You Don’t Know Your Worth}

You Don’t Know Your Worth

by

Ellie RomeReed

I’m serious! I can’t tell you how many times I have seen people sell themselves (their product or services) for WAY less than its worth. This includes anyone just starting a business, regardless of your industry.

Think about this scenario for a second: If a lawyer went to Harvard and received excellent marks, graduated near the top of their class, and then set up shop selling legal services for $10 an hour, what would you think about the value of their legal services?

People who are looking for you (your products and services) will see your pricing as Dollar Store pricing and won’t take a second look, let alone respond to the advertisement, because their automatic belief is, “it must be junk.”

Do you expect good value from the Dollar Store? Or do you expect something that will get the job done, and if it doesnt no harm, no foul because it was just a dollar? Is that the kind of message you want to send your potential clients and customers? And on an even deeper note: Do you see the fear based thinking here?

People price their products and services at an extreme discount for two reasons:

1.)They are afraid someone wont like what theyre selling, so they price it really low so that, if there is no value gained, the client will think, no harm, no foul and not criticize the seller.

2.)They price out of lack, thinking if they price things low enough, they will attract enough people to make up what theyre missing. Which is also a fear of not enough money, not enough clients, and so on.

Fear of not being good enough and fear of judgement keep us stuck. Usually, we think it keeps us from moving forward towards our goals. But this specific fear keeps us stuck in a sneaky way: making us think were putting ourselves out there and then proving to ourselves that, no one wants my services anyway When in reality, we priced our Nieman Marcus goods and services at Walmart prices.

Sandra Yancey, CEO and Founder of eWomen Network says, “When I want to play with Neiman Marcus people, I don’t go looking at Walmart.”

Do you think clients would expect good value from a program priced at Walmart level pricing? Or do you think they expect to get high-end products and services from Nieman Marcus level pricing?

Do you want Walmart clients? The clients who are always looking for a deal, trying to get by on whatever is available to them

Or do you want Nieman Marcus clients? The people who want quality that lasts a lifetime, things that will actually benefit them, and for you coachespeople who will actually do the work, get results, and then leave you an excellent testimonial you will share over and over, to help you grow your business!

If you want the higher end clients, or even the *occasional* Whole Foods shoppers, you have to price accordingly! And don’t drop your prices below what you’re worth.

I know what youre thinking. Youre just starting and think your services arent worth much yet. Or youre asking how to overcome this thought pattern. (And if you are in the first category, you should be asking how to overcome this thought pattern!)

I give my clients a couple of assignments to start the process:

Assignment 1

For service based businesses (coaches, done for you services, etc.) the first step is figuring out everything youve learned and that you bring to the table for your clients.

For goods based businesses, figure out how much your products cost you to make.

Then for both business models, figure out what your time is worth. In business school we learn about opportunity cost: the loss of potential gain from other alternatives when one alternative is chosen.

One person I know wrote a book and priced it at $7. There wasnt a whole lot to it. Maybe 5 pages of content and another 50+ pages of lines for you to write on. You download and print the book yourself, so she wasnt paying for any materials. Her book sold over 45,000 times, netting well over $315,000 for her hour or so of work. This is a GREAT example of when to price lower when you put in time only once, but can sell the product over and over. (Products like eBooks, Webinars, Training Videos, etc.)

If you’re selling a service where you spend your time with someone or completing a project for someone, decide how much your time is worth. There are several factors that go into this!

For me, spending time with my kids is worth a heck of a lot more than minimum wage. I have a specific dollar figure in mind, considering someone watching them, other things I can do with my time, and what Im missing out on when I spend time with people, to decide what my time is worth.

Dont get into the trap of trading dollars for hours either! You will be stuck in an endless cycle you cant get out of. In the information age, everyone has the ability to make money for knowledge shared. And depending on how long you took to acquire that knowledge, you should price according to what it cost you!

Assignment 2

Be grateful for what you have.

I read Pam Grout’s Thank and Grow Rich a little over a year ago. I quickly found I was able to be grateful for the little things and ended up being thankful for SO MUCH each day! I found myself finding three things to be thankful for before 6:15am… It shifted how I looked at everything!

When you are grateful for the things you do have, the opportunities that come into your life, the color blue because it makes you smile you suddenly feel less lack around you, and you can start to really decide what things are worth — including you, your time, and your products or services.

If you want to go deeper on any of this, contact me!

Ellie is a Psychic Healer and Transformation Coach who helps clients shift their mindset, break through blocks, and find fulfillment and success beyond their wildest dreams!

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