51: How to Know Your Worth and Charge It

 

Many purpose-driven professionals and creative entrepreneurs have a hard time knowing their worth and even harder time charging it. There are some that even feel weird simply charging others for their work. So many of us struggle with imposter syndrome that we don’t really value ourselves and what we do. Even though we love what you do we still need to be able to make a living. On this episode of Worth It, Dustin and I are here to inform you why it is so important to know your worth and why you should never be afraid to charge people exactly what you're worth.

Here’s What You’ll Learn

• [3:31] What happens when you charge your worth?
• [8:42] The correlation between price and satisfaction isn’t what you would guess
• [12:20] A story about Jean Michel Basquiat
• [15:18] How to decide what to charge?
• [19:22] Confidence keeps you moving forward

What is imposter syndrome?

Imposter syndrome is the feeling that you just aren’t good enough, a feeling of inadequacy or incompetence. Many successful creative professionals feel as though they are a fraud, even after achieving success. So many creative entrepreneurs and purpose-driven professionals have such self-doubt that they wonder why anyone would want what they are selling. They feel that they should discount their prices or maybe even give their time and their creations out for free. It’s time to understand your fear and grow past it. Have you ever felt imposter syndrome? What have you done to combat it?

What happens when you don’t charge your worth?

Oddly enough, if you don’t properly charge your worth it can have the opposite effect of your intentions. Many people choose to discount their prices due to fears of rejection and feelings of inadequacy but doing so can actually create dissatisfied clients. People’s perceptions of goods and services change depending on the price. Something that has a high price tag can actually create desire. And many people that buy things at a discount or low price are constantly looking for a defect and often claim buyers remorse. How about you, do you know your worth?

How to decide what to charge

Trying to decide what to charge for your services can be the most challenging aspect of creating your business. What should you consider when creating a price structure? You need to think of the time you put into the work, of course. But what about the years of experience and training that went into it, have you considered that? Do you have a specialization? Does your price reflect your concentrated expertise? There are many questions you need to ask before settling on a price, but it’s important to remember that you never want to win a race to the bottom. Think about it, are you really charging what you’re worth?

Self-confidence keeps you moving forward

Once you finally work out what to charge you must keep moving forward. Hone your skills. Take extra classes and learn to master your craft. We are continually learning and bettering ourselves and our service to our clients to give them the very best. If you want to create customer satisfaction then you need to do 2 simple things: make useful promises and keep them. Ensure that you are charging enough to over-deliver those promises and give your clients the best service. Your learning will help ensure that you are giving your clients the best that you can. Listen to this episode of Worth It to help you consider what you can do to increase your self-confidence in your skills to make the most out of your business

Resources & People Mentioned

• Art of Manliness - 407 How to Stop Being a Nice Guy
• Seth Godin’s Daily Blog
• BOOK - The Win Without Pitching ManifestoBlair Enns
• DOCUMENTARY - PBS American Masters - Jean Michel Basquiat

Connect With Danielle and Dustin

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• Connect with Dustin on Twitter: @DRGranger