Ah, this Suze Orman show really hit home this week, and I had to share the information that she discussed.
If you are a mom in business, you may have fallen into the ‘How much should I charge’ trap. I have, so I’m not just talking from left field here.
Especially in the beginning of a new business, when you are seeking clients so you can build a portfolio or a name for yourself, many people undervalue what they are worth. They charge less for services because they are afraid to ask for more. They barter for things that they don’t even want because they need to build a portfolio.
If you think I’m crazy writing this post, I’m not. You wouldn’t believe the number of people that I know in business who have done just this.
With women, we are often afraid to tell people what our services are worth. Suze talked about this a bit on the show. Why are we so afraid to talk about money, or to look at what we do and put a price to it? She states maybe we are afraid that when we say this is what we are worth we are afraid people will turn and walk away.
Is that a bad thing, though?
Consider this: Everyone else is charging $XXX for a service for which you state you will only charge $X. So you do the work for this person who only wants to pay $X and you get that money. In the meantime you don’t have enough time to take on other jobs that may pay the going rate for your work or service or product, so in essence you are giving away money for nothing.
You may as well make a check out to that person, that potential client, because you are really just giving them your time for nothing.
Why are women afraid of money? Afraid to take control of their money or afraid to state that this is what I am worth? Suze says that it boils down to finding a relationship with money. We take care of things with which we have a relationship, like our children, our homes, our families.
What is our relationship with money?
And why are we afraid to take control of that relationship?
I’d be interested to hear your thoughts on this. I do see that many women in business that I know have problems setting up a price base or asking clients for more money.
When I started off in this business several years ago, I was afraid to ask for the money that was owed to me!
That has changed, I’m happy to say, but only just recently, as I began to look at the amount of time I spent on services and the small fees I was charging and the time away from my family that came because of the amount of time I was spending on projects that I had undercharged. Now, I charge closer to market rate for my services and it has actually empowered me. I feel better about the work that I do, and I know that I am passing up on jobs that are going to take time away from my family and not pay well and that the jobs that I do will be worth my time.