Do you charge your worth?
Or are you constantly discounting your rates and trying to throw in ‘and the kitchen sink’ bonuses so you can feel like you’re actually ‘worth’ what you’re charging?
Not charging your worth is something that comes up time and time again from my audience. I even did it myself when I started my business, hell I still do it now when I’m launching something new!
It’s also something I see that directly stops people putting themselves out there, FULL STOP, because they’re terrified of people not buying or of what people will think of them. The little ‘who do you think you are’ gremlin.
The thing is, we all struggle with this, but the more you work at it your ‘OMG I CAN’T BELIEVE I’M TRYING TO CHARGE THIS WHO DO I THINK I AM’ will eventually turn into ‘Hang on…I’m massively undercharging for this, need to up these rates pronto!’
It’s a process, so be patient. It’s also something you’ll revisit often. Where you set your prices now is not where they’ll be in a year. It’s just best to do it in stages so your brain and your confidence can catch up with you rather than going ‘OMG NO WAY ARE YOU CHARGING THAT ARE YOU MAD?!’ and keeping you stuck under charging or worse not putting offers out at all.
Firstly, your business will grow quicker and you’ll need less clients to hit your goals which is always nice!
Your clients will get better results because they will be literally more invested. We all need that bit of skin in the game to increase our commitment to getting something done and we really don’t value things we get for free or cheap, how many freebies do you have sitting in your inbox that you’ve never used?!
It increases your confidence your net worth AND your self worth all in one go!Woohooo!
It improves your work/life balance because you have more pennies to do the things you want to AND you can work less hours to make the same money…bonus!
You attract the right people, the people who are ready and invested in their own results! Those are the people you want.
You will resent it, big time. When you have clients demanding the earth from you for pittance how will you feel? You’ll attract he ‘bargain hunters’ and they are NOT your ideal clients.
You will compare yourself to other people who are charging what you want to charge and resent them for getting the clients that you want.
You just won’t look as ‘good’ as the person charging more! This is a biggie…It’s the age old ‘must be too good to be true’ or ‘they must not be great if they’re charging that when X person is charging double.’ For every person who walks away because you’re too expensive, one will walk away because you’re too cheap! Remember…you get what you pay for!
It can come across that you aren’t as good as your competition or that you aren’t sure of your own worth so it can actually put prospective clients off even if they had already decided they wanted to work with you. Would you hire someone for what you do at the rates you’re charging?
You’ll attract the wrong clients which can end up knocking your confidence and leave you feeling undervalued. The tyre kickers, the people who want the moon on a stick.
You’ll decrease your confidence the more you struggle.
You could burn out. When you charge too little you’ll need to work more hours to get the income that you need.
It is actually a fairly easy fix but as with all mindset stuff it does take a little bit of time and effort. If you KNOW you’re undercharging we need to get you to start increasing those prices, now.
Write down all the reasons you are qualified and why the results you give are worth what you want to charge.
What’s the transformation you’re giving? Focus on that. Often we set up businesses based on where we’ve previously been. If we go back in time to the ‘pain’ part of our journey, what would it be worth to you to get out of it quicker? Knowing what you know now, what would you pay?
How much have you spent getting yourself to where you’re at now? You’re short cutting this stuff for people, that’s got to be worth something right?! How much have you spent on your own learning and qualifications. I’ve invested about £30-£40k over the last few years in my own development, coaches, qualifications etc. When you add it up it puts things into perspective and can help you see that you really are worth what you’re charging.
What time have you invested on getting to where you’re at now? Learning hours, working hours, allll the hours, I bet it’s a lot more than you think.
You really do need to think about invest in yourself at at LEAST the amount you’re asking other people for. If you’re asking for an amount of money you’d never spend on yourself you can see how energetically that would be difficult and would actively stop you selling.
If you don’t want to raise your prices because you think people won’t pay and you feel ‘desperate’ for clients and taking on non-ideal clients just to make sure you can pay your bills…think have a think about getting a part time job…there, I said it ooooooh! There is NOTHING wrong with getting/having a job. It’s not a dirty word. The average millionaire has 7 revenue streams, you can just make a job one of them until your brain will allow you to branch out but this will take the pressure and the ‘desperation’ out of it so it’s no longer a factor in how you price yourself.
If you have a certain level of regular income you will relax, be able to take on the RIGHT clients rather than the ones that your gut is SCREAMING at you not to work with just because it’s money and feel more confident raising your prices and it taking slightly longer until you attract the right ones! So much of this is just pure panic, so if you can get rid of the panic you can make better decisions for YOU.
Price up the VALUE to your client rather than number of hours etc. Yes that’s a factor in it but the important but is what your service means to your client.
Analyse what your beliefs are around money. This needs to be a whole post on it’s own because it’s a HUGE topic. You need to work out what your money ‘story’ is, your belief system around how easy or difficult it is to get or make money and what money means to you. If you have negative thoughts and feelings towards it then it’s so much more difficult to attract it.
Money affirmations can be really helpful but the trick is to make it BELIEVABLE. When you use words that you would never use your brain smells a rat. A staggering 98% of these things lie in our unconscious not our conscious mind so we need to re-train it and affirmations are a great way to do that.
Stop worrying about what your potential clients can or can’t afford. My lovely friend and mentor Jessica Lorimer always says ‘other people’s finances are NONE of your business’. We can get caught up with concerning ourselves with what our ideal client can actually afford. We started these businesses because we wanted to help solve a problem but the reality is, if someone wants what you have enough then they WILL find the money. I’ve done it myself a hundred times so who am I to think someone else won’t be able to do the same. This is another really good reason that you should invest in yourself as much as possible because it can show you how possible it actually is. If you would do it then why on earth would you think someone else wouldn’t do it for your services?!
Reverse engineer. What do you want to earn per year? How many hours do you want to work per week? Work out your hours per week times by the number of weeks you want to work in a year (you need holidays too you know!!) then divide by your total, what does it come out at? Something you’re horrified by because it’s ‘too expensive’ or ‘too cheap’
Remember you’re not a charity, if you want to help people you need to be able to sustain your business or you won’t be able to help them anymore. The bottom line is as I mentioned, people don’t tend to value what they get for free or cheap so if you want your clients to get the results you know you can offer then get those prices up!
If you know that now is the time to start changing things for yourself and want to explore this further, have any questions or want some accountability to make sure you’re doing the things you need to then please book in a free discovery call so we can see what needs to happen to get you from where you’re at right now, to the successful business owner you know you can be!!
Fran Excell, Subconscious Success Mentor – Helping Business Owners Overcome Self Sabotage & Get More Done In Less Time at www.franexcell.com
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© 2023 Fran Excell. Success mindset mentor for entrepreneurs & executives.
[…] 27) Where you set your prices is not where they will end up. You will likely HUGELY under price yourself while you wait for your mind and self worth to catch up with you. Don’t beat yourself up because it’s all lessons to learn. Push yourself as much as you can so it’s always slightly outside your comfort zone and reassess every few months. (036 – How To Charge Your Worth) […]