One of the most common challenges I face with coaching clients is convincing them to charge enough for their products and services. Often, the excuse I hear for not raising prices comes down to undervaluing your worth.
Black and Latinx entrepreneurs in particular, may struggle with cultural norms around working harder and charging less. Ever heard of the “family discount”? If your cultural background comes with a strong emphasis on community and helping others, this expectation can create concerns that clients might perceive you as arrogant or overconfident for charging higher (but fair) prices.
Whatever the rationale, you pour your heart and soul into your business, solve problems for your clients, and deliver exceptional value. Then don’t charge enough to cover your business operating costs, production and / or delivery expenses and the salaries needed to fairly compensate your team.
As an experienced business owner and coach, I can tell you undervaluing your worth can be a silent thief. It hinders your business growth and frankly, can send a signal to your client that you don’t believe in the value of the work you do . . . so why should they?
Actionable Steps to Embrace Your Value
Knowing your worth can be a game-changer. Realizing (and charging appropriately for) your experience, knowledge, and the unique perspective you bring to your customers can help you stand firm in your overall business strategy, everyday decisions and the prices you charge.
Here are steps you can take to stop undervaluing your worth:
- Ask for Feedback – Connect with other growing business owners and solicit opinions from people you trust. They can help you see the worth you might be missing. Swap stories, share wisdom, and remember why you’re a force to be reckoned with!
- Mentor Someone – Some of my most meaningful aha moments have come from serving others. Giving back always feels good! It’s time to shine a spotlight on your expertise and pass on the lessons you’ve learned over the years. Doing so will also help you tune in to your own resilience and expertise as a small business owner.
- Raise Your Rates – Knowing your worth means charging prices that represent your expertise, hard work, and the value you bring to the table. It may seem scary at first. Take time to reflect on the lessons learned you’ve learned over the years. Then go ahead and increase your prices. Remember, if you are experienced at your craft, it’s not just a product or service you’re offering: You are selling years of smarts. Don’t be shy about putting a price tag on that.
Ready to take this to the next level?
Book a discovery call with Nikita to explore how you can flex your business muscles even more. We’re all about helping you break though barriers and amplify your value – ensuring the world sees you not just as a business owner but as the business titan you truly are.
