There are plenty of entrepreneurs that are actually going broke! The biggest cause of this is because they aren’t charging their worth! The simple fact is that as an entrepreneur, you may be giving away too much for far too little! You were put on this planet for a reason, to serve someone or to save someone. Whether you serve or save, you can be paid to do so, and paid well! It’s time to quit selling yourself and the solution to people’s problems short! The key to living the life you want to live is to recognize that you’re solving a problem, and charge accordingly for the solution!
- Understand how much money you need, and do the math based on that!
Your idea of living well and mine may be two different things, and that’s okay. However, you have to put some things down on paper! If you don’t know how much money you need to live the way you want, you’re essentially running blind! Put down your numbers on paper, and then do the math to figure out how much business you need to conduct in order to stop sacrificing your quality of life! Speaking of doing math…
- Do the math on how much your business is costing you!
This is where many entrepreneurs get caught and end up not making a profit. Your financial situation can change the moment you actually put a price on what your business is truly costing you! I’ll give you an example. Suppose you have a $20 product that you sell throughout your area. If it takes you $17 of materials to make it, and an extra $5-$10 in gas to drive your product across town, you haven’t made any money! Worse yet, some of you may be offering free samples for your products! If you only started charging for each aspect of your business, your financial situation would change!
- It takes consistency to charge your worth!
When any entrepreneur first starts out, they are unsure of what to charge for their products and services; I was no different! However, with consistency comes the practice and experience needed for you to see your worth and start charging accordingly. My prices have only gone up over the years not because I want more money, but because I started to understand my worth! Everyone has to start somewhere, but from there, you should keep at it and only go up!
- Your ability to charge your worth is directly linked to your confidence!
I’ll give you the honest truth on this one. Nobody except you can tell you what to charge for your products and services! People may make a suggestion, but it is ultimately your choice! If we look at the various bottled water companies, they all have different prices. However, it’s just water! They price differently, and people buy based upon the confidence of these companies; they stand behind their products and their prices! People either want your products and services, or they don’t. If you’re confident in your prices, people will pay!
Another thing to note is that at times, you can price your items too cheap to be true. You can run off potential customers by not charging enough! We’ve been taught to place little value on free or cheap items; we value what’s expensive!
Learning and charging your worth is a skill that’s only built over time and experience! Invest in the help that’s needed to take the guesswork out of charging your worth! Will you stop sacrificing your quality of life, and put the correct price tag on what you offer, or will you continue to leave thousands on the table? I can help you with all of that, and more, but you have to make a decision!