ARE YOU UNDERVALUING YOUR WORTH?
Linda Prafke on why it pays to place value on your time and services
I have worked with many, many clients over the past 20 years. One of the things that I have noticed is that people really undervalue the work that they do. I believe that it is very important for everyone to do some market research prior to establishing their pricing model for their company.
In every service industry, there are going to be businesses that are more established or less established than you are. In the consulting industry, for instance, there are consultants who have 20-plus years of experience, who have highly specialized in their field, and who have a tendency to be able to command very high hourly rates.
If you have done your research, you will be able to make a determination on pricing for your industry. You will know the high end and the low end of the pricing scale, and will be able to determine whether or not you should use an average to start or, if you are bringing more to the table, to price at the higher end of the spectrum from the very beginning. You never want to be lower than the lowest-paid in your industry.
Women, in particular, have a tendency to undervalue the work that they do, even within their own industry. When you price much lower than the industry average, what you end up doing is undermining the entire industry by devaluing all of the work that is being done by other professionals within that industry.
How to value your work
I encourage you to take a look at a few professionals in your industry to get a better idea of what constitutes mid-level pricing. Additionally, consider the following:
The higher number of skills that you bring to your industry, the higher you can price your work, and the more likely it is that you're going to get the job that you want and get paid what you're worth.
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