Today marks the 9th for Law Of Effortlessness Podcast and today host Shannon Bush reconnects with her Smart Girl Business Buddy, Swapna Thomas to bring you a new #SmartGirlMusings episode. Inspired by a conversation prompted by a call for understanding from a member of Shannon’s Facebook group for women in business, the Thriving Entrepreneur Circle, today these boss ladies talk all about women, money, value and undercharging.
A refreshing muse on the topic of undercharging in your business is a conversation you’ll want to listen to. Charging low prices shows to your customers that you’re insecure, that you lack confidence in your abilities, sometimes it can show that you are desperate for clients or it shows that you are inexperienced because you don’t know what the pricing is in your industry. It can also show it’s probably your only competitive advantage and that you don’t have much anything else to offer.
Undervaluing your services comes back to your self-value, and back to the good ‘ol ‘I’m not good enough’. There is so many layers to that and so many parts to it and there’s no quick fix. Discover the things you can do to help work through the belief of not being good enough. Find out what happens when you undercharge in your business and how it effects the market and impact on other people in business in your industry and elsewhere. If you are stuck with pricing and don’t know how to value your services, don’t sit there by yourself, seek help and invest in yourself.
Listen to Episode 002 – Shannon’s last #SmartGirlMusings episode with Swapna Thomas hereJoin Shannon and Swapna in a variety of places;
Marie Forleo video “Do You Feel Guilty About Making Money?” on MarieTV
Links To Connect
Join the Thriving Entrepreneur Facebook group for women entrepreneurs
Subscribe to Totally Thriving digital business magazine
Connect with Shannon on her Facebook business page
Connect with Shannon on Instagram
“Charging low prices shows to your customers that you’re insecure, that you lack confidence about your abilities, sometimes it can show that your desperate for clients, it shows that you are inexperienced because you don’t know what the pricing is in your industry, it also shows that it’s your only competitive advantage and that you don’t have anything else to offer”
“When you offer those low prices and there are people who will haggle further with you on those prices, and if you do end up working with those people, those are the people who will take the most out of you. They will be problem clients, they will be people who try to suck up your energy and time as much as they can from you because you’ve already given them that, that I’m ok with working for almost free”
“When there is confusion about what you do, there is no action. People who are confused and uncertain about what you’re really good at are not going to hire you because they don’t really know if they’re going to get what they’re paying for”
“Charging low prices eventually hurts the market, because you are taking away the credibility of these people who have been doing this for long and who really get results for their clients and they charge a good amount of money for doing that. But then if someone comes along and says “I can do that stuff for $50” it just makes the other person ask “What’s happening here? Am I charging too much?” and it hurts the entire market”
“Undervaluing your services comes back to the self-value, and back to the ‘I’m not good enough’. And there is so many layers of that and so many parts to it and there’s no quick fix. But the first part is being willing to open up to the fact that there may be something in that and then to find someone to work with you on that”
“There is no one exact answer why we do charge less or why we don’t value ourselves, or struggle with pricing as there are different ways it shows up. It a global phenomenon”
“Mindset is the key”
“Bartering and doing things for free are the symptoms of something else that’s going on. But what is underneath that? What is feeding that?”