Welcome to the 10th episode of Care to CEO! This is the show where caregivers learn to step confidently into entrepreneurship and turn their passion for helping others into thriving, profitable businesses. In this milestone episode, care business expert Crystal Smith gives an honest deep dive into one of the trickiest (and most crucial) parts of running a business: pricing.
So many caregivers struggle with putting a dollar value on the work that comes so naturally to them. Crystal shares her journey from undercharging out of guilt to claiming her worth and building an impactful, sustainable care agency. Crystal has an open conversation about overcoming the mindset blocks around money, shifting from a caregiver to a CEO perspective, and the nuts and bolts of setting rates with confidence, whether you’re working with Medicaid, private pay, or contracts.
You’ll hear real stories about setting boundaries, honoring the value of your services, and why you simply can’t build an empire if you’re afraid to invoice. Crystal offers tips for new agency owners on researching their market, factoring in those easily-forgotten expenses, and how to powerfully communicate their worth: no guilt, no apology.
If you’ve ever wondered how to price your care services, battle with imposter syndrome, or just need a boost to stand firm in your value, this episode is your permission slip to finally charge what you’re worth and build the business you deserve. Tune in to get inspired, empowered, and equipped for your next bold step as a Care to CEO!
Timestamps:
00:00 Caregiving to CEO Mindset Transition
06:09 Pricing and Value in Social Services
08:54 Transforming Confidence Through Care
12:43 "Strictly 24-Hour Care Model"
16:16 "Benefits of 24/7 Care Model"
17:16 Bold Goals Beat Fearful Limits
20:33 Changing Views on Property Leasing
24:05 "Owning and Showing Your Value"
29:33 "Proven Success Through Foundations"
33:00 "Building Value Through Networking"
34:33 "Knowing Your Worth, Women"
37:16 "Price Confidently, Build Powerfully"
Pricing Your Caregiving Services with Confidence
Are you a caregiver transitioning to business ownership and struggling with how to price your services? The latest episode of Care To CEO featuring Crystal Smith is packed with wisdom for entrepreneurs looking to set sustainable, confident rates for their care businesses. If you want to banish doubts about your value and stop undercharging for your time and expertise, this episode is your essential guide.
Why Caregivers Struggle with Pricing
Many caregivers find pricing a challenge because of the emotional foundation of their work. As Crystal explained, the transition from a heart-centered caregiving approach to a strategic CEO mindset is often difficult. In her words, “In caregiving, we're taught compassion and support. Sometimes that belief creates guilt when it comes to setting rates.” This mindset is not exclusive to the care industry. Crystal notes that “Anytime someone is monetizing with something personal or service based, they often tend to undervalue that because they feel like, well, this is something that comes natural to me, so why would I want to charge prices that are too high?”
Pricing is About Mindset, Not Just Math
One major takeaway from the episode is that pricing is more than just crunching numbers. Crystal emphasizes, “Pricing is not just about math, it's about mindset. If you price from fear, then you're going to be busy and broke. If you price from value, you'll attract respect and loyalty.” Entrepreneurs must stop undervaluing themselves, as it leads to an unsustainable business model.
Building Confidence to Charge What You're Worth
Crystal shared her journey from accepting lower rates out of guilt to realizing the transformative value her services provided. “Once I saw the amazing outcomes that we had created over and over again... that's when I realized that we were really underpricing and that our work and the rates really needed to reflect the outcomes that we were creating.” Gaining confidence in your value comes from seeing the positive impact you make, and knowing that quality care is priceless for the families you serve.
Moreover, Crystal discussed how boldness in business grows with time and experience. If you are just starting, remember that expertise and confidence are built step by step.
Fear-Based Pricing vs. Value-Based Pricing
Crystal draws a clear distinction between fear-based and value-based pricing. “Fear based pricing says if I charge too much, people won't hire me. That leads to low profit margins, constant stress, and burnout.” On the other hand, “Value based pricing says the peace of mind, trust, and results I provide are worth every penny that you pay me.” Clients attracted by confident, value-based pricing are loyal and respectful.
Essential Tips for Setting Sustainable Rates
For new care business owners, Crystal recommends doing thorough market research, especially when it comes to negotiating contracts or private pay clients. “Don't forget to look at your competitors in your area and what they're charging. Do your market research so it keeps you competitive and this will ensure that you don't undersell yourself.” She reminds us that pricing should “reflect research, reality and respect for your business.”
Remember to factor in expenses like payroll, taxes, training, and onboarding. As Crystal warns, “Proper pricing protects you against burnout and ensures you can truly meet your clients’ needs.”
Money Mindset: The Key to Growth
Conversations about money can be intimidating for entrepreneurs. Crystal teaches her mentees that “money conversations are leadership conversations. Families, caseworkers and referral partners respect confidence.” Role playing and practicing value-based language helps her students communicate their rates as a mark of quality, not apology.
Crystal’s advice to anyone tempted to discount themselves is straightforward: “Discounting is a trap. Every time you lower your rates, especially out of fear, you send the message that your services are valuable. The right clients, the ones who truly value safety, care, and professionalism, they will pay for quality.”
Closing Thoughts
This insightful episode of Care To CEO is your encouragement to step into your power, charge what you’re worth, and build a care business that is both impactful and profitable. Remember, “You can’t build an empire if you’re afraid to invoice.” Invest in your money mindset, do your research, and attract the clients who truly value your expertise.
If you’re ready to level up your pricing and confidence, consider joining Crystal’s mentorship program for personalized guidance and support. Caregiving is priceless, but your time and expertise deserve to be valued.
Care to CEO - Podcast Show Website - https://caretoceo.com/
Crystal Smith - https://www.crystalsmithandco.com/
Crystal Smith Mentoring - https://ft.crystalsmith.online/
TopHealth - https://tophealth.care/
“Disclaimer: Informational only. Not medical advice. Consult your doctor for guidance.”