The most common problem I run into when coaching my clients is a lack of confidence in their skills or lack of ability to ask the right price for their services.
Whether you’re applying for your dream job, selling financial services to the masses, or providing investment services to the affluent, charging the right fee or asking for the best salary means learning how to value what you’re worth.
Evaluate your knowledge – What do you know that others don’t understand? In your time on this planet, what knowledge have you gained that is unique? The answers to these questions can help you decide your competitive advantage.
When I am approached by potential branding or coaching clients, they often don’t understand my fees. Why would I charge so much just to help them put together their website branding message? Why do I charge so much for job search coaching?
To answer these questions I offer a story:
The manager of an historic hotel needed an elevator repairperson. He called around but most companies could not offer a solution to his problem, for various reasons. No experience with the task. No experience with the specific problem. No experience with the system being used. At last, the manager lucked out and found a repairperson that claimed to be able to fix his elevator problem. The repairperson arrived at the hotel with his toolbox and headed straight to the elevator control room. In what seemed like 5 minutes, the problem was fixed and the elevator was again operational. A week later a bill arrived in the mail for $1000.00. The manager called the repairperson to complain about what seemed to him to be an excessive bill. The manager asked, “How can you possibly charge so much for a 5 minute job?” to which the repairperson replied, “I charged you $50 for a service call and $950 for knowing what the problem was and having the experience to fix it.”
Value is demonstrated by experience, depth of knowledge, and end results. What have you done for your clients/employer? How can you take this knowledge and use it in your personal brand and in your message? And finally, how can you OWN your expertise?
When you have answered these questions, you will be far closer to valuing your skills.