Be Paid Your Worth in 3 Easy Steps

Business is competitive. Period. You go into business to make money and be your own boss: to set your own schedule and work with only those clients who are in alignment with your philosophy.

Because of the high level of competitiveness, there is a chance in the beginning you are going to charge less than your closest competitors; and in the beginning, this is for most of you the best decision. You need to get the doors open and buyers in. But for how long do you continue to charge a fee that is a "steal"?

Yes, the economy isn't the greatest, and people still have their purse strings tightened. But those who are in need of your goods or services are ready to jump on board with you and invest the fees necessary. You know what sets you apart from your competitors, and the key to convincing a client or customer to choose you is what you offer that no one else does.

Ideally you want to charge a fee that can withstand whatever the current market will bear but still be considered a good deal. So what stops you from establishing a fair market value for your services and provide your knowledge for less than what it's worth? Simply stated: Your confidence is impacting your ability to be paid your worth!

To succeed in business you need to do more than just provide a great product or service; you need to provide value and be confident in that value. The following are three simple steps to begin charging a market-fair service fee.

First, let's begin by identifying what you perceive as your true value. Answer the following three questions:

1. Do you charge a fair market value for your service? (Not higher, but equal to or lower than all your competitors?)
2. When someone asks what your fees are or the cost of your goods, do you stumble through it?
3. When asked for your "elevator" speech, does it roll off your tongue like a 30-second television commercial?

If you answered yes to the first two and no to the last question, then you have some work to do in order to get to the point of being paid your worth. It's not a lost cause by any means; the truth is, it will take a few extra steps for you to complete before you're able to raise your rates and get paid your worth.

But if you answered any other combination of yes and no, then you've already made progress in the journey of being able to charge your worth. Congratulations!

Your next step is to actually know who your competitors are and what they charge. If you haven't already done this when establishing your business, or if it's been over a year, then get busy and get the 411 on your industry's fair market value.

When in business, keep in mind the old saying "Keep your friends close and your enemies closer." Collaboration is great, but the reality is you need to know who you're up against when talking to potential clients.

When you're knowledgeable about your industry's fees and market values, you immediately improve your confidence level with regard to your expertise. You level of knowledge directly impacts how you hold yourself, present yourself to clients, and communicate your goods and services along with the benefits of working with you.

Your communication skills are critical in supporting your ability to confidently convey your worth and why it is in your potential client's best interest to invest his hard-earned money with you.

Your final step is being able to easily articulate what you do and why you're the best at what you do. The key is not over-communicating this but rather being concise and engaging.

Your "commercial" needs to leave them wanting to know more but already knowing enough that you are their first choice. Your elevator speech will be refined and rewritten many hundreds of times; be okay with the fact it will change.

The point is, you need to know when you start stumbling in reciting it that this is indicating you're trying to "sell" something you are not. It means you and your expertise have grown, and therefore how you express it needs to be grow too!

Your personal view of self drives your personal value and self-worth. Your self-worth directly impacts your self-confidence and, your self-confidence is the foundation on which your fees are built.

If you lack anywhere along this chain, then your fees will be directly affected. It is your responsibility to review this chain to find the weakest link, acknowledge it and finally repair it.

Remember these three steps: know your true value; know your competitors/collaborators; and know your 30-second elevator speech like your next meal depends on it. Taking these three steps on a regularly will allow you to get paid your worth while staying in alignment with your industry's standards.

Until next time, embrace your inner wisdom.

Namaste,
Coach Karen K