Stop Undercharging and Start Valuing Your Work

WATCH: Stop Undercharging and Start Valuing Your Work

Do people recognize the value of your product or service? Do you struggle to communicate the benefits you offer? Here are three ways to stop undercharging and start valuing your work.

Watch Now

If you can't charge enough for your product or service to create and sustain a profitable business, you don't have a business. You just have an expensive hobby.

Knowing how much to charge and being confident in that price is crucial to running a business. If you question the value, your customers will too. If you can't say your price loudly and confidently, how will others believe you when you tell them what it's worth? Today, I'm going to share three ways to stop undercharging and start valuing your work with confidence.

1. The first way to stop undercharging is to showcase your benefits.

You're going to have to repeat yourself loudly and often. People are forgetful! They don't know what makes you different or what makes your product better than everyone else’s. You might need to educate your customer on what the market value is for that product or service. Sometimes, people are clueless! Repeat yourself. Showcase what makes you different on your website, your social media, and your marketing pieces.

Want to see if we’re a good fit? Book a 15-minute chat with us!

Book a Call

2. The second way to stop undercharging is to stop trying to be the cheapest.

If you're offering a premium product or service – own it! Be proud to be premium. Start saying your prices out loud! Stop looking at what competitors are charging and trying to be the cheapest. (You probably don't want to be the cheapest anyways – that attracts cheap customers!)

If you're not comfortable putting an exact price tag on your service because your pricing fluctuates, consider posting a price range or even a package price starting point. Post your prices on your website in an easy-to-find place for prospective customers.

3. The third way to stop undercharging is to know how much profit you need to make.

If you've never read Profit First by Mike Michaelowicz, I highly recommend it. This book helped us learn how to better handle finances in our own business – things like how much to pay ourselves, how much to save for taxes, and what a realistic "business expense" budget should be. Create a budget for your business and be sure to include line items for both expected and unexpected expenses.

If you're not a beginner anymore, quit charging like a beginner. Your business deserves better. Stop undercharging and start valuing what you're worth.