Are you earning what you are worth? Are you committed to doing what is in your client’s best interest? Then you need to probably charge more! Why do so many independent consultants or self-employed professionals under charge? What can they easily do to get paid what they are worth!
Use the “Buy the Package” Approach! Consider names like Small, Medium and Large or Silver, Gold and Platinum Plus!
As a business coach, I’ve discovered that one of the biggest sources of stress for my clients is deciding how much to charge and coming up with a way to easily raise their rates. Making more money makes most people enjoy their work life more. Money matters, but it’s not the primary reason people are unhappy or happy in their work life. What makes people happiest comes down to “It’s all about relationships and it’s all about love” My #1 MarGOism!
If you under charge it may be because you don’t realize that your colleagues or peers are charging significantly more. Money is the hardest and last thing people talk about. It’s easier to talk about sex than money. Many don’t ask because they are afraid to know. They may know deep down that they need to raise their rate, but they have gotten good at finding excuses and reasons why they are correct in not charging more. They are “better” people for charging less and certainly aren’t money hungry like those other “bad” people. It’s human nature to justify our decisions and find ways to protect our fears.
My response to these (judgmental) statements is what if you gave the extra money you make to your favorite charity or cause? How about having one or two “pro bono” clients? Do you think you may be avoiding raising your rates because it makes you uncomfortable to talk about money? If so, you are in a boat with most of your colleagues. “Normalizing” is a powerful stress management tool. We think we are so special and in reality we are just “normal” human beings. From my perspective, the best things in life come from challenging ourselves. Doing what is hard to do will raise your self-esteem far quicker than staying in your comfort zone. It is exhilarating and extends into all areas of your life and relationships. Love it!
There are many great resources to help you figure out what to charge. One of my favorite teachers is Alan Weiss. I read his Monday Morning Memo every Monday! Sign up on his website www.contrarianconsulting.com Alan’s first bestseller was Million Dollar Consultant. If you want top-notch help and support for getting paid based on the value you deliver, read “Value-Based Fees”. It is inspiring and he makes you motivated to do it!
When I help my clients earn what they are worth I feel so good. Most of the time they will do it within the first three months we are working together. Some do it within the first few sessions. Raising their rate by even $10 an hour or using a “packages” approach will reap them thousands more dollars in income. What they pay me is truly a drop in the bucket. Be sure to tell your friends! It’s almost like I’m giving away money! A more reliable return than any other financial investment I know of. Hmmm, something to think about…
I highly recommend packages. They are the way to GO! Everyone wins! The value is beyond comparison with hourly charging.
Check out my packages under “Work with MarGO” and sign up to receive my blog updates.
What’s holding you back? I welcome your comments.
