Do you know if you undercharge and how you can immediately stop this?
I went back several years through my detailed notes and my heart broke at one memo: CDN $600 for a 12 Week Program. Personalized coaching plan complete with face-to-face 90minute meetings, and free tickets to events. I even made warm introductions and sent referrals to my clients.
They, for the most part, complained that $600 was too much and so get this, I created a special for special clients, $497. One such client went on to make $5,000 in four weeks. The person still complained at my fee!
My pathetic pricing structures lasted a total of 10 months. I used two months thereafter to work on myself and up my game. The first time I stated my four digit price for my “new” 12 Week Program, I got paid without a moment’s hesitancy. The client never complained. By the way, my program wasn’t “new”. My ideal clients were. I was.
Your clients reflect you.
For the clients who complained that $600 was too much, I’d already had that mental battle on their behalf. In my mind, I couldn’t see how anyone could pay anything over $150 let alone $600 for coaching. To make myself feel better about charging so much, I threw in many added benefits until I had no time left to myself. That’s why they got the 90 minutes, the warm introductions, and the referrals. They got free tickets to events and I even transported some of them to the events! So in this sense, I received in the physical sense what my inner self-thought.
When I upped my price to four digits and let the world know, I received people who didn’t blink back. They were already invested in themselves. They already knew the value of getting help to reach their goals. They themselves were not going to charge cheap. They’d already spent far more on their professional development than my fee. And most important, they were self-motivated and ambitious. But so was I. What I leaned into in my inner self, I attracted on the outside. I still kept many of the benefits because it’s my nature to give, but I charge what makes me comfortable doing what I do. I also make sure that I have time for myself and a viable, scalable business model.
My clients reflect me.
If you have to ask yourself whether you’re undercharging then you already know the answer. You probably are. Especially if you’re a woman or come from a church, health or public service background. Your nature is also likely a giver (there are others like providers, fixers, etc). If so, you align your work with your calling. Money muddies up your inner desire to serve but you also need it to keep you stress-free and giving.
Most people starting out will undercharge. Regardless of the years of experience or type of specialized service. This is because they likely don’t have any high-value connections and mentors. They also succumb to the massive noise where everyone knows everyone and already have “a guy” or “no need.” They feel really small, and they clam up. Many of them keep their entrepreneurial titles on social media but they go back to the jobs where they at least know what they’re doing. Many hours and wasted dollars later. Worse, many trampled dreams and broken spirits later.
That’s why I’m passionate about my work. If I meet one person at the right moment and help that person understand that it’s all about sales and marketing – I’ve done my job.
First things, first. Self-worth.
We don’t value what we don’t track.
You’ll love this eye opening exercise. Write down on a piece of paper what you do on a day to day basis for your work. If you have a full-time job and a business, write them all down. If you don’t work and you live at home, write down on a day to day basis what you do with your time.
For most of you, you’ll be surprised at how much work you do. Type out this job description into a job search and you’ll find that your position goes for twice or thrice what you currently earn. The interesting thing is that this isn’t news to you. But what you’re waiting for is someone to see your worth and raise it by giving you more money. And when that doesn’t happen you start to think that maybe it’s you. You don’t deserve it.
A clear understanding of what you bring to the table considerably raises self-worth. This works if you carve time out of every day to think about your life’s journey. Where you come from, what you’ve been through, what you’ve overcome, and where you’d like to go. When you write out all that you can and are able to do you begin to value yourself. I create websites using HTML. If I’d never written this down I would have forgotten it. Yet I take care of my website using this skill on a regular basis. This is also something that you do, take for granted what comes easily or that you’ve mastered.
Next, look for coaches who can help you with your money blocks. I got one and thank God I did. There was what I could do and there was what I couldn’t see. I had many subconscious blocks that capped my earning capacity and POWER. I didn’t even know that that was my problem, to begin with! I just thought I had to do a better job of showing my clients that I really was worth it. Sad isn’t it? And yet that’s the reality of many entrepreneurs and especially start-ups. Read books, watch videos and listen to podcasts. In this age of the internet, there’s no excuse to not getting information. Learn about money and your relationship to it and I promise you, this knowledge will change your life.
Effective immediately raise your prices x2. If you’re brave, make it x4. This uncomfortable exercise will bring up powerful mental conversations you never anticipated. That’s okay. Ask most well-paid entrepreneurs and they’ll tell you. Raising their prices both terrified and liberated them.
The important piece to charging and getting what your work is worth is finding the right people. I could raise my prices all I wanted but for as long as I went back to the same lead pool I was in trouble. I needed to find new grounds to carve out my space and fast. That happened to me in 30 days.
For a free template to help you get more clients in less time, click this link –> www.juliakatsivo.com. I share my exact process and what I did to get my high-value clients and how you can too. The best part is that my system is holistic and won’t feel salesy or spammy. What changes is the caliber of clients you attract, the kind of money you’ll make, and the amount of time spent.
The tool is free but you’ll have to do the work. Many times people sign up for free resources and allow the emails to flood their system. They don’t do a thing, get overwhelmed, and then complain that coaches are preying sharks. Be real. A lot of time and effort is put into the material that’s offered to you and there’s a reason you sign up for it. Do yourself a favor, get serious, and get help or you won’t stop undercharging. You’ll get clients who complain and drain your bank account. You’ll quit your business resentful. Or you can download the free template now and start attracting more clients in less time.