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Stop Undercharging: Own Your Value, Raise Your Rates · Business for Humans

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Hello, hello, hello. We are in the middle of spring. Maybe you're listening
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to this when it's not spring, but I love it.
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I love everything about spring. I love the rabbits, the imaginary rabbits,
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and the chicks, the hatching.
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I do love something that we have in the Netherlands. I do love the swans and
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that the swans are having babies and the babies are these little furry cute ducklings.
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Swanlings and the moms are so protective it's dangerous but they're really cute
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from afar so i love the sun i am a child of the sun having grown up in california
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and then married an italian,
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So living in the Netherlands,
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having lived in Portland, Oregon for so many years, I need the sun to thrive.
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So I am feeling great. I hope you are feeling great also.
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Here's what I want to talk about today. Money. And there's so many things.
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Money just means so many things. and as an American watching some of the things
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that are happening in the U.S., there's a lot of emphasis on making money means greed, right?
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Like we're watching all this billionaire activity and we're watching politics cater to those people.
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And it's really easy to think, well, I don't want to be like that.
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I don't want to be a greedy person who only cares about capitalism and only
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cares about profit and only cares about that pushing, aggressive.
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Kind of typically masculine sensibility.
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So where I want to help guide, especially if you're a female business owner,
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is towards this idea that when you have money,
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you have freedom, you have opportunity,
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but more than anything you have the
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ability to help other people so when
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we give our services gifts talents away for free which is part of our nature
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because we're nurturing people and we want to help people and sometimes for
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us we feel like our gifts and talents come so easily to us why should other people pay?
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That's another thing that we think.
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And I want to remind you that this idea that money could mean more opportunity for other people,
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it also means you get to show people what's possible so they see what you've
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been able to do and then they want to reach for something new, different, different.
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Or elevating for them, right? We all want to get to a place that is more easeful
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and joyous, where we can work less and earn more.
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I mean, right? That's the dream. That is everyone's dream on every level.
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Some people are doing it at a scale where they have to take advantage of other people.
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They have to rape and pillage the earth to get there and to stay there.
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That's not what we're talking about here, okay?
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We are not talking about that level of wealth at 1%.
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What I'm talking about is even valuing your own gifts and talents and services,
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valuing them even 1% more than where you're valuing them now.
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We're not looking at billionaire status. We're looking at you valuing yourself
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and your services and having the confidence to say, this is how much it costs.
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The easiest way to start charging for your services is to cost it out.
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The hardest thing to do is to sell a number that comes from nowhere.
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So if you just sit down and you think to yourself, I'm a consultant,
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I'm a coach, I'm in marketing services, I do PR, and you sit down and you think
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to yourself, all right, what's the going rate?
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A thousand bucks an hour. Okay, I'm going to charge $750. I'm going to be the deal.
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Where does that number come from? It's completely arbitrary.
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You made it up in your head. So when you go out to
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a client and you say the cost for that is
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750 dollars euros pounds you're
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it's going to be hard for you to really sell that
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number in because you don't believe in
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that number it really came out of nowhere so when they start negotiating down
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you're going to think to yourself well yeah i made that number up out of nowhere
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sure i'll do it for 250 i see people do this all the time where they just keep
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devaluing and devaluing,
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number one, based on some preconceived notion that that person doesn't have any money?
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Did you ask them? No.
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I hear particularly a lot of women business owners say, oh, well, I know her background.
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I hear this a lot. It's danger zone. Oh, I know that her husband has this really
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fancy job so she has money.
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Oh, I know that she's a single mom and she doesn't have money.
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People. First of all, it's dangerous territory to judge people based on what
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you see on social media and like what you infer or what you've heard.
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That's a danger zone. Also, you are deciding ahead of time what this person
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can pay for or not pay for based on something that you see rather than something
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that you've talked to them about.
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So I am not in the business of taking advantage of people at all,
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but do not decide for them what they can pay for or what they can't pay for.
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Because what I'm going to tell you here may blow your mind if you've never heard it put this way.
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There is an opportunity when you charge someone money for a service that you're
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actually providing them an opportunity to grow.
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What do I mean by that? If they've never invested in themselves if they've never
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taken money and said, I'm going to double down on myself.
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I'm going to put this money towards me, towards learning opportunities.
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Towards the growth of my business, my ideas, my career.
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If no one has ever done that, you asking them to do it is an amazing opportunity
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for them to think about what does it mean for me to invest actual cash money,
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not just time, but actual money in myself.
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I tell this story to my clients a lot. During COVID, I was in a job.
