Do you charge what you are really worth? As an entrepreneur, how do you set your prices? Stop undercharging your clients!
In this episode, Dr. Terri Levine shares four common reasons why entrepreneurs undercharge: imposter syndrome, poor research, desperation, and fear of losing clients. She breaks down how each of these reasons prevents you from charging your true worth.
Dr. Terri Levine also provides an assignment to help you determine if you are undercharging. Listen and learn more!
Key Highlights From The Episode:
[00:41] Episode introduction: Are you undercharging your clients?
[01:31] Common mistakes people make when charging and how to correct them
[01:40] Imposter syndrome
[02:12] Poor research
[02:27] Desperation
[02:40] Fear of losing clients
[03:32] Assignment: Make a list of all the things you’ve invested in
[03:46] Join Dr. Terri Levine’s community
Golden Nuggets:
- The top reason that people undercharge is that they set a price thinking of what other people are charging. [01:51]
- You get to charge more if you create more value. [02:22]
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Full Transcript:
It’s Dr. Terri Levine, welcome back to Live Well, Earn Well. Just finished my workout, as you can probably see, part of how I live well and earn well. Today, I want to talk to you, and I want to ask you, do you think you might be undercharging your clients? Because today it’s time to raise your rates. All right. How much is it worth? That’s a question that people always ask, and the answer is very straightforward. Most entrepreneurs, most business owners are most affected by the pricing aspect.
And a lot of people that I’ve worked with over the years have ended up undercharging for a lot of reasons. And it’s a very destructive path. Why? It may lead to more work, it may lead to burnout, it may lead to lack of finances. And, over time, you may even feel resentment towards your clients. So, we don’t want that to happen to you. We’re here to live well and earn well, and I want to help motivate you and go through some of the common mistakes and how to solve them. So, the first reason, in my experience, why people don’t charge what they really should be charging is what I call imposter syndrome, so see if you can relate.
That’s doubting your own abilities. And among the top reasons that people undercharge, from my experience in this industry for so many years, is that they set a price thinking, “Well, that’s kind of what other people are charging.” And that is not the way to do it. And they might even say, “Well, I’m not as good as so and so, or so and so is more well known.” The second reason is poor research. They come up with rates without actually researching who is charging what and who is giving the most value. Because you get to charge more if you create more value.
The third one is what I call the desperation one. “I just need more business. I’m going to undercharge and going to make sure people can sign up. I want people to enroll.” And this can lead to entrepreneurial burnout where you’re taking people on at any price. Another one is the fear of losing clients. So, “Oh my gosh, I don’t want to raise my rates because, if I raise my rates, people are going to leave.” I can understand all of those things, regardless, if any of those are your reason or something else, undercharging is still undercharging. And ultimately, you’re going to earn a lot less than you deserve.
So, I really want you to take some time to think about your knowledge and experience. How many books have you read? Seminars have you gone to? How much have you invested in coaches, consultants, mentors, workshops, things like that? Have no fear. You are able to charge what you’re worth. How do I know that? Because I’ve worked with over 7,000 people just like you, and that’s why I’m here helping you live well and earn well. So, today, I encourage you to make a list of all of the things that you’ve invested in, all of the experience and skills you have, and really begin to ask yourself, “Am I charging what I’m worth?” And I’m sure you’re not.
So, if you felt like I was speaking to you, directly to you during this podcast episode, then you can actually benefit from my online mastermind. Listen, I have been in your shoes, and I undercharged too when I first started. So, I took the lessons I learned and I am ready to share them. So, I want you to go here, see what this is all about, and if I can help you. There’s a link, just click it. Bye now.
