One of the most common challenges that we come across in our chats with women in business, is pricing – also known as how to charge what you’re worth. Women, in particular, are often prone to under-valuing themselves. We find it easy to compare ourselves with others and allow the Imposter Syndrome to creep in. And what about that one potential client who told you your prices were too high? Sometimes we even struggle to understand why someone might pay for what we’re offering, in the first place. Our service or product is ‘just’ this… or ‘only’ that.
Any internal chatter along these lines is automatically going to create doubts in our minds, and these doubts will eventually do nothing but hold us back. But actually, when you run a business, the numbers are everything – and if those numbers aren’t high enough, you don’t actually have a business. Knowing how to charge what you’re worth is, therefore, absolutely crucial.
5 steps to charging what you’re worth
Factor in your ‘actual’ costs
Understand the value that you bring
There are so many things that can contribute towards that ‘value’. Value can be created through your products, for example, and through the raw materials that you use to make them. Do you use organic flour in your wedding cakes? Or something closer to a supermarket special? And what about your history? Your qualifications? Your connections? All of these things have led you to the point where you are today, and should be reflected in how you value yourself and your offering.
Believe in the prices that you set
Be consistent – and follow through
Get help
Hopefully these tips will help you to calculate the value that you bring to your clients. If you want to read more about finance, check out our Definitive Guide to Starting a Small Business, and if you’re still struggling to charge what you’re worth, book in a free Discovery Call with us. Let’s chat about how we can help you to move forward.