How to Confidently Charge What you are Worth
How much are you worth?
I know, that’s a rather ambiguous question…
So let me phrase it another way…
How do you set your prices and payment rates for the products and services you provide?
And how do you know if they’re correct?
Having coached, trained and mentored many business owners, this is by far one of the most difficult and complex decisions to make –
How much should I charge for my work?
And there are always two fundamental trains of thought that come with this:
'If I charge too much, I may price myself out of the marketplace – being perceived as expensive, unreasonable, or unaffordable, which can lead to a lack of interest in my offerings and potentially a negative impression of my brand!'
However…
'If I charge too little, I may initially attract customers - but be perceived as too cheap, low value and low quality.
Ultimately, I could undervalue my skills, experience, and expertise!'
As a solopreneur (you work for yourself with no other employees), monetising your skills and expertise is essential to the success of your business.
But, it can be challenging to set prices and payment rates for your time and work, especially when you’re just starting.
And it’s not just solopreneurs who struggle with this – with salary assuming a similar role in the professional life of an intrapreneur (you're employed by someone else), and entrepreneurs facing similar challenges with regards to pricing their products and assigning their position in the market.
Do you make your products and services more widely accessible while running the risk of undervaluing your skills, expertise, and quality?
Or do you position yourself at the top of the market and run the risk of being regarded as too expensive?
Here are some actionable points to help you consider how to confidently charge what you are worth, by monetising your skills and expertise – placing yourself, your products, and your skills on the right level of the market:
1. Identify your value proposition:
Determining what sets you apart from the competition and what value you can offer to your audience is essential. How unique are you /your products / your services?
2. Research the market:
Conduct market research to understand what your competitors charge for similar services or products.
This will give you an idea of what the market can bear and will help you price competitively.
3. Determine your pricing strategy:
Decide on a pricing strategy that aligns with your goals and the value you offer.
Consider factors such as the complexity of the project, the amount of time required, and your experience and expertise.
4. Offer different pricing options:
Provide your audience with different pricing options to choose from, such as a one-time fee, a retainer, or a subscription.
This will increase the flexibility of your business model and cater to different budgets.
5. Communicate your value:
Communicate the value you offer to your audience through your marketing materials and communication channels.
This will help your audience understand why your pricing is justified.
6. Continuously assess your pricing:
Continuously assess your pricing strategy and adjust it as needed to reflect changes in the market and your business.
Setting prices and payment rates can be a challenging task for any solopreneur or entrepreneur and can also play a part in salary negotiations for intrapreneurs as professionals continue to recognise their value and request salaries that reflect it.
Whatever bracket you fall into, it’s important to remember that the decisions you make now are not forever, and that every company regardless of size and industry revisits pricing on a regular basis to remain competitive but profitable.
So, if you don’t get it right first time, learn from it and make changes.
Finally, one piece of advice that I’ve certainly learnt the hard way: don’t allow your pricing to be dictated solely by the end product or service that you are selling.
Remember that the background expertise and skillset you bring to the table is just as valuable as the end product, as it is what facilitates such a high-quality product in the first place.
For example…
If you are a solopreneur running your own copywriting business, each article you have written is not merely a standalone piece of unique content but also a culmination of the years of experience and skills building as you developed and honed that talent for content writing.
Undercharging only serves to lessen the value of the years of time and experience that you have channelled into your business.
Need help?
And, if you need help, guidance or finding clarity - jargon free - with your personal brand strategy, marketing planning or leadership development - just hit the 'reply' button or email: simon@