Monetize your expertise

Building up the courage to charge for your services is challenging. What if no one wants your product? Or people complain that you are overpriced? Or call you a sell out for charging at all? Yes that may well happen. But you cannot help others with your advice or great product or outstanding service if you cannot keep yourself in business. It’s strange, people will pay $200 per hour for a psychiatrist but will look askance at paying the same rate to tap into your decades of experience. I “lose” many potential clients when I tell them my charges, for me this is often a cause for regret, not because I have lost a potential client but because I know I could deliver them many times more value than I charge. Should I reduce my rates? No! I charge what I am worth, as is borne out by my client history. My clients can terminate my services at any time, I do not insist on a notice period. Yet all my clients have stayed with me a minimum of two years and many much longer. Charging what you are worth is key to creating the long-term impact your desire.

How can you do this?

The first step is to understand the value you bring to others. Once you can do that you will feel comfortable charging appropriate or premium prices.

When you start out as a solopreneur you will probably undercharge rather than overcharge. You are anxious to get a few jobs under your belt. Dori tells a great story in his book which I will paraphrase. After pitching a proposal to an early client, the client asked the obvious question, how much? Dori was not prepared for this question and mumbled $60 per hour, which was a little less than her acupuncturist charged. The client instantly said yes, and Dori knew she had left money on the table. I made a similar mistake with my first client, although my rate was a little higher than Dori’s. It was also the first, and last time, I agreed to be paid by the hour. Full disclosure Dori now commands top end prices whereas my rate remains more modest.