How many brilliant women entrepreneurs do you know out there who are still not making the income they could be making? Are you one of them?
If you answered “yes” to the last questions or it struck a bit of a nerve, it may be because you are undercharging for your services. You aren’t putting a fee that is equal to what the value of your service is. In turn, your prospective clients don’t really get how much value you are really offering them.
When Your Income Doesn’t Match Your Value
I see a lot of women entrepreneurs who are offering services and are undercharging for them. When you undercharge for your services, you may be attracting clients that you really don’t want. They may be asking for discounts or taking what you are giving them for granted. It can also result in your ideal client turning away because “if that is all you are charging, you must not have a lot of value to offer.”
“If you don’t value your time, neither will others. Stop giving away your time and talents. Value what you know and start charging for it.” ~Kim Garst
Generally, people tend to see higher value associated with a higher price tag. This can cause a dilemma if you are struggling with really valuing your own worth. Feeling confident enough to throw out a number you really want to be paid. To create a fee based on value versus an hourly rate.
How Income Relates to Self-Worth
When you entertain doubts, feelings of unworthiness, or questioning if you have what it takes to really make it happen, it puts the brakes on anything you are trying to manifest. If you want to create a 6- or 7-figure business, these fears, doubts, and limiting beliefs are only slowing you down.
If you don’t have the number of clients you want or are not making the income you want, you may just need to increase your fee. Now, I know that may make you a little nervous and feelings of scarcity might be creeping up if you immediately thought, “I can’t get enough clients now”, “How am I going get any by charging more?”, or “No one is going to pay that”. If you just had one of these thoughts or similar ones, you are in scarcity.
“The amount of money you earn is a direct reflection on the number of people you have served.” ~Mary Kay Ash
If what you are charging is getting you your ideal clients, and you are super happy with how your business is progressing, then stick with it and don’t change a thing.
But, if you are not happy with the amount you are making and want to make more, you are not attracting your ideal client. You may be undervaluing yourself and charging too little.
It is rare that I come across a woman who is charging more then the value she is offering. I’m not sure I have ever come across this, and I have worked with thousands of women!
Charging What You’re Worth
Charging what you are worth can be a tricky thing.
You not only really need to be clear on who your ideal client is, but what results you can deliver (this is when fears and doubts come up). You need to be clear on how much your ideal clients expect and are willing to invest for getting the results they want to get.
Figuring out your ideal client means taking some time to really think about whom you love working with the most. What lights you up? What part of your work do you enjoy the most. This is really about gathering information.
Figuring out the amount you want to be charging based on your ideal client, is also mostly about gathering enough information to set a price.
Knowing and owning what results you can deliver, now there is the rub. This brings about all kinds of stuff. Stuff like doubts, fears, limiting beliefs, scarcity, just to name a few. Then attach it to a dollar amount and alarms bells are ringing.
Money can be a hot potato topic.
Looking at and clearing your limiting money beliefs and patterns will clear the path for you to charge more and attract the type of client and business you want to build.
To get you started, here are a few steps to work with:
- Get out a piece of paper, and answer this question: What do you believe about money? Write everything you believe about money, the good and bad.
- Write down what you grew up hearing about money. Growing up I heard “money doesn’t grow on trees” a lot. This in turn became a belief that it was hard to make or find money.
- Find a quiet space, take a couple of deep breaths then ask yourself these questions, and write down your answers:
a. Is it okay to make money?
b. Is it okay to make a lot of money?
c. What do I think about people who make a lot of money?
- Once you have taken some time to consider these questions, look over the responses. Do you see a pattern or a particular belief that keeps popping up?
- Once you have an idea of what beliefs may be limiting you, take one belief at a time and ask:
d. Is this a belief of mine or someone else’s?
e. What if this belief wasn’t true for me?
f. What could I accomplish if this belief wasn’t true?
g. What do I want to believe instead?
Bringing a limiting belief into awareness is half the battle. Once you are conscious of the belief, you can do something about it, and make a new choice.