Do You Know How Much You Are Worth?

Are You Worth More Than Your Peers?/

In starting your business one of the most difficult aspects is figuring out your worth and what to charge people for your services. That really boils down to you coming to terms with how much are you worth. The most common thing to do is to find services similar to yours and based your pricing structure from them.

That is a strategy that many companies have used successfully. For example when the dollar menu in restaurants was first introduced most restaurants got on board and started their own dollar menus. Yet there were other companies that decided not to do that. They determined not to follow the crowd. They did not want to be associated with “cheap menus.”

Even though restaurants did and still do make billions off of dollar menu’s, those groups chose to make their billions another way because of the corporate perception that wanted to display. Therefore finding your worth is based on a perceived value.

Apple computers and products will always be higher priced in the industry because that is how they perceive their value. They normally don’t lower their prices or make deep discounts because they have established their perceived worth at a higher price point.

Do you know how much you’re worth? Are you content to be valued in a common salary range or base your pricing off of what others do? Establishing your perceived value will determine your level of wealth. The more you value your worth, the more you will be able to charge. Your actions will not be based on others, but how you perceive your level of professionalism.

Perceived value is all about the image that you want to project.  Will your company be value based or luxury? Are you a discount shop or do you want to cater only to those with money?  Look in the mirror.  How do you see yourself?  If you like what you see and are confident in your abilities you will more than likely base your rates on premium, high dollar services.