Why it’s Important to Make Sure You Earn What You’re Worth
One of the most common problems I come across when working with business owners is professionals not charging what they’re worth. I get it. Money is difficult to talk about, and sometimes it can be hard to have the confidence to truly know your worth; especially when you’re offering a premium service.
I’ve experienced this myself. There have been times when I’ve sat down with a potential client for a free thirty minute consultation and really hit it off with them, only to discover that the budget they have in mind doesn’t cover my fees. In these cases it can be really tough to stick to your guns and ignore the little voice in your head that says ‘well, maybe I could offer a discount…’
After all, the more you discount your fees, the more you devalue your service. Charging less than you’re worth could make potential clients question the quality of your service, and could even make bigger and more high-profile clients overlook you completely.
It’s important to remember that it’s okay to not be the cheapest person in your field! After all, If you’re offering a premium service, the reality is that you’re also going to be charging premium prices.
When you charge what you’re worth, a number of things will happen:
1. You’ll want to be clear on value and benefits
Premium services tend to come at a premium price! When you are truly charging what you’re worth, any initial talks you have with clients will be focused on the value and benefits of what you’re offering. A lot of business owners find communicating this difficult, so if you can do it well you’re already off to a head start!
2. People will try and negotiate you down
There will always be people who will respond to your quote with a counter-offer. Though in certain situations there can be a place for this kind of negotiation, in most cases I think it’s wise to stay firm. If you accept a lower fee than you originally asked for, it can seriously devalue what you’re offering.
3. You’ll only work with people who really want to work with you
The best types of clients are the ones who are 100% engaged in the process of working with you. When you truly charge what you’re worth, it’s likely that everyone who makes the decision to work with you will do so because they really believe in what you’re doing, not just because you’re the most affordable option.
4. Your business will be more profitable
When you run a service-based business, you will have serious time limitations on how many clients you can take on. After all: there are only a limited number of hours in the day and days in the week. If you’re always busy but are still not earning what you feel you should be, it’s probably because you’re not charging what you’re worth.
Increasing your prices to really reflect the value you offer to your clients can be a big step. Let me assure you, however, that all the clients I have supported through this process have never looked back.
Not sure where to start? I’d be happy to sit down with you and explore all the many ways your business offers value. Why not get in touch?
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