There are four important things to take away from this blog which will be broken down into parts;
1. Don’t be afraid to charge your worth;
2. Be open to receiving money in exchange for your work;
3. Don’t be afraid to talk about money and what you charge; and
4. Manage your money well.
Firstly, let’s focus on setting your price and not being afraid to charge your worth. How do you place the right value on what you do, price the product you’re selling and not undersell yourself?
Firstly, whether you are providing a service or selling a product, what you are doing is valuable. It’s something people need. You have collected together all your knowledge and wisdom to create something special and amazing and are now sharing it for the world. In my law business, I have a law degree and thirteen years of legal experience to share with legal clients. That’s worth something!
Your thing is unique to you. No one else can do it the way you can. That is what is valuable. If there was no such thing as money, the service or product would be free. If everything was free, would the world value things more? Probably not. We live in a world where people love to get something for nothing. But that is not the reality of the world we live in. Change your mindset around money and you will attract clients who see the value in paying you for your services.
Build your business so that you become known for what you do, not what you charge. I love taking calls from new clients in my law business and the first thing they say is “I want you to act for me” and the last thing is “I suppose I should check what your fee is”. The best clients are not concerned about the cost. They want the best service and someone they can trust to get the job done and guide them.
Price your product and service at a level where you are not the cheapest. Put the value on something else. If the value is on your amazing service, market that. If the value is on a product that lasts 100 years, market that. Don’t market being the cheapest. There will always be people who want to undercut you, ignore them.
Many of you will have come across situations where clients complain about your fee or undervalue it. This is common in the legal industry. I sometimes hear “It’s a straight forward transaction and doesn’t require legal expertise”. All very well until the shit hits the fan!
Very early on in my business, I made two very important non-negotiable decisions. The first that I would never negotiate my fee. My fee is my fee. I wanted clients to come to me because of the quality of work and great job that I did, not because we had the cheapest fee. I also wanted to be fair to all clients. To do that, it means no discounts.
The second was that I would never worry about the clients who made enquiries and didn’t come to us because our fee was, in their view, too high. Those are the clients you do not want to work for. These clients also commonly turn out to be the high maintenance ones!
Whatever your fee is, represents the value you see yourself as giving to clients. Make it worthwhile, you're worth a lot more then you think!
With a passion for small business, Emma Stanley is committed to sharing he expert knowledge in order to help up-and-coming businesspeople with anything business!