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It was dangerously close to a job that was about to go away because of COVID.
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I knew it. I could see it on the horizon. I'm likely to get laid off from this job.
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And despite that, I had been listening to a podcast about coaching.
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I didn't know anything about coaching before that.
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Ironically, my supervisor boss had told me about this podcast.
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I started listening to this podcast during COVID on my walks because I didn't
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have to commute to Amsterdam anymore, which was all in all three hours of my day commuting.
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And so I was taking a lot of walks. And I listened to this podcast.
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They started talking about this coach certification program they were running.
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Here comes the ice cream track.
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Love it. Love spring. And I looked into it.
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This coaching program was, hold on to your hats, people, $18,000.
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$18,000. Okay, never in my life had I ever considered, outside of the university
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experience that I invested in, which was in the 90s actually less than that.
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I probably spent less than $18,000 for my entire four-year university experience.
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That being said, it was an enormous amount of money and I was about to get laid off from my job.
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But what it did for me, spending that amount of money on myself and on this
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idea that I am going to start a business that merges all of my skills and talents,
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that feels totally aligned with who I am, that feels really on point with where
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we are in the world and helping people find alternative ways to make money that
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don't look like the old ways that we've always done it.
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I doubled down on myself and you can't imagine the gift that that was.
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Now, in retrospect, it's really easy to think, well, did I get scammed?
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Was that too much? I think coaches in the COVID era had a tendency to overcharge
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people and maybe take slight advantage of them.
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I do not feel that way about that investment, number one, because it did a lot for me and my mindset,
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believing in myself and taking that gamble on myself, that level of risk on
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myself, particularly where I was in the business.
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The second thing about it is I think the program I went through was phenomenal.
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I think they really underpriced.
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They over-delivered. So what is that expression?
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They under-promised and over-delivered in a big way.
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I got things from that program that I was not expecting to get. So that was incredible.
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I made connections through that program, particularly during COVID,
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that were really fundamental to me moving forward. I still have a relationship
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with one of my coach colleagues. We coach each other every week. It's been five years.
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I mean, amazing things came from it. But one of the biggest things that came
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from it was this idea of I am taking cash money out of my family's savings account
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for me because I believe that I'm going to be able to do this,
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that I'm going to be able to pay this back from the earnings of my business.
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It was a gamble, but a gamble that I would do again in a heartbeat.
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So if you are offering services to people for free, and the reason I'm bringing
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this up, just in case you're listening, you know who you are.
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We just had this conversation over, you know, some tea.
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You are devaluing yourself, but you're also taking away an opportunity for someone
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to grow because they're making that investment in themselves.
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You're also teaching them by example. You're teaching them, hey,
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I don't think you should be offering your services for free,
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and therefore I'm not going to offer my services for free.
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I can tell you as a business owner, I never ask anyone to do anything for free
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because I am running a for-profit business.
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So if I'm using your skills and talents and I am leveraging them for free,
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but I am making a profit on what I learn from you or get from you or whatever the exchange is,
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it's unequal at that point.
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It's inequitable because I've just taken something from you to turn into a business.
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I have one client who we have this kind of amazing relationship.
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We've been working together for a long time. She has been sending me a crazy
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amount of business, lots of referrals. And it was super important to me to make
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sure, hey, how do we make this equitable?
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How do we make this like a shared benefit?
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And she just wants more coaching, which is amazing.
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But I don't want it to ever feel like I'm taking from someone without giving back.
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And you can develop a barter. Of course you can.
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But I think in the life that we live, money is the way that we live.
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Survive. I mean, at the end of the day, we cannot survive without it.
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So if you're asking me to give you something for free, you're asking me to sacrifice
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something that might be beneficial to my family.
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I mean, that's just the truth of it. Some people have more than others.
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Some people have less than others. I will tell you, there's a lot of smoke and mirrors out there.
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So someone who you think might have money might not have any.
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So just don't take the they have money, they don't have money any further into
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your business because it's an unfair judgment. You literally have no idea.
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Somebody might wear Gucci and they've put everything on a credit card and they're
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$200,000 in debt, right?
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But on the outside, they look wealthy.
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That's, I think, the American way. Spend more than you make and make yourself
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look rich on the outside.
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There's just so much smoke and mirrors. You just have no idea.
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So I want to encourage you if you haven't been charging for your services or
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it feels like a leap or it feels uncomfortable, that's where coaching comes
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in. I call that the coaching gap.
