I was just thinking about this question. In the past, I know I was drastically undercharging my real worth by keeping costs too low. While competition does exist, I noticed there are so many people out there who are still willing to pay top dollar for a high quality service even if they can theoretically get it from someone else at a fraction of the cost.
A week or so ago, I learned about a woman who paid $3000 just to get her sugar craving removed. Having done this myself, I know that it doesn't have to cost so much, yet for the woman it was totally worth it, because it was the value that she got out of it. To her, paying only $100 probably would have kept her away from considering.
I know this may seem crazy but I heard of another story where a woman tried to sell some jewelry for like $25, but she couldn't sell anything. Later, she went someone else, and marked up the price to $75 and they sold like hotcakes, yet they were exactly the same! So it is about perceived value.
In this sense undercharging is a reflection of how much a person undervalues himself.
I had a conversation with an entrepreneur not too long ago, and he told me that he used to fix computers when he was a kid, yet his limiting belief was that because he didn't have a degree and was only a teenager, he felt he couldn't charge more than $25. Yet other people who charge over $100 we asking him to fix the computers!
That was a huge sign that he could theoretically charge that much or more. So he stood up to his concerns of charging too much and bumped it up to $50 an hour. And his client paid him, and even gave him a tip (which never happened before).
He began acting like a boss, dressing like a business man and walked around with an empty suitcase just to look professional. It wasn't long until he bumped his fees to $100 an hour. The whole idea was that he was genuinely acting the part of a boss, people respected him more and paid him more.
So if you're undercharging, what would happen if you began charging more? And if competition wasn't an issue (since not every company is in front of everyone at the same time), then what difference would it make (especially if the buyer has plenty of money to spend)?
I guess the real question is: How valuable are you really? (and I'm not talking about any uncomfortable feelings that mask your true worth)
If you're undercharging, it's time to step out of your comfort zone and charge more, because you really do deserve to earn more. Ask yourself, "Why am I so valuable?" (if you do this repeatedly all day long, don't be surprised to see answers you've never thought of before)
Do you feel like you can't charge more? If so, you probably have a limiting belief that you haven't resolved. Send me a PM. I can help you change that.
A week or so ago, I learned about a woman who paid $3000 just to get her sugar craving removed. Having done this myself, I know that it doesn't have to cost so much, yet for the woman it was totally worth it, because it was the value that she got out of it. To her, paying only $100 probably would have kept her away from considering.
I know this may seem crazy but I heard of another story where a woman tried to sell some jewelry for like $25, but she couldn't sell anything. Later, she went someone else, and marked up the price to $75 and they sold like hotcakes, yet they were exactly the same! So it is about perceived value.
In this sense undercharging is a reflection of how much a person undervalues himself.
I had a conversation with an entrepreneur not too long ago, and he told me that he used to fix computers when he was a kid, yet his limiting belief was that because he didn't have a degree and was only a teenager, he felt he couldn't charge more than $25. Yet other people who charge over $100 we asking him to fix the computers!
That was a huge sign that he could theoretically charge that much or more. So he stood up to his concerns of charging too much and bumped it up to $50 an hour. And his client paid him, and even gave him a tip (which never happened before).
He began acting like a boss, dressing like a business man and walked around with an empty suitcase just to look professional. It wasn't long until he bumped his fees to $100 an hour. The whole idea was that he was genuinely acting the part of a boss, people respected him more and paid him more.
So if you're undercharging, what would happen if you began charging more? And if competition wasn't an issue (since not every company is in front of everyone at the same time), then what difference would it make (especially if the buyer has plenty of money to spend)?
I guess the real question is: How valuable are you really? (and I'm not talking about any uncomfortable feelings that mask your true worth)
If you're undercharging, it's time to step out of your comfort zone and charge more, because you really do deserve to earn more. Ask yourself, "Why am I so valuable?" (if you do this repeatedly all day long, don't be surprised to see answers you've never thought of before)
Do you feel like you can't charge more? If so, you probably have a limiting belief that you haven't resolved. Send me a PM. I can help you change that.
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