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.
Today on the show, Strategy + Action = Knowing Your Client's Pain and Charging What You're Worth
Business Coach Robin Waite is on the Strategy + Action Podcast today.
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.
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.
Make sure you check out Robin's books, including Take Your Shot, Online Business Startup, and Marketing Machine.
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 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.
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:
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:
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.
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:
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 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!
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:
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.
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This Scorecard has been designed to show Coaches, Consultants and Freelancers their blind spots and provide instant, actionable steps on how to increase their prices.