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There's no gap in your talent. You know your talent, you know your experience
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level, you know what you're able to do and how you're able to serve.
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If you're insecure about asking for money or you're not sure how much money,
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that's where the coaching comes in. So let's talk about how much because I got off track.
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How do you charge for your services and how does that sale get easier when the
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number is grounded in reality?
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So I have a spreadsheet that I share with my clients that helps you estimate your time.
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So let's say you're offering to do a discovery session for a client.
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Okay, and let's say this discovery session is three hours long.
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Don't only consider those three hours as the time spent on this project,
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because number one, you're going to have to probably have a preliminary conversation with them.
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You are going to want to do some prep and research.
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That's all time that goes in there. You might on the back end after the discovery
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session want to do some wrap-up notes or send them recommendations or create
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a presentation or have a follow-up meeting with them.
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So you need to sit down and do the math. How many hours will a three-hour discovery
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session really take? Let's call it.
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Six, okay? Rough number. But know really tangibly how many hours.
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What do you charge per hour?
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You need to come up with a number that accommodates for any overhead costs that you have.
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Let's just call it 10%, okay?
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Because your overhead may be very low right now and it may need to increase, put a rough number 10%.
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So if you want to charge 70 euros an hour, make sure you add that additional
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seven for your overhead.
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And then remember, whatever your tax bracket is, you're going to have to take
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that out of that number too.
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So you don't always have to, I mean, there's definitely that net income before
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taxes number that is the number you're looking at in the business.
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But if you're a small business or a solopreneur, if you make 70 bucks and you
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have to give 30% of that away, you want to accommodate for that too.
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And I know it's a little bit funky with taxes because the more you make,
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the more you pay and you don't want to bump those numbers up too high because
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then it's going to look like a different number at the end.
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But just keep that in the back of your mind. You will have to pay taxes on that.
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But you want to at least put that overhead number in and then put a profit margin.
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Because what if you scale and eventually you bring someone else in to run that discovery session?
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You want to have a model for your hourly rate that doesn't rely on you being
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that person and allows for that additional profit margin if you have to pay someone else to do it.
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So if the rate now is 77 per hour and you are going to pay someone 77 per hour.
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Well, what do you charge your client? Because you want to make sure there's a profit.
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So I think anywhere between 20 and 50 percent is a good number.
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And then so here's what happens. Now you have six hours, let's call it at 90 an hour.
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That final number you can play with.
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So if that number, okay, let me just do the math because I can't do that math in my head.
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So we said it's 90 times six.
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Here we go with the math. It starts to get complicated.
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That's 540 for a three-hour discovery session. That is a deal.
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If you came to me and said, I'm going to do a three-hour discovery with my client
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for 540 euros or dollars. I would say that's way too low.
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But that's the real number, right? That's a number that includes a profit margin
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and a percentage for overhead.
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So that's a real number. Anything over that number.
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Is you trying to meet market demand or you wanting to make sure,
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hey, if I do two discoveries a month, I need to be able to pay my bills,
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so therefore it's going to be $2,000 or whatever.
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But at the end of the day, if they keep negotiating and negotiating,
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you cannot go lower than $540 without losing money.
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So that becomes a very easy number.
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So if you were selling, let's call it $550 discovery session,
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you are going to be the deal of the century in the marketplace,
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because that's going to be real high value.
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One thing you have to be careful of is that if you lowball your number too much,
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they might think you're too cheap. It can backfire.
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It's like shopping at the discount store versus the luxury store.
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People expect experience and knowledge to have a higher price point because
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they want that higher value.
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But you get to decide this project
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is going to cost you 540 what you
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charge them is up to you at that point if you think
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they don't have appetite for more than that charge them that's
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like the at cost right but you get to decide from that number forward what you
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want to charge and how comfortable you are with that next level number and i
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will tell you from my experience it's really easy to look at that number and
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say, okay, well, 540, that's what it costs me.
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But I know that my value in three hours, someone can have a complete business
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strategy and they can be making money the next day.
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Therefore, for the level of quality I'm going to bring them,
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it's going to be more than that.
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If I'm hiring someone who's slightly junior, who it might take them a little
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longer to get to that finish line, maybe a little less gracefully than I might,
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I'm fine with that number.
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So you can't just devalue your level of experience because you can do something
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more efficient and quicker.
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You shouldn't charge less because it takes you less time to get there.
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They're paying for the quality of your experience and your knowledge level and
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the return on their investment is going to be way higher.
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So keep that in mind. There's that opportunity cost to them that's like,
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I get to be, I get Jamie's brain.
