog or stomp your feet on the ground. Take some deep breaths, feel into your body and relax. When you’re ready, head back to your calculator and ask your Guides for some assistance.
  7. Write down what you want to charge for your healing circles – from your heart, not your head.. Now write down how many circles a month and how many participants. Next, close your eyes, take three breaths and ask your Guides what number you should charge each participant. Write down that number.
  8. Take a look at the number and assess how it feels – are you nervous? Are you curious? Surprised? All good responses. If you feel a specific emotion – THAT’S TOO MUCH!!! Or it’s opposite, THAT’S NOT ENOUGH – toss the number out and go back to find a number that feels neutral in your body.
  9. Repeat steps 5-8 for the Oracle Readings and congratulate yourself on a job well done.

Now you have your rates and can feel confident in telling potential clients your rates when you’re ready to work with them.

This process can feel quirky and frustrating. It’s possible you’ll awaken a great deal of self-doubt. If you can’t kick that feeling to the curb on your own, let me know and together we’ll see if I can help. (reach me at Peggie {at} PeggieArvidson {dot} com.