So many small businesses that are undercharging often leaving you, the owner, overworked and underpaid. And likely, the is business static, not moving forward.
Your clients are getting an amazing deal. But you and your business are not.
Now there are really two issues here.
Why you should charge more
How to charge more
Let’s start with WHY you should charge what you are worth and live your best life…..
Clients value the service more.
If you are anything like me, you offer a premium service and go the extra mile or two, so why shouldn’t you get paid for it? People want the right solution delivered in a timely manner and without hitch
If clients want to buy from the cheapest, the chances are they will not get the value that will make the big difference to them and their business.
At the end of the day, it is the ROI that is the most important.
It gives you a margin for error
We have all had times when we cut our prices to the bone for one reason or another.
Then what happens?
You can feel resentful if the project overruns or you are expected to go the extra mile.
You end up working too hard and struggling if you continually leave no margin.
In short it can compromise your level of service and attitude.
Now I know you are probably saying ‘No that’s not me. I would never drop my level of service or turn up with a less than positive attitude’. But if all your clients are getting a really good deal then the chances are you are stressed and tired.
There is no better feeling for you and the clients when you have gone above and beyond consistently. You are able to do that when you have charged what the work is worth. You can allocate the extra time.
Things often take longer than you think they will and if there is no margin for error that is coming out of your profit or eating into your free time.
It allow you to scale your business and have clients coming back for more
If you are consistently charging just enough there is little left over to invest in the business. You feel demotivated and there is less potential for the business to grow.
And as Tony Robbins says, “if we are not growing, we are dying.”
Scaling also allows you to employ great people, experts who can deliver excellent work and service. That is what clients want and they will come back time and time, And it’s a whole lot cheaper and time efficient to have repeat business.
You attract the right clients
Attract people who value their time and they will pay a premium to get an effective solution, and quickly.
Everyone would like it cheap, quick and great but, as they say, you can only have two of those things at any one time!
In my experience the people who are willing to pay the going rate and not looking for the cheapest deal, are more engaged, do the work they need to do, they trust you as the expert in your field, and pay on time.
Now let’s move on to HOW you charge more
Work with a tight, focused target audience – specialise!
This is one of the components of an Unshakable Business Foundation – a tight niche and audience. One you can get under the skin of. One you know intimately. Maybe you have worked in their industry, done the same role as them. Get to know them so well, they think you can read their minds.
Know how, and where, to find your ideal client,
Noone has the time to cover off all social media platforms and participate in all the other marketing tactics that are available out there. So, don’t do it.
Knowing your market (see point above) will mean that you can take the decision easily about where you spend your time and money when it comes to marketing.
Stop selling your time by the hour
Doing this will not allow you to scale even if you never sleep. The trick here is to add heaps of value – not what you perceive as value, value that makes your clients jaw drop. This value allows you to charge a premium price than your hourly rate but the client is getting way more value than they have paid for. A win, win situation
Improve your sales skills
This is not many people’s favorite part of business – selling. And I totally see that. It’s not my favourite either. But without being able to convert conversations into clients you don’t have a business. And that leads to desperation which takes me to my next point………
Create an effective process for generating a consistent stream of prospects.
If you do not have enough clients you will be very tempted to drop your prices, take on clients who are less than perfect.
But, if you have a steady and predictable flow of leads, and you know what your conversion figures are, you will be confident enough to hold your prices when you are making an offer. Also you will be able to say to those prospects who aren’t a good fit for you, “I don’t think we are a fit.” Very empowering.
Address any limiting beliefs you have about money, and self worth
Nothing happens without having your head in the right place. Limiting beliefs are crippling. In my ‘soon to be launched’ group online program, LinkedIn Client Accelerator Roadmap INTENSIVE, one of the things that I am going to include is coaching on mindset with the awesome @ninacooke. Check her out!
What is your biggest challenge when it comes to charging what you are worth?
If you would like to learn more about this subject or my new program, LinkedIn Client Accelerator Roadmap INTENSIVE, get in touch, tracey@traceyburnett.com. Or book a call here https://calendly.com/tracey-burnett/triage
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