by Wendy Burge 
 

As an entrepreneur one of the hardest places to establish a set value is around being paid what you are worth. Taking the step into business for yourself means it is up to you to determine the value you have in people's lives through the service you provide. But how do you know what that value is? How do you determine if you are charging the amount that is best for you not what an industry standard may be? The topic of money triggers all kinds of emotion and psychological responses when it comes to determining your worth, asking to be paid for your service, and evaluating the real value it creates. 
 
However, the topic of money is essential because you are in business and the whole point about being in business is to make a profit not merely float through life in survival mode.  A true shift in one's thinking about money is necessary for any entrepreneur to grow a thriving business and increase their value so they are being paid what they are worth. Distinctions need to be made between some very core concepts in order to fully embrace the topic of being paid what you are worth by the people who value your service. In this two part article I will clearly define distinctions between 5 points that are worth understanding when it comes to getting paid what you are worth.

Industry Pricing vs. Knowing Worth 
In the initial stages of opening a business it is easy to price your services based on the industry standards. While this may work initially people soon discover that they are trading their time for a standard set dollar amount as a general guideline, but, it just may not sustain them in the long run. If the services you offer are based on an hourly wage, you will never break through a glass ceiling that is limiting you.
 
However, if you know that the service you provide is worth much more than you are charging because you go beyond the typical standard, then, it is this value upon which you must base your fees. For example, if you are a book keeper who is experienced in retail and can help merchants make better choices in their spending, help them save on taxes, and show them where the money has been hiding in their business, you can provide greater value to that client  than someone who just "does the books".  Once you determine what value your clients receive as a result of your services, then you can set your prices based on the value you offer.
  
Surviving Economy vs. Thriving Economy
The beauty of being an entrepreneur can be that you have to ability to create your own economy. However, once again, if you do not see the value you have to offer to clients then doing business means that you are constantly searching for the next new client to sell your services to. Unfortunately, this is the part that most people hate about their business-- they do not like to feel as if they are selling, so they will under-cut their own rates and value. This is where the shift starts.
 
You must pinpoint exactly what you bring to the table to your clients as it relates to the business they do with you. When you have clarity about this, you can position your marketing message to directly demonstrate your value. This naturally attracts the right clients to your business and there is no need to run around trying to convince people why they should do business with you. You can clearly demonstrate this within your marketing and this then allows you to price your services higher-thus, creating a thriving economy.
 
Generalist vs. Specialist
The largest issue most new and some seasoned entrepreneurs have about restructuring their fees based on their worth is the fact that they have yet to claim their 'gifts' which only they possess and can offer. When an entrepreneur remains "general" in their services, they limit their ability to generate higher fees. However, let us stop a moment and take a look at what got them to this point. Did they up-grade skills at any point? Do they have any first-hand, personal experience in the solution offered to clients?
 
Most entrepreneurs are experts at what they do and with a little 're-packaging' those experiences allow them to be an industry specialist within a room of generalist. Think about this-if you were having specific health issues which involved your heart would you see a general practitioner or would you prefer to see a heart specialist? Exactly. Even if it meant you had to pay a top dollar for the specialist's services, you just might find a way to pay for them-especially if you knew you were getting the best care from an industry expert. Remember people are paying as much for you and your knowledge as they are the technical service you offer.
 
© 2009 Wendy Burge - Radiant Edge Consulting.

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