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Not the junior version of jamie but i
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get jamie's brain jamie's brain is divided
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amongst many things there's only so much time that you can have of my brain
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and therefore it's expensive that's again not a place of greed i need i have
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mouths to feed i have a family to feed and i also know
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my value.
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I 100% know because I've tested it.
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I'm not new to this. I know that when you sit down with me to do strategy,
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you're going to be able to implement things immediately.
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I'm not going to give you pie in the sky, dreamy things that you can't implement
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right away. That's part of my superpower.
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Like you want to make 10 bucks tomorrow? I'm,
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we'll make it. I mean, like, I know that's like a weird example,
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but I just think from zero to any amount of money is huge. If you've never made
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money in your business before, it's just so satisfying to think,
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oh, wow, I just made the first money in my business.
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It's so exciting. So if you need that momentum, we're going to get there really quickly.
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And that's because I know how to
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do it right and and that there's a
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value to that and I've never
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given it away for free I am starting to
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feel like there are opportunities that
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I want to where I want to barter and do a trade or
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build my network or or find some new opportunities
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and I am giving a little bit of time away but it's
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calculated time I'm not just willy-nilly I
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know how much time I have I kind of have my what's it
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called just that time that I've allotted in
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my schedule I'm giving away let's say
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three hours of time this month but it's
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in my plan if that makes sense so
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it's not that I think I need to get something back from that time
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it's just that I know my roster my
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paid roster is full if it wasn't full I
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wouldn't be able to give any time away but because I'm making
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the income I need to make and I did all my projections and
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I did all my sales and marketing to get to make
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sure that quarter two was a full roster it's
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full and so therefore I know exactly how much time I
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have and I want to try some.
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New things and so I'm trying them out and I'm
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not getting paid for it and I'm totally 100% fine
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with that because I'm making the conscious decision to
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spend some time I'm in the
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networking space and I'm not getting paid for it and I'm
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I love my reasons you can
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decide to do work for free you have
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to love your reasons if you're doing it because you don't
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know how to ask for money or you've never asked for money or
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you think you don't have enough experience or all the mindset games that you're
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all the reasons you're giving yourself it's it's greedy other people know this
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stuff there are so many other people people could work with it's so easy for
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me whatever the reasons are be open to questioning them.
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Asking why am I thinking that? Is it true? Is it a fact? Is there a story there?
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Is there something I need to unpack?
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Am I scared of something? Like just keep kind of digging in and asking the questions
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and then be calculated about how much time you're willing to give away.
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If you've been giving all your time away, then just dial it down to maybe two hours this month.
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I'll give two hours away and I'll know what the number is if someone comes to me for something else.
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If I know I'm going into a potential pitch, even if it's like first level,
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first meeting, I always go in with a number.
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I have an idea of what I think I can do to help that person.
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I do the numbers. I run the numbers. I know that number is 540.
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So I go into the meeting. I assess where they're at in the business.
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We throw some ideas around. I come back to them with a proposal.
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But if they ask me for a number right away. I have it.
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I'm not making it up. You don't always have to have a number.
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Like, well, you should always have a number. You should do the calculation.
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You don't always have to say that number in a first meeting.
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In a negotiation, it's good to hold back. But if you feel the need to,
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if you think that saying how much something costs is going to move something
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forward, I like to be transparent.
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And when I say 540, I know exactly where that number is coming from,
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it's really easy for me to talk about it, especially if it's someone who doesn't have a lot of money.
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Like, listen, we're going to do three hours together.
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I need three hours of time for prep, research, and to send you the recommendations document.
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Here's my at-cost number. I'm not inflating it. It's 540.
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Right? It's not a sale. I'm not trying to inflate some number just to get some random number.
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But it's all in context. If it's a one-on-one meeting, I'm totally comfortable with 540.
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If it's a me plus 10 people, that number is going to change.
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But I get to decide. I get to decide how much extra effort, how much extra time
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I think is going to be put in.
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There's also the pain in the ass cost factor, right?
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So if you're about to work with a client who you normally wouldn't work with
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because they're a huge pain in the ass or they need a lot of hand-holding,
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there's always that margin for pain in the ass clients.
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It's just a given.
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If someone's going to need a lot of help and a lot of assistance and a lot of
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guidance, and you have to go above
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and beyond an extra time that there's a cost. There's a cost to that.
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So the main thing I want to drive home here is it's not about just making up a number out of nowhere.
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Know where that number is coming from so that you can feel really grounded in that number.
