What Am I Worth?
( photo by Simon Petrol on unsplash )
This question keeps cropping up for a variety of reasons, but most recently in terms of business. The most difficult aspect for me, in terms of striking out on my own, has been pricing. My guess is that other people have the same worries.
I have looked at the prices other similar businesses charge, both in my area and elsewhere. I have thought about what I would pay for a similar product. I have talked to others, researched, pretended to be a customer, but still have no real idea!
It has been a problem because I have to charge. This is my business. This is how I am going to live. I have done all the accountancy suggestions of looking at outgoings, removing those I can to determine my monthly requirements. Then looked at how much business I can realistically expect and use that as a basis. All very unsatisfactory and unhelpful.
Why? Simple! I feel like an imposter, a beginner; I am not an "expert" like these other people. RUBBISH!
As Janis Joplin said, "don't compromise yourself, you're all you've got!" So I began to think about me. Crikey! I am NOT a beginner. In establishing a business maybe, but in life, absolutely not. I AM an expert. I HAVE huge knowledge, intelligence, qualifications and ability. I have been honing these skills all my life. How do I know that? Martin Seligman talks about positive business within the framework of positive psychology. Wellbeing is based around five key principles: positive emotions, engagement, relationships, meaning and accomplishment. Thinking deeply about myself and my business I offer all of these things to myself and to others. That is Huge! I can, I already am and I have made a huge difference to other people's lives. That is what I want to continue to do. I find people extraordinary and will do whatever I can to support others in becoming their best self, whatever that may be. I have the skills to do this, and that is not an arrogant statement, that is a realisation of all the training and skills I have worked on over the years.
I have a value and I add value.
This realisation has allowed me to fix a fee that I believe in and am happy asking. I know I could ask more and I know I could ask less, but I am happy as I believe I am fair. I have invested time, money and effort in developing my skills and knowledge and so I am no imposter. One piece of advice I received was to separate myself from the market. I am unique and so offer a slightly different take on things. I am not the right coach for everyone, but I am the right coach for many. My price is different as I am different, but I have worth, so I can sit comfortably with my fee.
If you are struggling with your pricing, write down all the aspects that make you good at what you do. Look at them and think how long you have been developing those skills. Are you a positive business? Look at the five attributes and think about what your product is offering. Doing a garden for someone, may offer engagement, as they can enjoy it again. A piece of art might offer positive emotion and meaning. Don't underestimate what you are doing for other people, and don't underestimate you! If everyone is gaining in terms of wellbeing, that is priceless.
If you would like more support around this, email me at firstname.lastname@example.org