Knowing your worth as an entrepreneur
Welcome to this month’s edition of The Bright Side. This time around, we’re diving into key aspects of taking your business to the next level as a new entrepreneur. These include how much to charge your clients, how to set and achieve big business goals and building strong client relationships.
Ultimately, it all comes down to knowing your full worth and aligning your business goals with your personal values. This will help you create authentic relationships and empower you to charge appropriately for the value you provide.
Taking charge of what you charge
As a new entrepreneur, it can be difficult to know what is appropriate to charge clients. The bottom line is you must recognize your worth as a professional and never be afraid to charge clients based on your capabilities. You work extremely hard and your expertise is valuable – so never undercut yourself.
When you’re new to the game, it can be common to fall victim to “imposter syndrome” and question yourself about charging money for your services. This is self‑sabotaging and will prevent you from reaching your full potential. You must truly believe you are skilled, capable and deserving of financial success.
Inevitably, as you develop relationships with clients, there may be times when you have to set boundaries as some might seek a discount because they feel they deserve it. As a general rule, always stick to your set price. If people care about you – and truly value what you provide – they’ll be willing to pay appropriately for your services.
Set your goals – and stick to them
Most successful entrepreneurs I know all have one thing in common. They set big goals and stick to them by breaking them down into smaller steps. Along with setting you up to succeed, this will also help you determine what to charge for your services.
For example, to earn $100,000, you would need 500 people to buy a $200 service, or 200 people to buy a $500 service. Take a look at your financial statements and ask yourself if you’re meeting your goals. If not, take a step back to assess why you aren’t and how you can fix it.
Beyond the numbers, it’s also important to set non‑financial goals, like growing your client base, client satisfaction and client retention. Another thing to consider is your brand. What do you want your business to represent and how do you want it to be perceived?
Building a business means building relationships
In business, it all comes down to relationships – with your clients and your colleagues. This is why it’s important to take care of yourself so you can show up as your best self for your business and clients. After all, you are your business’s greatest asset and selling feature. It’s also why being authentic is critical, as it will enable you to better attract clients who align with you and your values.
Remember, you’ve got this
Your business is vital and provides genuine value to people’s lives, so don’t apologize for charging the rates you do – or collecting on them. The most powerful voice you can listen to is your own. Stand firm on your rates, believe in your ideas (even if others don’t), set big goals with actionable steps and create authentic relationships. These will all set you up for success.
Never forget you’ve worked really hard to get where you are today. It took brains, guts and passion. All of your experiences and expertise are uniquely valuable and worth every cent. Embrace that and let it set you up for what you deserve.
One last piece of advice: remember to celebrate the victories, learn from the mistakes and always enjoy the entrepreneurial journey!
Manager, Client Advisory at Baker Tilly Catalyst, Shannon McIntosh has overcome anxiety, insecurity and depression to emerge as a voice of empowerment, helping clients and colleagues exceed expectations and break new ground. In The Bright Side, she taps into her specialized experience working with non‑profit businesses and her passion for helping organizations that support the community to offer enlightening tax, financial and business guidance to help replace self‑doubt with self‑belief.
Shannon McIntosh
Shannon McIntosh