4 Tips for Handling the “I Can’t Afford That” Objection (Part 2)

Your rates are your rates for a reason. As a service provider, know the value you are bringing to a project, and be confident enough to stand your ground.

Talking about money can feel taboo for entrepreneurs and clients alike but as a service-provider it is important to decide on your rates and stick to them, even if it feels uncomfortable. 

When I posted about this topic last month, there was an outpouring of people who have been in similar situations so I thought it would be helpful to make a part two! People feel bad charging what they know to be a reasonable price because they are afraid their potential client will say no or worse- laugh them out of the room!

A friend of mine who is a baker said she offers discounts, even before the client asks for one. 

Another person said even when the initial reaction is to say, “I can’t afford that” after further investigation, they determine that the potential client can in fact afford her service with a few small budget adjustments. 

Here are four additional tips to keep in mind when it comes to dealing with a client who says they can’t afford your rates. It’s good to keep a few of these mantras in your back pocket if you find yourself in a similar situation.

1. “Your rates are your rates for a reason. Don’t discount or apologize for them.”

If you’re anything like me, you have done extensive research on what the “industry standard” rates are for your particular service. You have thought extensively about how much time a particular project will take you and determined what a fair hourly rate would be.

You fear if you don’t allow for discounts or negotiations, you will lose a potential customer. But don’t cheat yourself out of making what you feel is reasonable! Keep this mantra in mind when you are second-guessing yourself. 

2. “Not everyone that wants to work with you can afford you, and that’s okay!” 

I have found this to be true many times! I have built relationships with several small business owners who are dying for help but the fact is, their business is not bringing in enough income to be able to afford the help.

It’s almost a double-edged sword. They can’t grow without more time and help, but they can’t afford help until they grow! I’ve had so many people tell me “hen I am ready to hire you’re gonna be the first person I call” and I know keeping those relationships alive will pay off in the long run.

It’s best to support the client where they are and not to feel like you absolutely have to get this client, even if it involves some negotiating. Timing is sometimes everything so keeping those relationships positive may mean you’ll be able to work together in the future.

3. “Have money metrics available that show the value of your services.” 

As you grow your portfolio, keep in mind that business owners care less about the visual aspects of your services (what the customers see) and more about the actual conversions to sales your work is providing.

I have started taking screenshots of analytics on the social platforms I am working on to show future clients that my work really is bringing more traffic to their website and more eyes on their products. Numbers speak volumes.

4. “Keep building relationships. Referrals are just as valuable.” 

Back to number 2, even though one person may not be able to afford you right now, they may know someone else who can! Don’t be afraid to show up on your social media accounts as your authentic self- people will gravitate towards that and appreciate your honesty. 

As a virtual assistant or other service-provider, it is important not to take a client’s initial objection to your pricing personally. Don’t be afraid to ask questions and investigate further to determine what is holding the client back from using your services. 

Even more vital, don’t lower your prices. You want to work with people who see the value in your work and respect your time and skillset. 

Can you think of any other mantras that might be helpful when dealing with these situations? Write them down and have them handy so you can avoid panicking when faced with a client who says they want a cheaper rate.