Chronic undercharging is rampant in the female business world, especially among service-based firms: coaches, consultants, therapists, etc. But other professions are also affected. It is a fact that women often leave college with higher degrees than men, but are already earning 10 percent less than their male colleagues when they are 30 years old.
There are several causes for this. The most obvious ones are external circumstances, like the discrimination women are still victimized by to a greater or lesser degree, depending on their cultural background.
But there are also inner barriers that hold women back from charging more for their services. These inner barricades are much more powerful obstacles to overcome, since most businesswomen are not even aware of them.
One of the main reasons why many women don’t charge enough is that, at the core of their being, they are all about helping others. The compassionate and caring female heart will tend to overlook any obstacle that stands between a woman and the possibility to make a difference in another person’s life, including her fees. This approach can even lead to giving their expertise away for free.
God created us as nurturers and supporters to the people around us and to experience true joy when we give to others. Deep in our hearts, we’re passionate about impacting other people’s lives.
That’s why women go into the extreme “money-does-not-matter mode”, because we experience true happiness and a profound sense of fulfillment when we can make a difference by helping others.
But this is a shortsighted approach to leaving a legacy with your talents and expertise. Just because money is not the main reason why you chose your profession, this doesn’t mean you can ignore it and still expect to thrive!
You need to create a solid financial structure that allows you not only to stay in business, but to also prosper financially so you will be able to help people as much as you want, without jeopardizing your future as a successful businesswoman who impacts her community with her talents and expertise.
Let’s face facts: even charitable organizations and ministries have to be savvy about how they finance their entities!
If you love what you do and are working hard to serve others with your business, but you intuitively know your service is worth much more than what you are charging, then you might want to raise your fees!
P.D. Do you need help? Raising your fees and restructuring your business to make it more profitable can be overwhelming, specially if you don’t know where to start.
Let’s talk. Apply for one of my complimentary “Money Breakthrough Sessions” and I will help you pinpoint what exactly is keeping you from earning the money you deserve.