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If you’re doing great work, offering a great service, but struggling to make money, be assured that you’re not alone.
So what is it that we need to overcome to generate the income that we deserve? You may be surprised to hear that it is our mindset that will hold us back.We see service providers everyday stuck in the cycle of undercharging. Everyday that we continue to undercharge for our services we will damage our credibility. Everyday we damage our credibility in this way it affects the way that we attract clients.We will attract what we think we deserve.
I have been following Nell Merlino, an international expert and advocate for women’s leadership, business growth and empowerment. She launched Make Mine a Million $ business in 2006 and has been famously quoted as saying ‘If you are making $50,000 or less in business, its not a business, it’s a job, and its not a good job either.’
If you were working 14-15 hours a day and still generated less than $50,000 you would say something would need to change. Yet everyday people are willing to undercharge for the value that they give. Here are the top four excuses that business owners give for not charging what they deserve.
- I am having trouble getting clients now so I can’t ask for any more money.
- I don’t really know how much I am worth or what to charge.
- I am too scared to raise my prices, as my clients don’t have that much money.
- I am here to help people, and times are bad so they can’t afford to pay.
How many of these excuses have you heard or have made yourself?
What we have found is that there is always another reason for the reluctance to charge and earn more.
- An insecurity about the value that you can bring
- A lack of understanding of the key outcomes you deliver
- A failure to realize that prices that are too low attract clients and customers that can’t pay.
- Mistaking pricing as the most important driver in business
- Vagueness about numbers
So here’s what to do differently:
What is different about you?
This is about your competitive edge. Know how you are different and better than the others. If you have not got a point of difference in your business find one. This is your ‘unicornication’ (yes it really is a word) This is why they are going to hire you.
Keep reaching further than you ever thought possible.
Promote, promote, promote. Word of mouth is great, free advertising but don’t limit yourself to this. Market and promote your business and expand where you are known. Expand your circle of influence?
Understand and work through your blocks and fears
Know and then overcome your own personal blocks with money. Revise your relationship with money and earn what you deserve.
Respect yourself and your time
Learn to say NO to request for your time and money that undervalue what you are worth. Know what you are worth and command respect for that. If you don’t do it yourself no one else will.
Ask for help
Everyone needs help sometimes to build and strengthen his or her business. Take a class, read some books, delegate what you can so you can focus on what you do best and leave the other work to what they do best.
Charge 20 per cent more starting today
Yes just do it.It is up to you what you decide to do with your existing clients, but from today any new clients need to pay you more. Starting today. If you are not charging enough, there is something holding you back. Learn what is holding you back so that you can overcome your fears and charge what you are truly worth.
So do you really want a ‘business’ where you continue to serve, or do you want a ‘job’?