Since I have declared March as Money Mastery Month it seems only appropriate that we should close this month with my best tips to help you Charge What Yo Worth And Get It. Women in particular often struggle with recognising their real value and then getting appropriately rewarded for it. Money is such an integral part of your business (and your life) that it is one of the cornerstone of what I teach at Business HorsePower. You simply can’t have a successful business without getting into relationship with money and knowing your own worth. Dis you know that your net worth is a direct reflection of your self-worth. So whether you have a JOB or run a business if you are not earning what you want I would urge you to look at how you are valuing yourself.
Here are my top 10 tips for helping you get into the mindset of Charging What You’re Worth:
- Know your big money WHY.
- Understand that YOU are the first person you have to convince of your value, not your client. When you truly understand and believe in the value you provide, you will have no problem conveying this to your clients.
- Know the transformation you provide for your clients, THAT is the value and that is what you must focus on not how you do it. Your clients do not care about your process, they only care about the result.
- Focus on ONE specific topic and get outstanding at that and then you can always charge more. It doesn’t mean this is the only topic or service you will ever provide, but you want to go deep in one topic first, gain visibility and credibility and then branch out from there.
- Give your prospective clients different ways to say “YES”! I recommend offering 2-3 packages so your clients have options to work with you.
- Know when it’s time to increase your fees. Did you know that you could be getting too many “yeses”?? I know that sounds crazy, but it is absolutely true!! Too many “nos” would mean that you are inappropriately priced (too high), targeting the wrong customer or not properly communicating the value of your services. However, too many “yeses” means you are inappropriately priced (too low) or not selling enough! If about 15% of your prospects are not currently saying “no” because of price…..it’s time to increase your fees!
- It is a great thing to love your clients, but don’t confuse love with giving a discount. Instead of giving a discount, give them extraordinary service, a shorter time frame or any number of things that will increase value, not decrease your fee!
- Do not discuss price with your prospective client until you have had an opportunity to “diagnose” their problem. As an expert professional you never present a solution (or prescription) until you and the prospective client are very clear on the problem they want solved
- 80% of your income will come from 20% of your clients….focus on the 20%
- Because most entrepreneurs (especially women) are undercharging, do not compare what you should charge with what others in your industry are charging….this is not a good strategy.
I really hope you find these useful and as always please leave me comments on which tip you found the most useful.
Julia Felton (aka The Business Wrangler) is the founder of Business HorsePower. Business leaders, entrepreneurs and executives hire her to accelerate their business performance by harnessing the energy of their people to work more collaboratively together. By aligning purpose with actions the team achieves exponential results as everyone starts pulling in the same direction.
Julia believes that business is a force for good and through designing purpose-driven businesses that leverage the laws of nature, and the herd, you can create businesses founded on the principles of connection, collaboration and community that make a significant impact in the world.
