Posts tagged money

Do You Charge What You’re Worth?

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There’s a good chance you don’t. You may think you don’t have enough experience. You may fear that you can’t deliver high quality services. You may just not feel “good enough.”

If you are a true beginner you might want to charge a lower fee in order to gain experience; however, before you do this, I urge you to talk to a coach or a trusted advisor to do a “reality check.” You may not be able to see clearly all the life experience, knowledge and value you are bringing to the table.

If you are not a beginner, here are a few tips to effectively master the emotionally loaded topic of how to charge what your worth.

1. Pricing is an art not a science. There are no hard and fast rules. You can experiment. Establish a baseline by calculating the amount you absolutely must have each month to meet your expenses then double that amount to account for health insurance, savings, retirement and other business expenses you may not be taking into consideration.

You may want to triple your initial amount so that you’ll have money left over for travel and other enjoyments. Divide your total amount by 20 hours a week for 48 weeks (or the number of weeks you expect to work in a year). I say 20 hours because some of your time will be spent on marketing, administration, professional development, research, etc. If you will actually be delivering billable services more than 20 hours a week, adjust the formula to fit your situation. This amount is the minimum you need to be making during each hour of service.

Try a price on for size and see if you feel satisfied with delivering your service for that fee. If you feel resentment -you’re not charging enough. You can adjust your pricing till you find the range that fits.

2. When delivering services it’s always better to charge a project fee rather than an hourly fee. You are bringing value to the client -you are solving a problem -you are not trading dollars for hours of your vital life energy. Yes, I showed you in #1 how to establish an hourly rate -that’s so you would have an idea of how to price your project. Estimate the number of hours it will take to complete the project or deliver the service and you’ll have a project fee. Yes, sometimes you will find you underestimated and you will also find that sometimes you finish more quickly than you anticipated.

3. Expect the “gulp” factor. Each time I’ve stretched myself to raise my prices, I find myself swallowing, a gulp, as I quote the fee or write it into a proposal. But what a great feeling when the client says yes and you recognize your value. It gets easier with practice.

Deliver excellent service. Be reliable. Be honest. And charge what you’re worth!

I’d love to hear your thoughts – so go ahead and post them here.

The Top 30 Ways How to Conquer Entrepreneur Fears

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Anyone starting  new business is bound to have some fears.  That’s healthy!   Women are growing new businesses in larger numbers.  Here’s how these women over 40 conquered their entrepreneurial fears and got into action to start their business.

1.  Have a Support Team.

How to conquer your entrepreneurial fear. Have a support team that you contact weekly and have at least 5 people that you can contact 24/7 who love you and are honest with you NO MATTER WHAT.

Thanks to: Amy Lynn Frost of  Nonprofit Sector Foundation

2.  It’s All In Your Hands.

How to conquer your entrepreneurial fear. Naysayers and the economy are completely irrelevant, so put them out of your mind. Opportunities ALWAYS exist!  Following-through on what you commit to goes a long way with clients. Nearly all of my business from repeat clients or word-of-mouth.

Thanks to: Catherine Davis of Azure Consulting Services

3. Believe and Receive

How to conquer your entrepreneurial fear. Believing in yourself is more than just a nice idea. When you take the plunge into business for yourself, it’s imperative to believe deep within your soul that you are doing the right thing and that you know how to do it right. My fear was that I may not have enough clients. Had that fear ruled, I may have tried to work outside my niche and passionate interest in women’s careers simply to get clients. I did not. The more clear I became about my client profile and my services, the faster the referrals came.

Thanks to: Kathleen Johnston of Kathleen Johnston

4. What Will They Think?

How to conquer your entrepreneurial fear. I started an alternative newspaper,printing articles that touched my heart, inspired me or gave me new information on how to live a more fruitful life. “They” read the paper and found value in it. In fearing what others might think, I almost missed out on doing one of the most rewarding things in my life.

