0:00
Okay, so before we dive into the episode, I just want to quickly touch on how I reconcile, wanting to earn a lot of money, with my purpose, my values, all of that good stuff, because I think there's an awful lot of chat at the moment around how everything must be purpose driven. And I think we're almost made to feel guilty for having money making money as being part of our why. How many times have you heard that, you know, if money is your why you won't be successful? Well, I just want to suggest that we all start making a stand for the and. So I can't even remember where that came from. I don't think I've just made that up, clearly stolen that from someone. But basically being in praise of the and in praise of helping people grow their businesses, and making lots of money for ourselves. There is nothing wrong with wanting to be wealthy. This is all part of a faulty Money Story, a legacy money story that we've grown up with that's told us that it's greedy to want money that it's inappropriate or rude somehow to desire wealth. And the truth is, you can do both, you can impact the lives of your clients, and you can make great money. So before we dive into this week's episode, I just wanted to touch on that really, because I think and there will be an episode coming which which really covers off money mindset in a bit more detail. But I think before we go into the seven unpleasant side effects of under charging for your services, which is this week's episode, I just really wanted to touch on that, because it's definitely foundational to valuing your worth and charging your worth.
2:08
Welcome, welcome to the heads together Podcast. I'm Gill Moakes. And I am obsessed with cutting through the noise when it comes to growing your business each week via intimate coaching conversations and inspirational stories. I share what it really takes to get the results you want, in a way that feels right to you. I am all about attracting higher ticket opportunities, building authentic relationships, and creating the abundant full fat version of your dream business. I mean, how many of us are favoured away creating a light version of what we really want? The thing is, I honestly believe when you're outstanding at what you do, there is no limit to what you can achieve. So are you ready to put our heads together and make it happen? Let's go.
3:11
So, seven unpleasant side effects of under charging for your services. Oh my goodness, I've restricted myself to seven, I've got to be honest, I feel like I could have gone on all day. As I was planning out this episode. So much came to me about what happens when we under charge for what we do, what happens for us, what happens for our clients and what happens for our business as a whole. So I'm going to take you through these seven things. But like I say, this is not an exhaustive list. These are the seven kind of priority things that really came to my mind. Let's get into it. The first one is, when you under charge for what you do, you will without any question of a doubt attract the wrong kind of clients. That is a fact I have seen it time and time again. When you charge too little for your service. You attract the wrong clients. You attract clients who simply don't commit to what they're paying for. You attract clients who don't show up and do the work. They don't get the results that they've hired you to help them with. If you're a coach, if you're a consultant, if you're a branding, strategist, a graphic designer, whatever it is, if you are under charging for the service you provide your clients are not going to get the results that you've promised them because they won't show up and do the work. What happens when clients don't get what they were hoping for? You don't get that go in testimonial. You don't get that referral therell to more clients more perfect clients that you want to work with. So it's really important to charge appropriately for the service, you offer to make sure you're attracting the right clients who are going to get the results that they want. Because you've got to remember that people aren't paying you for your product or service, they're paying you for the result they want. And if they don't get that, they will be unhappy, despite the fact that in your mind, you are doing them such a great service by offering it to them at a lower cost. Okay, so clients who invest, show up, do the work, get the results, it's as simple as that.
5:52
The second side effect of undercharging Is that you, you really do adversely affect the perception of the value of what you offer, you do a complete and utter disservice to your skills, all those years of experience, you completely kind of just annihilate them. Because if you undercharge, the perception will be that what you're offering is of low value. And that is going to put off your ideal clients. Because like I just say they're not paying for the offer, or the service or the product, they're paying to solve the problem they have. So if they feel like your price is low, they will make an assumption that it's not going to solve their problem, that it's not going to meet their needs.
6:48
Okay. Now, the third one, this is a really important one, actually, if you think about it, if you under charge for what you do, you're sending a message to your potential clients, that you underestimate the severity of their problem. Okay, and to say that, again, if you under charge for what you do, your client gets the message that you under estimate the severity of the problem they have. Because, like I just said, just now, that's what they want to pay for, they want to pay for the solution to their problem. And if it's a very painful, difficult, stifling, restrictive problem that you can help them solve. You know, as coaches as consultants or strategist as any kind of service providers, we solve problems. So if we put a small charge against solving that problem, the client straightaway feels that we don't get it, we don't understand how difficult this thing is for them. And that can be a really unexpected consequence of not charging enough. We think that by undercharging, we're making what we do more accessible to people. We're not we're encouraging them to deselect themselves from our potential client list.
