Working Too Hard for Too Little Money?Sep 1st, 2009 | By Stacey Mayo | Category: Peaceful Entrepreneur
So let’s take a look at what this is about.
There is a tendency for people who are just starting in business to undervalue their services and their worth. As you grow your business, confidence builds and some people raise prices accordingly but some never do or lag behind.
And now on top of that, with the downturn in the economy, many entrepreneurs have assumed that people will not be willing to even pay their regular price.
And certainly there was a period of panic, when some people just stopped buying anything they considered unnecessary.
Therefore, some entrepreneurs decided they better lower their prices. Good idea or bad idea? If you did that, is it working for you?
Whew! I did it for a short time but found it was a bad idea for one-on-one services. That will definitely lead to working too hard for too little money.
What worked better was doing the exact opposite. I created a higher end program that offered more value and more focused and strategic time with me for a premium price. So now I am contributing more value and making more money with fewer clients thereby saving me time and energy. And I got more bites than when I lowered my price.
Surprised? Well the truth is there are always people who have money to spend and they will spend it when they believe they will get good value. My higher end platinum coaching package is an extremely good value and people get that. And they are getting fabulous results in part, because there is a higher level of commitment on their part and on mine.
Now I know you are probably thinking, ‘I can’t charge more.‘ And ‘what about the people who can’t afford it?‘ I know because I had some of those thoughts initially too.
So here’s a couple of counter arguments to that persistent mind chatter.
1) When you charge more and attract the higher paying clients, you then have money to spend which will boost the general economy.
2) When you start making more with fewer clients, you have more time and creative energy to create groups, products and programs that will also serve those who cannot pay the higher dollar amount.
3) End result is serving more people, making a bigger impact and positively impacting the economy.
Oh, but let me not forget the self-worth issue. Most of us have nagging mind chatter about our worthiness – especially women. I had to clear some issues around that before I was able to comfortably raise my prices. I used some of the tools that I use with my clients such as the C.A.S.H. Grid.
Are you tired of working too hard for too little money? It is in your power to do something about it. What are you willing to do ?