Whether you’re naming your price for the first time, or raising your prices after years of business, there are a lot of myths to debunk, on the path to profit that’s in line with the integrity of your heart and spirit. I realize I have a lot to say about this money topic – so this is the first in a series of articles on the subject. Let’s start with debunking some myths about pricing, in the name of simplifying this complex zone.
It was an exciting session. My client has a wonderful intuitive style, which some might see as meandering. But in fact, she arrived in session three of four, at the perfect place to define the practice she named as her goal in the beginning of the program. Even one of her current pro bono client synchronously compared her work to that of a respected local coach. All she had to do – okay, well one of the next four steps on her list of soul savvy shortcuts – was pricing her services.
Does setting a price for your work send a shiver down the spine, or set off a complicated thought process involving market comparisons and talk of the economy? (I’m sitting here making sounds that I can’t translate into words – I guess Oy vey! combined with a head-shaking horse sound might work.) Well, before you click that google button, let’s first name some of the myths that can be debunked, so as to simplify pricing matters a bit.
Myth One: It’s All About the Economy
There’s something about myths that I want to recognize up front. They can contain some truth. Usually though, they are languaged as absolutes. So that is the first thing to note about the economy myth. No, you can’t completely ignore the impact of the economy, particularly when it’s tight as it is now. But is the economy to blame for every financial challenge and a naysayer to taking any risk at all? Heck no.
Are there entrepreneurs and business owners in your field who are succeeding currently? Did everyone go under during the Depression, or become rich in the 90’s? It’s hard to herd humans, and there are tons of factors besides the economy that determine business success. So if you are considering adjusting your pricing or heavens forbid, basing it, on the economic climate… call me right now. And please … step away from that PayPal button until we talk, okay?
Myth Two: Your Price Should be Based on Extensive Market Comparisons/Research
Often when you start out in business, you might think this is the only step on which to base your price. You investigate your field, compare levels of training and experience, and place yourself somewhere in that graph. You’re not quite at the level of Omar, but thankfully, you’re way ahead of Sheena. That puts you right… There! … in the so and so range. Ah. Figured that one out. Phew.
After some time you might realize, it’s not all about external measurements. Comparisons that are based on these types of measures and variables can miss a lot of critical data. So yes, do some research and check out your colleagues, competitors, and the market. But don’t let that be the final or deciding factor when you set your price.
Myth Three: You Should Be Able to Afford Your Own Price
This is kind of funny, yet true. I can remember getting some advice years back when I was all a-tremble at setting a price for my work. But but but… I can’t or wouldn’t choose to afford it myself – how can I ask someone else to? My wise colleague had pithy advice: Don’t base your price on your own wallet size. If this myth were followed, many people would never get their businesses started.
Does this mean you become a cutthroat business owner with no regard for those who can’t afford, say, to work with you individually? No – and I doubt that many of you are prone to this danger. Does it mean you can choose to work with those who can pay you, and perhaps support those who can’t in other ways, say through products or groups? Uh-huh. FYI, you are not the sole helper out there either – there are tons of light workers bent on helping our fellow humans. Phew! It’s a team effort luckily, and undercharging doesn’t help you or anyone else.
Myth Four: You Need Three Degrees and Buckoo Credentials
How many of you feel limited by this myth? It’s a tricky one. Far be it from me to diss credentials or degrees. I try to avoid shooting myself in the foot when I can, hee hee. Yet, does a credential, license or degree assure you of absolute impeccability? Unfortunately, no. After jumping through many hoops that I feared would slay me, I saw that they built my character and tested me in good ways. Yet… any idiot can jump through hoops. Oh jeesh… now I’m in trouble. Let me try this again.
Training is most often a good thing. Currently for example, many people can call themselves a coach without receiving any training – and this may change, like it did for psychotherapists. As consumers, it’s good to be informed, and you can check into anyone’s background. Still, you’ve all probably come across practitioners who had every credential and all that proper training, but perhaps lacked integrity or empathy or some other element you considered crucial.
Then there are those without said degrees and credentials, but who have learned through life experience and diligent independent study. Perhaps their previous work experience contributes to a new direction they’d like to explore. Expertise does not come about by degrees and training alone. And degrees without that foot-wetting splash into the realm of actual experience aren’t enough either.
Whatever side you’re coming from here, what’s important is recognizing your limits and when you might need supervision or further training. Most business owners, entrepreneurs and other professionals know there is always some growth edge beckoning. That’s why many companies hire coaches for their executives, for example. They critical factor here is having honesty and integrity about your skills and when they might benefit from further training.
Especially if you work with clients, be alert for any growth edges, and get the necessary support to invest in yourself when needed. Mistakes and failures are healthy necessities – but you need to take responsibility, communicate clearly about them, and take action to learn the needed skills if a gap arises. With integrity, you can lean into areas and skills you want to learn, without insisting that you have to know it all now. It’s okay to do the thing for a while to get a sense for how you like it and how it works, as long as you don’t overstate or misrepresent your skills. Make sense?
Myth Five: It’s Wrong to Charge For or Profit From Spiritual Work
Well, I better not even think about trying to translate these head-shaking elephant noises I’m currently tooting and snorkeling. Methinks I’m going to have to include audio links in future articles… But enough snorting – because again, many myths have some smidgen of truth and/or some tradition they try to do justice to.
This myth may well come from a time when our communities were stronger and more interdependent. In those days, you indeed did not charge for spiritual services. But then again, Barty delivered your eggs on Saturday, after you’d led the shamanic choir on Friday night. Your husband provided the tribe with excellent mammoth skin skivvies, and your Mom was the area herbalist and psychic.
While some traditions are still current that may point to this value, my personal sense is that this myth is up for some serious debunking today, as many money myths are (ooh – say those last four words, four times fast…) If this myth were true, all resident light workers would be in deep doo doo. Yes, even deeper than the doo doo they’re already in by choosing this mission. These people (you know who I’m talking to, don’t you…) want to help, and yeah, usually, it’s a type of spiritual work or service. Even when they’re making mammoth skin skivvies, these light workers have a way of making everything spiritual. And if Barty’s not delivering eggs anymore on Saturdays – well, somebody’s got to bring home the tofu, now don’t they?
Next in This Series
There’s a lot more to this topic than the spiritual side of mammoth skin skivvies, and how much to charge for them. What else gets in the way besides myths that can mess up your pricing, besides the inherent unpleasantness most experience when discussing money at all? How do you get the right balance between the external data and the internal integrity factor? What if spirit just starts bossing you around, and names a price you can hardly stomach? When do you give discounts, or should you have a sliding scale? Should you keep a few pro bono slots or do trades? And how do you know when to trust that it’s accurate intuition your getting about what to charge, or just your needy, greedy ego?
Well shoot, that’s a lot of damn questions. And I haven’t even told you what happened to my client. Actually – we’re going to do the intuitive price exercise in her next session. So stay tuned, and thanks for reading…
Have some questions or comments on pricing? Is your own hair on the floor right now as you contemplate raising your own prices for the new year? Please comment below – it’s free ; )
And yes, here’s my address for the mammoth skin skivvies… I’d like the ones with the solstice piping please… oh shoot, backordered? Okay, then the faux fur accents will do. Purple please. Oh okay, black is fine… No, I’ll pass on the red and green. Thanks.
Seasonal blessings to you,
Denise Barnes