By Marly Broudie
As a woman in business, I can say based on my personal experience that we care about providing value, and are willing to mentor each other so we all win. But one thing many of us struggle with is talking about our fees and pricing. When we’re opposite a male client or business owner, proving the monetary value of our products or services feels even more challenging. Why?
According to society’s gender norms, women are expected to be modest when talking about our accomplishments and our value. This standard stretches to our bank accounts; any mention of monetary worth could even be seen as bragging, thus making it taboo. Not to mention that for decades, finances have fallen under ‘the man’s role’ at home and in business.
Why It’s Important to Get Comfortable Talking About Pricing
Although this is how generations of women have been taught to act around money, it is not what we want for the next generation of capable, smart, and innovative women rainmakers — so it’s important to get comfortable talking about our worth, our value, and our pricing.
The are many benefits that come out of this:
- You will communicate clearer with potential clients, effectively weeding out the ones who will waste your time.
- When you understand how your value translates into pricing, you will be mindful of both overdelivering and underdelivering.
- Your negotiating skills will improve, as will your ability to hire top talent and retain them.
- You will be more confident seeking investment and raising capital.
The “money” topic touches every aspect of your business, so the sooner you get comfortable talking about it, the sooner your waves will get larger, stronger and superior.
4 Stress-Free Tips to Help You Discuss Pricing
Changing generations of money-shame won’t happen overnight, but here are 4 tips that have helped me get better at it:
1. Separate Your Worth
There’s a common phrase used among women entrepreneurs: know your worth and add tax. While the sentiment is nice, we must separate our moral worth from our monetary worth.
Your worth as a woman never changes; you are always worthy. If a potential client says you’re charging too much, they are not saying that you, as a person, are not worthwhile. They are saying that what you’re charging for what you’re offering doesn’t add up. Understanding this difference will allow you to remove the mind-drama many women experience when setting their prices.
2. Get Clear on What You Offer
When you know exactly what value you bring to the table, you will feel more comfortable charging for it. Break down your service offerings and list all the ways you are adding value. If you can, give them monetary values. When you are clear on what you bring to the table, you can communicate your pricing easily.
3. Start Practicing
Start by writing on a piece of paper “I charge X dollars for X service because…” and fill in the blanks. Then, practice saying it out loud in the mirror. Notice your posture when you say it. Stand up straight, shoulders back, and take a deep breath. If you have done your research on pricing your services effectively, you can feel confident in what you charge. Your body language should reflect that.
4. Practice with Other Women
You are certainly not alone in this struggle, and there are likely thousands of other women entrepreneurs in your area that would like to get better at this as well. Join women’s entrepreneurial groups through Facebook and LinkedIn and start the conversation. You will likely find other women entrepreneurs who are interested in practicing talking about money and prices with each other.