It’s a New Year and many of you have made New Year’s resolutions in terms of your business. One very important aspect to maintain business, especially small business owners, is to charge what you are worth.
Do not be afraid to charge clients or potential clients what you are worth. If you believe that your services and/or product are worth $5,000, $10,000 or even $20,000, then you have a right to charge that to your clients and not apologize for it. If your client (or potential client) does not feel your services are worth what you are charging, my advice is to keep it moving and NEXT!
Those same clients who have an issue spending their money with you (the small business owner who offers quality and personalized service) will shop at Gucci and Barney’s and spend thousands of dollars without question and hesitation. Sort of oxymoron isn’t it? However, there are many other folks in this world who will understand the value of your service and/or product and will not have a problem with or question your prices.
In terms of celebrity clients, I cringe when I hear that event professionals have provided services for FREE so that they can “get their name out.” I understand the importance of that which is why so many business professionals hire PR firms to get them on local and national news programs and in magazines. However, let’s think realistically about this. Celebrities will NOT perform, make a guest appearance, etc., without getting paid a fee first (not including air fare, hotel stay, their entourage, and food). They usually require a 25% deposit (sometimes 50%) and a signed Agreement before “locking in the date,” and will only show up once the fee is paid in full. There are rare situations wherein a celebrity will make a complimentary guest appearance BUT rest assure that someone on the other end has paid their airfare, hotel stay and food accommodations (for them and their assistant(s)) so WHY should it be any different for an event professional or someone who is trying to get their product noticed. Think about it!
Bottom line is this, charge what you’re worth and do not apologize for it. If someone does not want to pay your fees, trust that there are people in this BIG world who will respect your work and your worth. Until next time…