How do you charge enough for your work or services? Are you charging what you’re worth?
The inevitable question is bound to come up at some point in business, but how do you respond to it? What makes these five little words so difficult to answer?
It’s setting a price on your time, effort and well… let’s face it, talent. The talent for which you’ve been employed, or even headhunted. And yet so many women in business continue to underestimate their worth — and hence undermine their value. So why is it that women don’t charge enough?Often women don’t demand what they’re worth because they are afraid of being perceived as pushy. Few men worry about it, and thus more often get the money they want.
You know you’re good at what you do and you drive results. Heck, your track record of clients alone probably speaks for itself. And yet you continue to get stuck at this point. So what do you do? Discount your rates to compensate? If you answered yes, you may be heading down a business rut and it’s time to review how you see your value. Discounts and freebies are great, and have their time and place in business, but should never be offered purely because of insecurity.
According to Sabrina Parsons, CEO of Palo Alto and Forbes Women contributor, women are far too quick at doubting their worth.
“Often times I feel that women short change themselves when they think about what they are capable of in the business world… women are more apt to give you all the reasons why they might not be able to do something.”
At a time where women-owned businesses are growing at a faster rate than those owned by men, it’s time to move past your doubts, set your price and say it loud and proud.
1. Know your offer. It can be very hard to promote something that isn’t clear or doesn’t make sense to you. If that’s the case, then it won’t make sense to others either. It also puts you in a place of constantly having to explain yourself. Get crystal clear on your offer and business.
2. Break it down. You’re across all the mumbo jumbo and jargon in your industry but that doesn’t mean your client is. Keep it simple and break it down for them. Put together a proposal if you’re finding it difficult to communicate your worth. Once you see it on paper, you’ll realise just how much time you invest on your clients’ success.
3. Be transparent. Is there something you know you won’t be able to deliver on? Don’t over promise as you’ll only short-change yourself. You may have secured your dream client but over-promising and under-delivering will only result in your downfall. Your reputation is key, so make sure you’re upfront and honesty. Your client will appreciate your transparency.
4. What are your fears or concerns? Sure, it’s not exactly something you’ll be discussing with your clients but it’s great to address your own fears so you can move on. If you don’t, you risk carrying these over into your business. It’s natural to have fears. Acknowledge, address them and move on.
1. Know your client. Get clear on who you want to work with and why. A lack of direction leads to uncertainty. The more clarity you have, the more confident you will be in promoting your service.
2. Not everyone will like you. It’s reality. It’s not a reflection on your value or the other person. Sometimes you just won’t click. If someone chooses to not work with you, don’t take it personally. Instead focus your energy on those that do resonate with your message and business.
1. Labour vs. outcome. So you’ve promised to get your client results. What do you need to do to get them there? How much time will you invest in their business? How many contact hours have you offered them? What are your non-contact hours? Think about what you need to prepare or research. Every client is unique, so while you may have a business method, it may need to be tweaked depending on the client’s needs or expected outcomes.
Don’t short-change yourself.