Table of Content
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Listen to the Workshop Replay
This March (Women's History Month), I wanted to talk about an issue that most of us might have or do face, but that especially affects women: Imposter Syndrome. In a recent Forbes article, Laura Newinski shared about a research project the KPMG Women's Leadership Summit conducted saying, "Our study found that 75% of executive women identified having experienced imposter syndrome at various points during their careers".
Yes, this is a wider issue, but it also hits home. There have been way too many times where I have had to deal with feeling like I didn't belong in a particular space or not thinking I had what it took to do this or that. Imposter Syndrome especially affects the way we do business. And that's why I'm excited to share with you a Pricing Formula I created for myself, and that I started sharing with you all. What that Pricing Formula did for me was help me see the true value of what I was offering, both for myself and for my clients. My hope is that it will do the same for you.
But before we get into this, I want to talk about some foundational things in regards to Imposter Syndrome. In one of my conversations with two amazing Christian sisters, I realized this: God gave you and me specific skills & talents, mission, and purpose. However, Imposter Syndrome is a direct attack and attempt to annihilate those gifts we were given, and the potential impact that could come from you confidently using those gifts. Imagine how much more you could do if you didn't doubt yourself in that meeting, or in negotiations with this client, or again at your workplace? Imagine how much impact you would have on others if you didn't shy away from coming up to that stranger and praying for them, or sharing your faith with friends and family boldly and creatively? You see it now?
One Solution: The Pricing Formula
Now, there's a difference between feeling like an imposter in a particular space and needing help as you grow and learn in a particular field. If you're a freelancer or young business, especially as a creative, there are certain things you'll need. I'm offering something I needed years ago but finally created for myself last year: a Pricing Formula.
Listen to the Pricing Formula Workshop Replay
To close the month of March, not only did I get to share this formula for free with my Email Crew, but I also got to host an online workshop on how to use the formula and much more...
Access the replay using this link right here:
You can also download the workshop slides to follow along as well.
Answering some of your Questions
A few of you asked pertinent questions at the Workshop, and I'd love to answer them right here.
Q. How to deal with charging too much? How to negotiate/advocate for a higher rate/budget?
First look at your variables, the ones discussed in the workshop. These are the guideposts that will help gauge what to charge. Now, when it comes to "charging too much", it's important to note that 'too much' would be when you’re intentionally exploiting a buyer (e,g.: taking a piece of trash, passing it as a premium product, and selling it to deceived a client).
However, charging ‘premium’, that's another thing. I see it as offering a top-tier service or product to clients that have the budget for it and thus expect higher quality or more complexity in the deliverables as well as an even greater client experience.
To answer the question about negotiating a higher rate or budget, one of the ways to make sure that all is fair is to have packages. Let’s say you have 3 types: basic or entry, standard or popular, then premium. That way, especially if you're just trying to get paid😁, you offer options as well as deliverables that fit the remuneration. From there, you work on increasing your targeted clientèle, especially if you’re looking to book premium only eventually.
Finally, you have to be okay with saying ‘no’ if the client’s budget doesn’t come close to your minimum (if it’s about generosity) or simply your final bill. If you’re still holding tight to every dollar that might come your way, this may be a sign that money is mastering you and not the other way around. And, most importantly, you are giving away your time (remember: time as precious currency) unintentionally.
So to conclude, I'd suggest thinking through your variables, drafting packages for different budgets, working towards growth, and mastering saying 'no' when needed.
Q. What to put for transport? How to calculate expenses?
For transportation, once you've determined your hourly rate, it’s a matter of putting down how much time it costs to go from point A to point B, as well as if you’re wanting to charge for it or not (let’s say because it’s provided by the client for example).
In terms of expenses, there are multiple ways to do this. One of the more straightforward ways is to list everything that goes into providing a particular deliverable (e.g.: design or editing software subscription or accommodation fees). Feel free to play around and figure out what system suits you best.
... to all those who attended the workshop, and all of you that made it all the way down to the Q&A. If you'd like to access the Pricing Formula, make sure to do that today! And share this post if you know someone that might need it.