Knowing Your Worth in Business

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By: Devorah Baron

Q: I have a hard time making sales for my business even though I am very passionate about what I do. How can I be confident in my business’s worth?

 

A: One of the most difficult things for a business owner to do is to believe that someone would pay them for what they are worth. There can be various reasons someone would think this.  I will try to scratch the surface on how one can conquer this faulty view of themselves and their business.

A universally difficult issue that many struggle with is a feeling of unworthiness.  Not feeling worthy can mask itself in various ways, but when it comes to business, this feeling will sabotage your financial success if you don’t face it head on.

Your worthiness as a person comes from G-d.  The funny thing is, it is something you have to believe within yourself.  Your success may bolster it, but the real inner work needs to come from you.  I regularly listen to and read positive affirmations that help me believe in my worthiness, as it is not something that comes naturally to me. Only when you believe that you are worthy of success, making a difference, happiness and wealth, can you then work on your mindset of believing in your service/product.

Once you believe this strongly, you will bring success and wealth into your life.  If you have a negative mindset about wealth and money, I would recommend you read books that help with shifting that mindset.* Many people are uncomfortable with wealth and money, and that belief will sabotage their success. A few books I recommend to help with money mindset are: 

You are a Badass at Making Money

Rich Dad Poor Dad

Think and Grow Rich

Money and the Law of Attraction

 

I often get asked, “Will someone really pay me that much money for this service/product?”  This one can be tough, but if you know your own value and believe strongly in what you provide, it should not be a problem.  In the early stages of my business, I felt guilty charging what I did.  When I realized that I’m providing an elective and incredible service, my confidence boosted.  The better I became at what I did, the more I realized that YES, I am worth every cent.  The value I add to people’s lives is priceless.  Even if a competitor charges less, it does not matter.  Clients are paying for ME and what I do, and I believe that I’m one of the best people out there doing it.  I would pay more to have me provide my service!

Many times a person prices herself according to her competitors. As long as you feel this is fair, then it’s okay.   I heard a wise saying: “If you are overpriced, you won’t get any business, and if you’re underpriced, people won’t believe you are worth it.”  You want to price yourself in the middle to weed out some people.  I believe in being fair.   Customers will pay for YOU and for the value you provide to them.  Some value is immeasurable, so it is not unfair to price yourself accordingly.

Sometimes, when someone is insecure, she can be taken advantage of.   People might sense your insecurity and try to “nickel and dime” you.  This won’t happen when you are confident in what you do and really OWN it.  In the early stages of my business, people would always ask for lower rates, and because I was insecure, I often gave in.  Not so any longer.  If a client wants something cheaper or below my value, I have no problem saying NO.  I provide quality, not just a cheap service.  Sometimes, I explain to my client why it is that I charge what I do.  I’m not interested in cheapskate clients; they can never be pleased anyway.

Once you step into your confidence and know that you are worth what you charge and have no qualms about it, people will catch on.  Only then will you be able to feel fulfilled and earn accordingly.

 

*Read a great article on changing your money mindset HERE.

 
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Devorah Baron

is an entrepreneur and has run a prenatal 3D ultrasound business for 13 years.  She is a financial counselor for Mesila of Baltimore.  In the past she has been a JWE (Jewish Women Entrepreneur) leader in Baltimore and is currently a volunteer business advisor, as well as a business strategy coach.

Rochel Lazar