8:23
Okay, number four. This sounds dramatic. I know this sounds dramatic. But here's the thing. If you consistently undercharged for you do you are actually cheating your future clients out of working with you. Because this is very simple, you will have an unsustainable business model. You will not be around for the long haul, if you keep consistently under charging for what you do. And there are future clients out there who need what you do. They need you to be around for them and years to come. So you must make sure you must there often say that, but you must make sure that you're charging at a level which makes your business model sustainable for the long haul.
9:09
So number five, and this really is tied in with the one before so we want the business model to be sustainable for the long haul. But also we want space in that business model. To be able to make philanthropic gestures, you know, wouldn't it be nice to charge for what you do at a level that allows you to then offer scholarships for your programmes to people who can't who genuinely cannot afford what you do. Maybe you could offer them a scholarship. Maybe you could put a couple of them make a couple of them available. Try see if you've got a high ticket programme, make a couple of spaces each year available for free, allow people to apply for them. And maybe you're going to want to intentionally discount your price every now and then, to make what you do available for someone, because you feel really drawn to serve them. If you're consistently under charging all the time, there's no space for you to do that. If you're kind of, you know, your businesses really just covering its bills each month, you know, there's no space to be philanthropic in your business, you need to be charging what you're worth, what your service is worth, so that you've got the freedom to discount when you feel intentionally drawn to do so. I hope that makes sense
10:39
Okay, so number six, the sixth unpleasant side effect, you're going to feel resentful. When you under charge for what you do. You stop enjoying what you do. Because you feel resentful, you know, that you are pedalling very, very fast. In a low gear, you know, it's hard work, building space into your business, by really charging a premium price for a premium offer. And remember, everything that I talked about in any episode of my podcast, there's one assumption I'm making everyone listening, and that is that you are outstanding at what you do this for me in business, that's the non negotiable. Everything else can be tweaked. You can get clever with marketing, pricing, sales tactics, content creation. But if you're not outstanding at what you actually deliver, that is all meaningless. So if you know you're amazingly good at what you do, then you need to make sure you're charging accordingly. So that resentment doesn't build up and stop you from enjoying what you do. There's a reason we all stepped out on this entrepreneurial path. And that is for the perks of it the benefits, the freedom, the money, right.
12:17
And so the last thing I want to talk about is, again, it's really tied into number six, and it's consistently undercharging means that you are not going to have the amount of money you should have to reinvest into your business, to give you opportunity to grow, to scale to try new things. In last week's episode I was talking about, we have the absolute privilege to do when we are confident enough to charge a high ticket price for our premium offers is that we build in space into our business, we don't need to work with as many clients we don't need to be doing as much day to day, which means we can build in space to try new things. Try new projects within our business, see what works, see what doesn't work, see what we enjoy, see what we don't enjoy. But if you are under charging, and again, you're pedalling really fast in that Opia you have no space in your business to try new things to experiment to do the exciting bit, chase the shiny objects, if you want to, I get really fed up with people being told off for chasing shiny objects. As long as it doesn't stop you from actually fulfilling on something that you want to achieve. Then try as many different things as you want to try to find what's right for you. But charge your worth value, your worth Know your worth, charge your worth. And that will give you the space to be able to do that.
13:58
So I hope that has been helpful. It's a bit of a short, sharp shock list. I guess, because I feel quite passionately about this. I don't know if you can tell. It's something that takes a while to get your head around some of these. I'm going to load up the transcription, if that will help print off a copy of that transcription, highlight the seven things and just just maybe put them on a poster or something, stick them up somewhere. Just to remind yourself of why you need to make sure you're charging your worth because it can be the thing that's holding you back from enrolling the right clients. So this is really important to get right. It's really important and like I say, you know, get it wrong. You could be cheating future clients out or working with you quite simply.
14:52
As always, please reach out to me [email protected] If you have any ideas for future episodes that you would like me to talk about. And then if you look in the show notes, you'll find that link to apply to be coached live on the show. That would be awesome. We've got a few of those coming up. So if you would like to be featured on an upcoming episode, where I will coach you live, then head to the shownotes grab the link, and I will see you next week.
15:27
I hope you enjoyed this episode, and that getting our heads together this week has filled your mind with what's possible. If you love the show, would you do me a massive favour please? Would you leave a five star rating on Apple podcasts? It would really help you put more heads together, reach more ears and expand more minds. Until next week. Bye for now
