Two of the problems that I see many entrepreneurs facing is how to set their prices, and how to convey to potential clients or customers what is the value in working with you, buying your product, or using your services. This is most often because you're not clear on it, or 100% convinced of it yourself. This lack of clarity undermines your confidence and can lead to behaviors that sabotage your business instead of building it if you try to compensate by over delivering. This may show up as undercharging, putting up with problem clients, not sticking to session times or prices, answering emails in the middle of the night (just stop that one right now!) Answering the phone outside of business hours or not putting strong systems in place to really support your business growth.
Here are 3 Simple Steps to help you get clear on the value you deliver, and to charge fees that are in line with that.
Step # 1: A quick, simple and super effective exercise is to list 30 results that your clients get in working with you, or purchasing your products or services. Be sure to list the tangible as well as the non-tangible ie Paying down 5 figure debt (tangible) and greatly reduced stress (non-tangible). List 30. Not 12, not 25. Be tenacious and dig deep. If you're new in business, then look at the results that are typical of your particular profession or industry, and ask yourself how you can help people create that.
Step # 2: Once you have made your basic list, look for the secondary results.
Example: Paying down 5 figure debt = less stress = fewer headaches and physical problems, better sleep, more disposable income
Fewer headaches and physical problems = fewer healthcare expenses = more money in the bank (which equals less stress)
More disposable income = more vacations, nicer car / house / clothes, quality of life for family
See how this works?
Step # 3: Now that you know, it's important for clients or customers to be aware of it too. Be sure to ask them regularly what they value about working with you or buying your products. It's a great ego boost for you to hear this, and it helps to bring this to the forefront of your clients' minds as well, and keeps them coming back for more.
Remember, that you are irreplaceable, and money alone can never reflect your true worth. What you're charging for is the difference you make in the world, and to other people's lives.
If you're doing great things in this world, it's up to you to let people know and share it! We can all create big change together!
So what is the value to you in receiving this coaching tip? How much more income do you think you can bring into your business by focusing on the value you deliver, and charging what you're worth?
Much Love & Success