Charging your worth
When I started my business, I went through a series of needing to discount my prices, not having the courage to charge more than my peers or even do free coaching work with the fear of asking for the sale. As a result, I started to feel resentful of my business as well as my clients.
Well, in this blog post, I’ll share with simple tips and tricks on how you can start charging your worth and how you can get out of your own way.
Now, this post is for you if you’re a new business owner or a new coach learning to sell and charge without feeling guilty. This is also for you, if you’re in the corporate career wanting to ask for a salary raise or negotiating for a new job.
So let’s get started.
Cheaper isn’t always good
Now, not everything that I say is one size fits all. Sometimes, depending on your situation, the strategy may change. For example, I’ve been helping my clients start membership programs. The nature of the membership programs are low-barrier to entry and therefore, the price would be low. This is different.
But in terms of your normal packages, when you make it cheap, you’re unintentionally positioning yourself as cheap and also asking people to not respect what you have to offer. You don’t want that do you?
I know. I hear you. You’re already saying “But.. but.. “ but hear me out first. All those ‘buts’ are coming from fear or even scarcity mentality.
If you don’t set your worth, someone else will come in and set your worth. You’re running a business, right? That means, you’ve got to put your own stories aside and make it work. Let’s look at this from another perspective. If you were to buy a $50 handbag would you take care of it like a $5,000 hand bag? Would you really put the time and effort into maintaining it? You wouldn’t. Because you’ve put time and effort into making $5,000 and money into buying that bag.
I’ve offered my courses for free to so many people - some of it as a bonus, some of it out of wanting to help and some out of wanting to please others. Majority of them who get my courses for free never completes it and some don’t even start it. But the ones who paid for it not only completes them but also receive massive results from it. So you get the point.
Who are you calling in?
By offering your services cheap, you’re in a way attracting people who want things cheap too. This is when you’ve got to stand on your ground and have the courage to say, “This is what I offer and this is who I want to work with."
We have a choice who we want to surround ourselves with - that includes our clients. Everything around us is always a reflection of where we are. If we want to work with people who are committed, driven, understand the value of investing and respecting someone else’s time, then it has to start with us.
“Be the change you want to see the world”, as Ghandi says, if we want to start calling in the tribe that we want to work with, we have to be that tribe first.
I hear many say “Oh, enough with mindset stuff. Just give me the business strategy”. Well, sorry. It’s just not going to be me. Because we’re dealing with people, we need to understand the psychology behind why people do what they do.
And if we don’t start with us, how can we understand others?
Yes, yes you’ve heard of this one too. Look, take this whole article as a reminder of what you might have forgotten. Or look at it this way; there are some books I read over and over again because every time I read it again, there’s always something new I learn.
So what are the limiting beliefs I’m talking about? Money stories. The stories we’ve programmed in our subconscious about money.
What comes up for you when you think of the word ‘money’?
Write down the positives as well as the negatives. The positives are great. But the negatives? If they’re blocking you from charging your worth, then we can start shifting them.
Growing up, until about 8 or 10 years of age, our subconscious mind works like a sponge. It absorbs everything from our surrounding. It still does but those years are really when the fundamental belief system get solidified. During that time, if people around us have said things like “Money doesn’t grow on trees”, “You have to work hard to make money”, “Money isn’t available for everyone”, “You can’t talk about money with others because they will think you’re greedy”, we will start to believe them to be true.
So now, take a pause and think of what the stories that you’ve heard about money and how they might possibly be in your way right now? The good news is that, once we know that these are just stories that we’ve believed them to be true, then we can also rewrite new stories that are beneficial for us.
Re-writing new stories
It’s really about looking at the same situation from a different perspective and reframing things so we don’t have be stuck in one dimensional view.
People love buying. They do. We all do. When was the last time you bought something that you’ve always wanted? Did you enjoy buying that? Why did you buy that? Now you can also understand that people love the buying experience as long as they understand the value and they really want it.
Here’s another example - one of my clients had to go through an argument with her partner when she signed up for her coaching. He didn’t see the value in investing but she did. It wasn’t pleasant. So now it’s her turn to enrol people into her coaching business. And she’s stuck.
She believes that if she were to charge what she’s worth, her clients will get into arguments with their partners. So she’s thinking of discounting her prices.
But here’s the thing, we targeted 6-9 months for her ROI (Return on Investment) but she made her investment back in the first 3 months of launching her business. If I had allowed my own stories to come in while I was enrolling her, she wouldn’t have had a chance to see her ability, the positive impact she can make, the amazing lifestyle she gets to live and the possibilities that she’s creating now -- which she once thought was impossible.
If you know that what you offer is going to bring a shift, change or transformation, put your stories aside and be the change you want to see. Otherwise, you’ll be doing a massive disservice in the world.
So now let’s look at what are the simple things you can start implementing and incorporating in your daily ritual, so not only you’re charging your worth but also you’re giving permission to others to do the same.
Set healthy boundaries
There’s a fine line between wanting to help others and wanting to please. A fine line between wanting to do good and wanting to be liked. A fine line between your Rescuer jumping in so you can feel good and making a positive impact.
Setting healthy boundaries is making it really clear where you draw the line. As I said before, I give away 80-90% of my content for free. That’s because I want to and that’s my way of giving back. But I also used to reply to every single email I received giving people free coaching. However, after I a while, I realised that people don’t value what they don’t pay for.
So what are your boundaries?
How much value are you going to give for free? Can they contact you out of coaching hours? Would you go to their houses to coach in person?
Focus on results
This is the obvious fact. When people buy from you, they’re buying results. If you can’t offer that, then what’s the point really?
One thing that I tell my clients to do when they’re starting out is to have a set number of people, for example five people, to offer pro-bono service - if that’s what will make them feel good, gain confidence and experience. Then set another number, say five again, to offer at a low rate. From there, they can work their way up to charge at a rate that they want to charge.
By doing it that way, not only can you create results for your clients, you can also get comfortable with the process of charging.
Credibility comes from experience and results, but also from publicity and being the change you want to see in the world. You can write for major publications or get interviewed on podcasts, TV or magazines as a go-to person for your area of expertise. Even if you’re starting out, you can always become the credible source of information and provider of what you offer.
The intention of this article is to remind you of the things you might already know but not following through, or shining a light on areas that you might have missed. But there are some other materials that you can access to work through the blocks that might be stopping you from stepping up.
Arabelle is a writer, lover of life and adventurer, goes by the official titles of International Speaker, Life and Business Strategist. Arabelle helps individuals, entrepreneurs and professionals become the best at what they do through the power of mindset. Born Buddhist, taught in ancient indigenous wisdom, trained in modern healing modalities and "A cross between Elizabeth Gilbert and Tony Robbins”, as her peers would say, Arabelle teaches about Leadership, Business and Mindset.