Charge what you’re worth

Charge what you’re worth

What are you worth ?

As a small business owner, have you found that you are working too hard for the profit you are making?

It’s time to start selling the results your business can give to others. So many small business owners end up in financial difficulties because they do not understand what their service is truly worth, they don’t understand the concept of selling your time not a price.

 

Understanding your value:

Understating the value of your time and service should be made a top priority when establishing your small business. If you aren’t aware of what you are worth you may well be losing out on revenue which you have fairly earned.

Understanding your value can be difficult for some business owners. Without proper knowledge and guidance, it can be easy for your work and time to be taken for granted. Stop and ask yourself what is it that you actually do for your clients, what are the main features of your service. Once you fully understand what it is that you can offer your clients, then it’s time to turn these features into benefits, what does your service mean to your clients.

If you don’t demonstrate the value and benefit of what your services provides, the clients will always base their decision of the quote or invoice you give them. It’s important that your clients are looking towards the value and outcome your work and time can give them rather than the price they see.

If you do not understand your own value, then neither will your clients. Understanding your value is something which takes time, and you also need to review it on a regular basis as you gain more expertise within your industry.

 

Work for the right clients:

What are your clients willing to pay to fix their problem? There are many individuals who build their relationship with their service providers based solely on their hourly rate, not what they can provide them. Hence, it’s important that you are working for clients who understand and will pay you on the value of what can you provide, rather than someone who is just looking for cheap and easy fix.

If we switch perspectives, from the point of a client, what would you be willing to pay to fix the issues in your personal life or business.

It’s important to understand that your clients are charging you for the outcome. As a business you need to be able to provide a solution that no one else in your industry can. When working with clients it’s also imperative that there is a mutual understanding between each sides. Work for the clients who appreciate the outcome and time you are offering; this could ultimately mean turning down or losing clients who want to underpay you for your efforts.

Whatever happens, if you want to charge what you’re worth, you must target those clients who will value your service and pay you accordingly. This may well mean making some radical changes in your business to be able to achieve this. 

 

Seek help:

As a small business owner, you have much expertise within the services of your industry however, consumer marketing may be a foreign concept to you. Understanding the value of your business and charging what you are worth is a difficult task and often can’t be done alone. Now it’s time to invest in yourself.

Kathleen Ann from Powerup Your Marketing is an industry professional who can help you understand your businesses worth.

Here is a link to Kathleen’s free training webinar where she discusses ‘The 3 mistakes most coaches and consultants make when it comes to charging for their services’ https://event.webinarjam.com/channel/PUYM2

If your small business is struggling in revenue, time to consider if you are charging what your time and services are worth, reach out to us at NGR Accounting or Kathleen and we can help you in taking the next step towards success.