Know Your Worth
✨ Hey, you better know your worth and step into your highest ticket self ✨ This is a lesson for business owners and consumers alike…
I have had multiple conversations this month where a potential client was looking for me to take on multiple accounts for multiple businesses and was looking for a discount. I would like to educate you on why this is moderately offensive to service providers. If your businesses cannot use the same content across all accounts, they are considered separate accounts. For example, if you are a nutritionist that focuses on women’s health and you also own a men’s clothing store, I cannot use the same content for both accounts. This requires the work of two accounts. This would be like going to two different stores in the mall and asking them to bundle their products together. Would you ever go into Teavana and ask them to give you a discount at Dick’s sporting goods because they’re in the same mall?
If you are unaware, service providers calculate their rates based on their time and expertise. When you ask a service provider to lower their rates or “give them a deal,” you’re basically telling them that you don’t value their time or expertise. This is a huge slap in the face and - if this person is asking as a “friend” - that is even worse. (Support 👏🏻 your 👏🏻 damn 👏🏻 friends 👏🏻)!
I see this a lot in the social media space. Why? Because people don’t understand that social media - albeit free - is a form of marketing. It requires education, skill, and strategy. The general public thinks that because their niece in college has an Instagram, they can do a better job for free. Hate to break it to you but that isn’t the case. They might post some nice pictures but what do they know about utilizing social media in tandem with your sales funnel? How are they measuring your ROI?
I have been in this industry long enough now that I am no longer surprised when people are “shocked” at what I charge for my services. This just means we have more work to do as service providers but remember this: it is your job - as the consumer - to educate yourself on the going rate of services that you are seeking (no joke - a potential client thought my rates were too high and asked me to provide them quotes from my competitor’s 🙄).
When people used to tell me my services were “too expensive” I would literally obsess about them for DAYS saying things like, “I shouldn’t have quoted them that” or “maybe they’re right.. maybe I’m not worth it.” Are you kidding me? I let someone else’s lack of knowledge or budgetary constraints define my worth and value. Uh uhn. Not today. Someone slid into my DMs last week asking me to “secretly perform work for their clients for a HIGHLY DISCOUNTED wholesale price”.. on MY time?! Discounting my hourly rate is discounting my livelihood. I only have so many hours in a day. It would be like asking one of your hourly employees if it would be ok if they worked for free on Fridays.. they would probably not like that very much.
Now, it has taken me a long time to get to this point with my mindset but I know there are so many entrepreneurs out there that battle these thoughts every day. Know that you are not alone.
Here are 5 things that you can start implementing right now to work towards this mindset shift:
Conduct market research. - Poke around and see what your competitors are charging. I’m not saying that you should charge what they are but this will give you somewhere to stand if a potential client says, “oh, that’s pricey.” You will be armed with the knowledge of the market rate. They can take it or leave it but you don’t have to devalue your services.
Know what your time is worth. - When I’m not sure what to charge for services, I break down the package into how long I think each task will take and my hourly rate for each task. I charge much more hourly for my graphic design services than I do for scheduling posts. This gives you a real idea of what you SHOULD be charging and ensures that you’re not undervaluing your services. This is also helpful if someone is working within a budget. Instead of giving them a discount, you can remove certain services they’re willing to perform and redistribute their budget so that everyone is happy.
Make a Brag Board! - My business coach had me do this when I was feeling really down about not closing a client I thought for sure was going to sign. This is similar to a dream board but instead of things you want to accomplish, you collage things that you’ve already done that make you proud. When self-doubt and negative thoughts creep in, this is what you turn to - to remind yourself that you are a badass. Look at everything you’ve already done - AND can do again!
Rehearse your sales conversation. - When I decided to raise my prices, I almost choked the first time I had to say my numbers out loud to a client. I much prefer to put them in writing. 😂Rehearse saying these things out loud so it feels natural. If you’re uncomfortable, your potential client is going to catch those vibes and probably feel uncomfortable too.
Utilize your friends and family. - Ask your peeps to practice your sales pitch with them and have a conversation about what it is that you have to offer potential clients. Do they understand the value you will provide? Do they have any other questions? Having these conversations beforehand can help you be better prepared to discuss them with a client.
Now, say this with me - ✨ My time is valuable. I am worthy. I am ready to receive all that Universe has in store for me. ✨ and go charge what you’re freaking worth.