Thanks to: Joann Turner of The Messenger

5.Stepping Out From Top Corporate Position to Entrepreneur as a Single Parent was Scary

How to conquer your entrepreneurial fear. Stepped out of the box and believed in myself. Looked at what talent I brought to the table. Showed up everywhere. Surrounded myself with positive people and believed in myself that I could do it.

Thanks to: Robbie Motter of Robbie Motter

6. Ask Yourself 2 Questions

How to conquer your entrepreneurial fear. I asked myself 2 questions. 1. Did I want to be free? 2.What did I have to lose? Now I love what I do.

Thanks to: Pamela Fill of
Peacefully Uniting Girlfriends

7. Submit to Your Authentic Voice

How to conquer your entrepreneurial fear. #1 Allow your voice to Scream out what it desire’s, #2 Pay attention to subtle signs that will guide you in the direction of your dream, #3 Trust your inner wisdom, and #4 Name your business and get a business license

Thanks to: Carla Burrows of U-Inspired

8. Divorce, Death, New Biz

How to conquer your entrepreneurial fear. Divorce proceedings had begun when death came at his doorstep. Went from wife of a successful managing partner of venture capital firm to a mother of two (one in rehab, the other on the break of teen years) who had to jump back into the work force. Built a successful consulting firm, film production company, and international event planning company. That was all in 8 years.

Thanks to: Anne Davis of AED Events

9. Remove The Naysayers & Get Over It

At 45, knowing that “jobs” are never guaranteed, I decided I needed to help secure my future and start my own business. I kept saying to myself “I can do this” so “just do it.” However, the one thing I did that took me to the point of getting over my fear and just doing it, was to literally remove any and all people I associated with that are negative and naysayers. It’s the basic law of attraction.

Thanks to: Bonita Guerrero-Boutin of Bonita Botanicals

10. I just did it.

How to conquer your entrepreneurial fear. In 2004, when I was 41 years young, I decided that I must either make it happen or never discuss “wanting to own a business” ever again. And so I did. Bought a franchise, learned the ropes, got rid of the franchise, rebranded my company and never looked back. I finally quit my day job after 4 years (at GM) in 2008 and I love, love, love being an entrepreneur.

Thanks to: Nipa Shah of Jenesys Group

11. Jump!.

My biggest fear was and still is a fear of not being the success that I am convinced that I can be. Prior to launching my store, that fear stopped me from doing this for over 2 years and finally I decided to jump. It was the best decision that I have ever made even through these challenging economic times it has tested me to the limit, forced me to learn a tremendous amount of information and I am finally happy to wake up each day and go to my office.

Thanks to: Ellen Hart of Career Bags

12. Don’t Stop Before the Miracle.

How to conquer your entrepreneurial fear. Stay focused, keep going for the gold.
Do what you love. Love what you do. Don’t ever give up. Remember to breathe!

Thanks to: Rosanne D’Ausilio, PhD of Human Technologies Global Inc.

13. Army to Artist

How to conquer your entrepreneurial fear. I did a major about-face at 42 and launched a successful art career. My fear-I didn’t know if I was talented enough. My motto-“Failure is not an option.” Now I have a great business and was featured in MORE Magazine “She got Rich doing What?” and have been on HGTV, ABC Craftcorner, NBC, FOX, and 20 top magazines.

Thanks to: Adrienne van Dooren of Faux House

14. Embrace Your Fear.

How to conquer your entrepreneurial fear. Fear can be a great motivator, if you learn how to harness the energy and make it work for you, not against you. You don’t have to go it alone. Look for people to partner with on projects. Establish strategic alliances with others for mutual benefit. Delegate. Recruit college kids or even high school kids to work as interns.

Thanks to: BJ Gallagher of What Women Need 2 Know

15. One Step At a Time.

How to conquer your entrepreneurial fear. My biggest fear about becoming an entrepreneur at age 47 was how I was going to START the business. I had a great idea – fun feminine baseball caps for women, but was so fearful of getting it off the ground. So, I took it one step at a time. It was much easier to handle starting a business if I broke it down into manageable steps. Now, I have a successful business and I still like to tackle things one step at a time!

