Ready to get paid what you’re worth?
Not all entrepreneurs are created equal. You’re through working for someone else. Now what? Your first step is to establish your ideal practice. Over time, however, you may realize you’re undercharging. Or you’re charging by the hour. Trading dollars for your time limits how much you can earn. So how do you get paid what you’re worth?
Nancy, a copywriter, was nervous as she announced her plans to go out on her own. The idea of growing a profitable business was exciting. After a year on her own, she finally admitted how she had created another job for herself. Like most of the entrepreneurs who are in my mastermind program, money is not her primary motivator. What drives her is the difference she can make for her clients without someone else calling the shots.
Winging it only gets you so far
Just because she’s an entrepreneur, doesn’t mean she’s a savvy business owner. She finally admitted that her technical skills exceeded her business skills. Until now, she grew her business by winging it. But she finally arrived at her capacity, and there was no more room to grow.
Nancy recognized the risks of being a business owner. Taking the leap from a steady paycheck to the uncertainty of entrepreneurship is a big decision. She was on the verge of burnout from being overworked and underpaid. Something had to change, but what? She was already working hard in her business. Now it was time to work on her business.
Nancy wanted to make more money, but faced an income cap with her current rate structure. Her fees didn’t reflect her expertise. She needed to value her own expertise before she could expect her clients to value what she had to offer. She wondered how to earn more without working more, but couldn’t figure it out on her own.
Discover how to get paid what you’re worth
Discovering her worth combined inner and outer work. Like many entrepreneurs, she unknowingly positioned herself as a skilled laborer. She was valued for fixing a problem. Period.
Several small, significant changes were outlined. Instead of jumping to a solution which fit her skill set, she learned to act as a detective during initial consultations. Asking “why” during consultations helps to reveal core issues. This small shift positioned her as a resource instead of a technician in the eyes of her clients.Discover the specific questions which uncover your client’s real needs. Here's how: https://businesssuccesssolution.com/get-paid-what-youre-worth Click To Tweet
She developed specific questions which uncovered the client’s real needs. Now her discovery sessions possessed value beyond the obvious. Even if you don’t immediately get hired, you will help your potential client gain clarity about their core issue. Her ideal clients recognized her value.
Here are 5 tips to help get paid what you’re worth:
- Shift your mindset. Changing her approach during consultations was the first step. It’s difficult to get paid what she’s worth when a potential client fails to grasp the value she offers. While in the mastermind program, Nancy discovered how she differed from others in her industry.
- Separate fees from time. Nobody wants a client who watches the clock. Tying her fees to time categorizes her as an expense in her client’s mind. Partnering with her clients for a result, instead of time, is a game changer.
- Self growth. We addressed her mindset issue regarding money and worth. The thought of doubling or tripling her rates was uncomfortable at first. Who would pay for this? How could she justify this? Could she meet their expectations? Yes, mistakes were made along the way. Nancy’s conviction about her value grew as she figured out the process.
- Select your standard. There’s a ton of entrepreneurs seeking new clients. There’s even more options available when you seek off shore help. Strategic positioning placed Nancy as the “go-to” expert. She grew comfortable with exposing the gap between the issues and problems before offering a solution.
- Solve a need. This is the #1 action which separated her as an expert compared to the competition. Her consultation highlighted the client instead of her. Nancy established a business model which solved a need instead of emphasizing price. Follow her lead so you start to get paid what you’re worth.
Nancy upleveled her business. Her new clients valued solutions instead of solely fixing problems. She doubled and then tripled her fees. This model, however, is not all about the money. This transition emphasizes systems, strategy and mindset. She now focuses on helping her clients grow instead of how she could grow. The trust she gains from her clients, in turn, helps her to grow as well. It’s a win-win.
The possibilities are limitless
Discovering her value was the reason she could raise her rates. Nancy admits that stating her value was uncomfortable at first. Doing something new instead of sticking with something familiar stretched her. Nancy knew that owning a business included risk.Pricing by the hour positions your business as a commodity instead of an investment. #getpaidwhatyoureworth Click To Tweet
Pricing by the hour positioned her as a commodity instead of an investment. This wasn’t what she wanted any longer. Nancy transitioned from technician to consultant because she decided to raise her fees. During the process, she discovered where she undervalued herself. She didn’t realize how much she gave away. All those minor things add up over time.
Working closely together, and the feedback from the other mastermind group members, helped reveal the hidden benefits which separated her from the competition.
What would you have to let go of to get paid what you’re worth? Let’s talk about how you can connect with your value, raise your rates and lighten your workload.