Many individuals suffer from not knowing the worth of their own value. When it comes to their work ethic they truly do not know how much they are worth. Forbes breaks it down for us, so that people know their worth.
1. “I’m having so much trouble having people hire me as is. It would never work at a higher price/rate.”
2. “I’m not really sure what my work is worth, and what it could command.”
3. “I’m scared to do it – where will I find customers who can pay that?”
4. “Times are bad – I don’t want to contribute to people’s challenges by making it hard for them to pay me.”
A deep insecurity about the value you’re bringing
Folks who chronically undercharge also tend to work very long hours each day (18+), and don’t stop.
A lack of understanding the key outcomes you deliver
Another reason why people don’t charge what they deserve is that they haven’t taken the time or effort to measure, quantify or identify clearly the key outcomes that they offer.
A failure to realize that prices that are too low also attract problem clients and customers
Your prices reflect your value, expertise, know-how and your status in your field.
Mistaking pricing as the most important driver in their business
People who undercharge also tend to think that pricing is what brings in customers, and often neglect critical endeavors like marketing, promotion, social media engagement, publicity, events, thought leadership, networking, affiliate and referral partners, and more.
Vagueness about the numbers
You need to have a tight handle on how and where the money is coming in and going out.
Via: Forbes
