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3 Reasons Women Undercharge (and what to do instead)
Hello and welcome to the S Word LIVE. My name is Renee Hribar. I’m a sales strategist, speaker, and author, and I’m coming to you today from Detroit. And my goal is to help you stop under charging because there are definitely big reasons why women especially under charge. So let’s talk about what those reasons are and what to do instead.
Who’s with me? Say hello as you join, whether you’re live or on the replay. This is interactive. This is live. I’m here. Ask your questions. Let’s dive in because this is a chronic, this is not just to get an acute,
this is a chronic issue that so many people have. So let me know in the comments below where you’re calling in from or where you are in the world and I can’t wait next week to do a call in show. It’s going to be super fun.
So, number one: I hear this all the time. “I’m not an experienced enough. I don’t have enough experience in business to be able to charge what I think other people are charging or what other people are charging or what she’s charging or what he’s charging.”
You know I heard this many many years ago from one of my great mentors and he said you know if a man applies for a job and there’s five prerequisites to apply for that job and he has one he will apply for that job. If a woman applies for that job and there are five prerequisites she feels like she has to have five plus two more. Can you guys relate?
Have you ever felt that way? So it’s a feeling is what I’m saying. And it totally is.
But it’s a feeling. By knowing and understanding that it is just a feeling and that you have complete control over and that you are worthy and you are experienced and you do not have to just wait to you know “earn your salt.” If you are going to do the job and you’re going to do it well, or better even, than the next person, because I can tell you if you’re going through your news feed or you’re looking at your competition and you’re saying, “oh my gosh I do that 10 times better but they’re charging 10 times more than me.” And then you go and you listen and you talk and you hear from their customers and they’re saying oh my gosh yes. Oh you are so much better. Well then why wouldn’t you charge your worth.
It’s not fair to you and it’s not OK. The other person I can tell you this I have had lots of clients who have had clients that before they worked with me those clients literally sent them secret money extra money because they weren’t charging enough.
When you set your prices you have to come to the understanding that it doesn’t matter how long you’ve been in business as long as you can do the job today.
So let me know if you’re with me. If you can do the job today. If you hired somebody for a set amount of money and they could do the job today, do you care how long they were doing it before? No. Because I can tell you as much as I have been doing this for 20 years and I have trained thousands of people to sell. Nobody gives two hoots if I’ve been doing it for 20 years or two minutes as long as I can teach them to get the results right now. Do you agree with me on that. I know that’s how I feel. So if you’re saying to yourself, Oh Renee, I can’t charge what I think other people are charging or what she’s charging or what he’s charging because I haven’t done it long enough, I want you to own that statement. Yes. All right. So if you if you’re listening live or on the replay I definitely want you to own that. Write it down and know that it’s true as long as you can do it.
Here’s the next problem I hear people say all the time: “I’m afraid others won’t think I’m worth it.” Oh that’s a big one. I’m afraid others won’t think I’m worth it. And so what I really see is I’m not worth it when people say that to me. It’s them saying I don’t feel like I’m worth it.
And it is so not true. Again going back to the fact of like if you can do the work today and get the results now then yes you’re worth it. I bet you if you’re listening you had clients tell you, “Oh my goodness, you’re amazing. You’re incredible. You’ve changed my life.” If you’ve ever had a client tell you that, tell me yes in the comments right now.
Hey you’ve changed my life. Then I want you to erase that theory of I’m afraid somebody might not think I’m worth it, because you are. And you know what you’re not you’re not
highway robbering anybody. When you own your own business. Yeah it’s all about self image when you own your own business. You’re factoring into your cost the marketing, the overhead, the expenses, the payroll, the taxes, and then your actual payroll to yourself, your actual fee. So if you’re charging somebody a thousand dollars an hour it’s not like you’re taking home a thousand dollars now. There’s all that overhead, and you’re probably only taking on three hundred dollars an hour. So if in your heart of hearts you feel like you’re worth 300 dollars an hour then your business needs to charge a thousand dollars an hour.
Can I get a heck yes below. If you understand those metrics then I want to hear a yes. Oh here’s another one, the last, the third one that I hear all the time: I wish we had more. This is a great topic and I definitely talk about it all the time with my clients especially the women in my master mind. This one says “I want to help more people.” Heck I’ve said this one. “and keeping my prices low allows more people to buy.”
Right. Who has said that before?
I want to help more people, and keeping my prices low allows more people to buy. It’s great to and important to have an entry level product. But here’s the catch. You do not have unlimited time. You do not have unlimited resources and you do not have unlimited money unless you’ve got funding from someone with you. Uncle uncle. I don’t know who is rich nowadays. Uncle uncle Gary V.
Right. So maybe you do. But at the end of the day keep saying that to yourself it’s just a story you’re telling yourself.
And probably a lie. It’s OK to have an entry level product but that should not include access to you, because you don’t have unlimited time. None of us do. I mean, hint hint hint, none of us are getting out alive here. Right. Like we have a limited amount of time on this earth. What are we going to do with it? Raising your prices doesn’t mean that you’re hurting anyone, and I want to say that. Raising rates does not mean you’re hurting anyone. You’re in business and you’re in business for yourself.
You’ve got to equate all that. Boom.
Exactly. Exactly. You do not have unlimited time. You do not have unlimited resources and you do not have unlimited money. So it’s OK to have your business charge what it needs to charge.
I have clients that are are willing and able and confident knowing that even if they’re new online, as long as they can deliver the goods today, in the right order, right now, then there’s no reason why they shouldn’t charge top dollar because their company is charging that and all those expenses of running that company filter down to them probably really only making those three to five dollars an hour anyway.
So if you’ve enjoyed this, if this hits home for you, share it with your friends.
My name is Renee Hribar, and if you want to continue the conversation with me I have amazing free gifts and a great awesome fun Facebook group that is also free and of course great programs that I offer so please click the link above and check it out to continue the conversation.
Happy Wednesday see you here next week 12:30 p.m. Eastern.