How Much Are You Worth?

This past weekend I spent a lot of time in the Jacksonville airport, which wasn't all bad.  I do admit after six hours in the airport, I was quite ready to leave.  However, one of my highlights of sitting in that airport was listening to a jazz saxophone player by the name of Aaron Bing.  I probably could have sat there listening to him all day, only problem was he wasn't always playing.

So on one of his breaks I wandered up to his table to check him out.  He had two separate CDs of his music you could purchase.  If you bought one, it was $20.  If you bought two, they were $30.

Now one set of buyers would probably think...$20!! That is expensive!  Since when does a CD these days cost $20.  I can get Beyonce on Amazon for $12.42.  Who does this cat think he is?  Kenny G!  Another set of buyers would not blink an eye.  They would hear the quality of his music and if they were jazz lovers, they would be wooed by Aaron Bing's talent.  These buyers would whip out a $20 bill in a heartbeat, just so they could take those melodies with them.

But what is most important is how much does Aaron Bing think he is worth?  He obviously believes his music is worth $20 per CD, and he is not afraid to price it at that level.

 

As business owners pricing our goods and services, or as employees putting a price on our skills, experience and education, we need to be able to answer the question:

How Much Are You Worth?

What you truly believe in your heart about what you are worth is likely what you will be paid.  Even if your head says you are worth $100,000, but in your heart, you don't really believe you are worth much past $50,000, it will be difficult for you to attract much more than $50,000.

It may seem difficult to put a price on such things as skills, talents, services, etc.  But this is where it is helpful to know your market and competition.  There is almost always a range.  For instance, if you are a small business coach and you know the average price for a business coach is $200-$300 per hour, where do you fall?  What kind of results do you produce for your clients?  How does your system compare to that of other business coaches?  What is your confidence level?  If you know what the going rate is, why would you charge $150 per hour?

Let's look at another example.  Let's say you are an executive assistant.  You've done your research and you know the average salary range is $40,000 to $62,000 per year.  How many years of experience do you have as an executive assistant?  What is your track record with executives?  Are they happy with your work?  What unique skills do you bring to your job?  What are you especially good at?  So are you being paid what you are worth?

Even in this tough economy, we cannot forget how much we are worth.  There are still ways to build value into our offerings, or ask for things that are beneficial to us other than money.  If you do not hold yourself, your goods, your skills, or your services as valuable, no one will do it for you.

Comments

[Shelley]

I saw Aaron, too! I can't remember exactly when, but he was such a pleasant surprise. At first, I thought the music was being piped in. All of a sudden, I saw this handsome, young man standing there giving us such a wonderful concert. I was able to catch a great photo of him before leaving the airport.