And we had an absolute blast talking through a couple of really key components to running a coaching and consulting practice. Or heck, even if you're a freelancer offering services per hour.
We dig into really finding some solutions around that. And I say solutions because there's a problem if you're simply trading your time for money like that on a per-hour basis.
We start off around the power of knowing your clients' pain points. It's such an important aspect of a coaching practice (any business at all, really). We discuss how to do market research to find out what your clients are struggling with. Also, what are they aspiring to and what are they trying to accomplish?
When we can dig into what they're really struggling with, and then line that up with how we can bring solutions to those problems, we're going to find that perfect fit in the type of client we want to work with along with the solution that we can provide.
Business Coaching Helps Identify the Bottlenecks
We start with the pain points but then we quickly dig into so many different areas that Robin is helping coaches and consultants and even freelancers with his Fearless Business program.
And Robin mentions in this episode, if you go to Fearless.biz/tys , he'll send you a signed copy of Take Your Shot!
This is a phenomenal and fun interview.
So let's jump in!
Success in Business and in Life
Success in business and life is a constant back-and-forth of charting your course and taking the consistent steps everyday to move you forward. Both ... are critical. My guests on this show range from entrepreneurs starting from scratch to leaders of companies looking to scale. For me, a show like this is all about joining forces with my guests to dig deep and create something new for you - whether that's a small insight that gets you unstuck ... or a path of massive growth through customised marketing and creative sales initiatives. Welcome ... to Strategy + Action.
You want to get paid what you're worth, but it's not always easy to know how much that is. In fact, many of us have a hard time even determining what counted as value in our industry before we started working there. So how do you set yourself up for success? Read on for my recommendations on how to start charging what you're worth.
Acknowledge your worth
When we think about our financial worth, it's crucial to acknowledge that we are in control of the value we assign ourselves. We can't expect to get what we want if we don't ask for it; and the more uncomfortable or anxious the request seems, the harder it is to voice. This can be especially true if you're a woman trying to negotiate on your own behalf.
However, there are some ways around this:
Don't be afraid to set boundaries around what you will/won't do and don't be afraid to say no if something doesn't feel right or fair.
Be prepared with information about your skills and experience (and what makes them valuable).
Know what counts as value in your industry
Now that you know what kind of work you're doing, it's time to figure out how much your talent is worth. To do this, you need to learn about the value in your industry and how your work relates to it. Here are some questions you should be asking yourself:
What are the most valuable things I do?
What are the most valuable things my competitors do?
What are the most valuable things my clients want from me?
What are the most valuable things my clients need from me?
Know your numbers
When you know your numbers, you can better determine how much to charge. You'll be able to answer questions like: What's the going rate for my services? What do I want to be paid? How much do I need my business to grow in order to financially support myself and/or my family? Having a good understanding of these metrics will help you set realistic prices and make informed decisions about your career path.
Know the current market rate (both high and low)
Knowing the current market rate for your skillset is the first step in determining what you're worth. There are several ways to research this information:
Looking at job postings and comparing them with your experience level and education can give you a sense of what other people are earning. For example, if every job posting for a marketing assistant asks for 5+ years of experience but you have 3 years, then it's safe to assume that 3 years is the right price point for an entry-level position.
If there aren't any job postings available, look at similar jobs that do exist and see how those salaries compare with yours. For example, if your industry uses project managers who mostly have MBAs but most project managers on LinkedIn don't actually have MBAs but they still earn $80k-$100k per year (which seems high), then it might be worth pursuing an MBA if that's something you want in order to reach that level of pay as well—but don't do it just because someone else does it! Make sure pursuing advanced degrees fits well into your plans so they don't end up being wasteful investments in time or money down the road when compared against other options such as negotiating raises or taking on higher-paid clients instead of low-paying ones just because everyone else does those things too."
Explore what your prospects are willing to pay, before you make an offer
One of the best ways to figure out what you should charge is by looking at what others in your industry are charging. To do this, make a list of people who offer similar services as you and see how much they charge for them.
Then, ask yourself: am I worth more than that? Am I better than these people? If so, why? What makes me different from them? Think about it—if someone said they were hiring you, would they be getting more bang for their buck with you than some other person offering similar service? The answer may surprise you!
Don't give away your power
Don’t be afraid to negotiate. You know what you’re worth, and if your client doesn’t see that value, then they don’t deserve you. Don't let yourself be taken advantage of by an agency that wants to pay you less than the market rate because they can get away with it because they have a captive audience in their backyard. If someone offers you a job at a lower rate than what other companies are paying for similar work, walk away and find another company who values your talents enough to pay what you're worth.
Don't give away your power by not negotiating for higher compensation on retainer or hourly rates; otherwise, clients will continue making low-ball offers expecting that eventually it'll get through to us—and most likely it won't happen unless we set our boundaries early and often! We are responsible for our own success in this industry; let's stop being disempowered victims so we can finally claim our rightful place at the table as equals when dealing with agencies or clients looking to hire us!
Resist the urge to over-deliver or under-charge
Don't sell yourself short. It can be tempting to under-sell your work and time, but charging what you're worth will make you feel good about your work and help set the stage for future success.
Resist the urge to over-deliver or under-charge. When you're new at something, it's easy to try too hard at first—but if someone asks for something that seems unreasonable or unrealistic, don't overdo it in an attempt to please them just because it feels good for a moment (and then feels bad when they don't appreciate how much effort went into it). Similarly, if someone asks for a big discount on your services or products—especially if they aren't paying in full upfront—think twice before cutting into your profit margin; this may be a sign that this person isn't truly invested in building long-lasting relationships with other professionals like yourself.
Set yourself up to get paid what you're worth
The first step to charging what you're worth is knowing your worth.
We know this might sound obvious, but it's important to understand the value of your work and how much others are willing to pay for it. To figure out what you're worth, ask yourself these questions:
What am I offering my clients? What makes my services unique?
What do I charge my current clients? How many hours do they typically bill me each month? Is there room for improvement? If so, by how much?
Who are my competitors in this industry? How much do they charge for similar services (and is that amount reasonable)? Do they offer any discounts or promotions that could affect their pricing structure (e.g., "first time customers only!"). You can research fees via sites like Glassdoor or Payscale or simply by picking up the phone and calling people who have used similar vendors as you before!
I hope this guide gives you the confidence to charge what you’re worth. The best way to get paid more is to know your value and communicate it clearly, so that prospects have no reason not to pay it.