In the money-driven society we live in, we attach high importance on the ‘cost’ of things. However, very often our understanding of the true meaning of value is inadequate, and based on habit rather than a deeper insight about how that value is linked to our self-worth.
We have a good idea of the value of commodity items, as we budget for them on a weekly or even daily basis. We know how much bread, wine, vegetables and a full-sized chicken cost and adapt our expectations (and budgets) to those prices.
So far, so good. But what happens when we apply the same principle to the services we offer as solopreneurs? Should we look at what others in our area of expertise are charging, and then apply similar prices in our offering? The answer is a resounding no.
Your work as a solopreneur is inextricably linked to your personality and presence as an individual human being. While there are certain benchmarks and quality standards in your area of expertise, the value of the services you offer is subjective, as it is determined by your client’s perception of transformative promise.
As a consequence of this, different clients will pay different amounts for your services based on their perception. How can one truly measure the benefits of a transformational coaching package, a life-changing therapy programme, an aesthetic intervention which elevates the patient’s self-esteem, an artwork which brings beauty and hope into someone’s life on a daily basis?
Simply put, there is no guide which can tell you how much money your services should be worth, because this value is determined by your relationship with your clients. A client will pay £30 or less an hour to work with a beginning life coach, if that coach fails to convince them of the transformational benefit of their service. On the other side, another client will happily pay the one million dollars Tony Robbins charges to work with him, because they believe that their lives and businesses will be transformed as a result of this.
That’s where the issue of your perception of your self-worth comes in. How much is your service worth? Are you able to help people understand the transformational benefits of working with you? Can your clients quickly like and trust you, after they have got to know you?
No one but you is able to tell you how much your work is worth. But if you believe in and understand the transformation you can bring to their lives of your clients, that worth will almost certainly be more than what you currently think it is.