Thanks to: Carrie Bell of Mad Capz

16. The Illusion of Security

How to conquer your entrepreneurial fear. Why it’s better outside the fence:
The illusion of security kept me tied to corporate jobs, like an animal on a game preserve. Once I got out of the corporate environment, I realized I could control my own destiny and create my own security.

Thanks to: Gail Z Martin of Gail Martin Marketing

17. Fear vs. Guts.

How to conquer your entrepreneurial fear. Starting a business after 40 is scary – I know because I did just that. Walking away from a great corporate corner office and all the perks – friends and family thought I had hit a mid-life crisis and proceeded to tell me so.

I didn’t listen to them – I listened to me. I was so frightened of becoming something I didn’t want to be a part of that I decided it was time to create my own future – I accepted the fear of the unknown and stepped into unfamiliar territory – that of being fearful and taking action anyway. I listened to my gut – rather than my fear.

Thanks to: Susan Bock of Susan Bock Solutions

18. Surround Yourself With Talent and Your Business Will Suceed.

How to conquer your entrepreneurial fear. My biggest fear was not knowing if I had the right skillset to succeed as an entrepreneur. My solution was to enlist the aid of independent consultants (mostly other moms) who specialized in areas where I felt I needed additional help in. EdibleGiftsPlus.com is now on track to do $500,000 in sales in its third year.

Thanks to: Frangoise Shirley of Edible Gifts Plus

19. Feel the Fear and Do It Anyway.

How to conquer your entrepreneurial fear. Our fears, which can paralyze us from taking action, are often unfounded. It took me several years before I actually took the plunge to start my online business. What was I waiting for? Best tip: Start now, start small and build!

Thanks to: Wendy Young, LMSW, BCD of Kidlutions(tm): Solutions for Kids

20. Don’t Hesitate; You Have to Keep Moving.

How to conquer your entrepreneurial fear. One of the many things I learned serving in the XVIII Airborne Corp at Ft Bragg is that you need to keep moving; hesitation can be a life or death situation. Years later, when I designed and trademarked the Yum Yum Dish, I momentarily got caught up in ‘over-analyzing’ my marketing plan. Finally the ‘soldier’ in me kicked in and I realized that I was letting fear hold me back, I was doubting my plans. Women want a good plan in place and they want to make sure they’ve covered all the bases… but there comes a point where you just have to jump. You can always modify the plan while it’s ‘in action’.

Thanks to: Tracy Adler, MBA, CSP of Yum Yum Dishes

21. Overcome the Fear of Selling

How to conquer your entrepreneurial fear. I overcame the fear of selling, which is like riding a roller coaster by taking a deep breath, and then just being myself. Because I believe in my product and that it really has the potential to help save thousands of lives.

Thanks to: Karen Klayman of Student at the Wheel

22. Fear of Financial Insecurity

How to conquer your entrepreneurial fear. When I found myself laid off at age 50, I worried that I’d have to choose between work I loved and financial security for my family. Last year, after over a decade working in someone else’s family business, I found myself unemployed for the first time in my life when that business closed. Fears about being unable to help my kids with their college costs made me hesitate to go into business for myself, but the realization that a salaried job is really no more secure than self-employment changed my mind. I saw that a woman with her own business actually has more control than one depending on someone else for a job.

Thanks to: Rebecca Haden of Rebecca Haden Quality Copywriting and SEO

23. Get a Partner

How to conquer your entrepreneurial fear. My biggest fear in going out on my own in business was, of course, that I/we would fail. Having a business partner with experience has been great. When I get freaked out he is calm and sometimes vice-versa. And when one of us is overwhelmed, the other can pick up the slack.