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If you need to increase the number because you feel that value,
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the value you're going to bring is actually higher than what that number looks
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like on paper, that's okay too.
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Because you don't want to go into an engagement already resentful.
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Somehow money, I was laughing about this with a client the other day, money is a motivator.
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Money makes us feel good. Money makes us feel valued.
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Money makes us feel recognized for what we bring to an engagement.
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So if I look at 540, I will feel resentful.
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Sorry, that's just where I'm at. Sorry for people who don't have a lot of money.
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But 540 is not going to make me go above and beyond.
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Unless I really, really, really love your mission and I decide for the right
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reasons, because I love my reasons, that 540 is the number.
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But if I don't have all that passion and you're just another person that I want
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to help, that number might not be the number that makes me feel abundant and
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like I'm going to go all in on this person.
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And that's okay. Like you get to decide.
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You get to decide. It's your business.
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I don't think I'm greedy for wanting to ask for a number where I feel value.
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The reason why this number looks low to me, let me just get real granular about
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it. It's because I don't charge 70 bucks an hour. That's why.
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It seems low because my hourly rate is higher because if I was going to go into
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a full-time job, I know the number that I would be making and salary.
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And that's where I start.
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That's where my value starts. I know what that number is. And I kind of back
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into my hourly rate from there.
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So that's the context for that. If you love this number, if you love it, not like, oh, it's fine.
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Oh, it's better than what I normally ask for, which is zero.
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You want to love the number. So keep working on it.
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If you're looking at the math and you're like, I don't like that number,
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increase your hourly rate.
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If you think it feels too high, look at your hourly rate, but stay consistent.
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Don't charge one person $500 and another person $15,000.
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It just doesn't, you have to really, you have to love your number and stick with it.
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So if you're the kind of person who's like, that person has money,
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that person doesn't, let me change my pricing based on that. It's really unfair.
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It's unfair to the person you think has money who may not have money.
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So, and the person who you think doesn't have money might have a lot of money.
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Like, it's just a really weird way to price your services.
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So just do the math. What's your hourly rate? Set a rate.
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If it's a project, break down the rate and don't show them the hourly.
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Just give them that project rate based on how many hours you think it's going to take you.
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And then love your number. Love all the reasons for your number because then
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it doesn't feel like a sale.
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It feels like you want my help. Here's the problem I'm here to solve.
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I know you're going to see this X outcome over here, which is going to be amazing.
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You're going to have huge transformation. Here's the number.
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It's so easy for me to talk about my number because I've been with that number.
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We've been friends for a while, me and that number. I feel really good about
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it. There's no resentment about it.
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Sometimes I will discount that number, but I'll be really clear that like,
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this is the number, but I'm going to give you a special discount.
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I do that sometimes and I love my reasons, but they know what the number is.
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So if they come back or they refer me to someone, it's not a different number.
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It's not all over the board. It's very consistent.
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And yes, maybe next year that number will increase and it will be a fair increase.
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It's not going to be like this crazy 10 times increase just for the sake of doing it.
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And also sometimes when you're scaling, you might think, well,
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that number doesn't really meet the need of this elevated new way I'm going
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to service my clients, but I'm going to leave that number there for the people who need that number.
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And you can create an online experience or group experience.
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I'm obviously focusing on service industries here.
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But you can apply this kind of thinking also to products.
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But that's kind of the way I would look at a services business.
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So anyway, all that to be said, it's not greedy when you're running a business
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to charge money for your business.
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People are coming to you not expecting something for free. I don't go to the
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hairdresser and expect her to cut my hair for free.
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I don't go to the grocery store and expect them to give me food for free.
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Like this is a business. I've set it up like a business.
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Everybody knows I'm in business. They're not, I'm not a volunteer.
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They're not coming to me for volunteer hours.
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If I choose to volunteer, they'll know. I'm here to volunteer.
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I'm here pro bono. I'm here to do something and give my time.
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I do have mouths to feed. I don't feel bad about that. I don't feel bad about that.
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I don't want it to be weird for you to ask for money because you're running
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a business, let's coach on that. If you feel real discomfort around asking for
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money, that's the coaching gap.
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And I'm going to do a little more work on money in the next few weeks because
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I just think it's such, there's so much emotionality around it.
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But for now, I'm going to tone it down. I'm going to stop it here.
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Practice. If there's a service that you've been offering to people,
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practice putting a number behind it and asking for that number the more you
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do it the more comfortable you're gonna get and i guarantee that number will
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probably increase within the next six months so i'll leave it at that and i
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will talk to you next week.