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Have you been undercharging what you’re worth? I’ve had so many conversations recently with clients that despite their 5, 10 years in business or their 2, 3, 4 decades of incredible experience, they’re pricing themselves at a level where they might as well be flipping burgers in the local drive thru!
For so many of us – despite the skills and mastery we’ve acquired in our field over the years – as soon as we go out on our own in business, we don’t price ourselves accordingly for our experience. We start questioning our worth and more often than not, end up working really, really hard with nothing to show for it.
So today, I’m talking about why you need to quit undercharging and the mindset you need to adopt to build the business success of your dreams.
Recognise Your Worth
Most of us will begin questioning our worth when we start out on our own. We challenge ourselves on what our hourly rate should be, rewriting proposals and constantly changing our minds on what to charge.
But here’s the thing: when we get stuck on loop questioning our worth, we actually take up a significant amount of time and energy that only fuels self-doubt and procrastination. That time actually needs to be spent going out there, meeting your A-grade clients and delivering on how you can serve them.
Attract the Right Clients With Your Pricing
When we undercharge, we’re actually at risk of attracting the wrong clients. For me, every single time I’ve agreed to a price point less than my worth, those clients have always become the most painful to work with. Without exception!
Underpricing always attracts clients who do not value our worth, which will more often than not cause us to resent them. When you charge at the right price point, you’ll not only weed out potentially unaligned clients, but draw in the people who recognise your value and are willing to pay for it.
Positioning Yourself in the Market
When we’re talking about positioning ourselves in the market, perception is everything. If you want to be seen as the best in the business and create demand for the work that you do, you have to price yourself accordingly.
If we price ourselves the same as everyone else in our field, suddenly the pool of competition is huge. However, when we charge at the higher end, the perception is that we’re quality and we really know our stuff. So, build your positioning, and in turn, your brand.
Focus On Future Growth
You may not realise it, but when you undercharge, you’re actually having a negative impact on your future growth opportunity. When we undercharge, we become overworked. We have no time, no energy, we risk burnout. We’re too busy to think about how to attract those A-grade clients.
There’s no time to plan or make positive changes, and eventually we hit the ceiling of growth opportunity. So, quite undercharging and overworking and instead, create the time and space you need to strategise for your future business growth.
My strategy is all about dollars up. We want to earn more money and work less. We want time to implement strategies that see our business grow. It’s time to have conviction in your pricing, and I promise that when you do, you’ll begin to see the opportunity that exists to take your business to the next level.
LINKS:
Resources mentioned: The Pricing Formula
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Learn How to Charge More and Work Less