Thanks to:Joanne Parrent of Parrent Smith Investigations and Research

24. Stay Connected

How to conquer your entrepreneurial fear. One of the biggest fears I had was losing the social connections that you develop in the corporate world. I am using Facebook to stay connected with friends, reconnect with old friends AND promote my consulting business.

Thanks to:Sheila Burkett of Tuxedo Park Management

25. Follow Your Dream

How to conquer your entrepreneurial fear. I left a high paying stable job and started my own business at 46 years old. I felt I needed to follow my dream before it was too late.
At that age I felt a strong sense of confidence in my abilities and was willing to take the risk. My business is thriving in spite of this difficult economy.

Thanks to:Sandy Smith-Tankin of Design Interaction

26. Follow Your Dream

How to conquer your entrepreneurial fear. I left a high paying stable job and started my own business at 46 years old. I felt I needed to follow my dream before it was too late.
At that age I felt a strong sense of confidence in my abilities and was willing to take the risk. My business is thriving in spite of this difficult economy.

Thanks to:Sandy Smith-Tankin of Design Interaction

27. You’ll Never Have all the Answers, But if You Have the Passion, You Have to Jump!

How to conquer your entrepreneurial fear. My biggest fears were Do I have enough contacts? Where will my clients come from? Will I make any money? What if I lose money?

There will never be a definitive answer to any of those questions, so you have to want to have your own business more than anything, and then you’ll have the drive and determination to do whatever it takes to survive and thrive.

Thanks to:Robin Siegerman of Sieguzi Interior Designs Inc.

28. Look Fear in the Eyes!

How to conquer your entrepreneurial fear. When the fearball rises and tells you ‘You Can’t Do This’, just take one action to move your business further ahead. Have a timeline showing all key milestones and celebrate each one as it’s accomplished.

Thanks to:Carol Margolis of Smart Women Travelers

29. OMG I am in yet another home Business at 54 years old

I am a retired hairdresser with aches and pains from all the standing for so many years yet my family needed money plain and simple. I signed up to sell a product that not only cured my need for money it was based on what is happening to me and many people when you just are not 20 anymore. It has been easy to do… all you do is talk about how much better you feel. This had taken away all my fears I am selling something I believe in that works.This has cured my need for money too. I never thought it possible at 54 to start a business, make money and find so many new friends.

Thanks to:Teresa Figley of Teresa Figley

30. Set a Time Frame

How did I overcome my biggest fear about becoming an entrepreneur? In 1993, at 40, my company went Chapter 11 and my position was eliminated. I took my severance and gave myself a 6 month time frame. In this time I needed to launch my a line of accessories and generate enough revenue so that I could take a salary. Within 2 weeks, I was on a plane to the Far East. Within 8 weeks, I had my samples in showroom in NY and by 12 weeks, I had my first order from a major retailer. I then got bank financing so that within 6 months I was drawing a salary and growing a business.

Thanks to:Corinne McCormack of Corinne McCormack

Top Ten Benefits of Being Self Employed

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1. Freedom! Set your hours to suit your natural body rhythms.
2. Money. There are no limits -I remember job “steps” that limited my income no matter how much I produced. No more!
3. Following my passions. I get to choose what I’ll focus on each day.
4. Multiple profit centers. Money comes from more than 1 stream -no need to worry if one runs dry – you develop another one.
5. Work from wherever. East coast visiting family, West coast home office, coffee shop. at the harbor -depends on the weather and my mood.
6. Work with people I like. I get to say “no thanks” to difficult people AND I’m not stuck in the cubicle next to them.
7. Teach others what I learn. I learn something new about business/marketing and then teach it to others -how cool is that?
8. Become slightly famous. I’m known in my community (and beyond) as the “go to” person when someone wants to become self-employed. It’s fun being a “celebrity.”
9. Help the economy. Entrepreneurs will be the key to building our economy -and I’m contributing!
10. Freedom! Did I say that already? Well it is the biggest benefit in my mind. Freedom to choose how I spend my days, where I spend them and who I spend them with!

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