Why I Charge $500 Per Hour – Know Your Worth – Episode 42

Do you struggle with embracing your worth? Worried nobody will buy your services or products if you up the price? In this solo episode, I will share my own experiences and reasons on why I charge $500 per hour, and why you should take a moment to explore your worth too. This enlightening episode should give you an idea of the things you must consider and reflect on and more importantly why you need to value yourself and your worth.

This episode is sponsored by Angela’s 4-day, 3-night Women in Business Retreat happening in Australia on October 24-27, 2019. Click here to learn more.

Important Links Mentioned in the Show:

Australian Business Collaborative Facebook Group

Finding Balance in Business Women’s Retreat

Angela Henderson Website

Angela Henderson Active Business Facebook Group

Angela Henderson Facebook Business Page

Angela Henderson Instagram

Prefer to read Why I Charge $500 Per Hour – Know Your Worth? Here’s the transcript:

ANGELA:

You’re listening to the Business and Life Conversations Podcast with Angela Henderson, Episode 42.

Hey there, you’re listening to the Business and Life Conversations Podcast. My name is Angela Henderson and on this show, we talk about improving your business, life or both. By having amazing and rich conversations with brilliant guests who will inspire you and who will give you tips and tricks to help you grow both in life and in business.

Hey there, and welcome back to the Business and Life Conversations Podcast, with me, your host Angela, from Angela Henderson Consulting. I’m thrilled that you are tuning in today because it’s going to be an epic episode; a potentially enlightening episode; an uncomfortable episode for some, but an episode that needs to happen; a conversation that needs to happen.

But before we dive deep into ‘Why I Charge 500 Dollars Per Hour and Know Your Worth,’ this episode is sponsored by my 4-day, 3-night exclusive Women in Business Retreat, where we will be focusing on having women, giving them the chance to connect, refocus, learn and grow, in order to grow both in business and in life. We will have 7 of Australia’s leading female entrepreneurs there. We’re also going to have masterminds sessions, breakout sessions, creative sessions; you name it. It is an event here on Australia that is unlike any other. It’s being held on October 24 through to October 27, 2019, at the Gold Coast here in Queensland in Australia and it’s an exclusive event with only 50 tickets being sold. If you’d like to grab yours today, or learn more about the event, head on to www.angelahenderson.com.au and click on Retreat.

Now, let’s jump into this episode. ‘Know Your Worth – Why I Charge 500 Dollars An Hour?’ You see, this past week I posted this exact topic in my Facebook group, The Australian Business Collaborative, and on an additional Facebook group. And the conversations that have come from this post have been absolutely amazing. So let me give you some background about the actual post that I wrote.

Here it goes:

This isn’t an easy post to right. Because A: I’m a woman; and B: I’m talking about money; something our society doesn’t like to do. But this is a post I feel needs to be discussed to open up conversations, to help women in business embrace their worth, because you see some business owners, women, in particular, have a blockage; a limiting belief around worth and money, and I want to be able to help shift this. After years of second-guessing myself, I realized that I’m a hundred and fifty percent worth of what I charged and the value that I give to my VIP coaching clients, and I’m assuming some of you reading this are worth more than you’re giving yourself credit for.

Yesterday I had a discovery call at a potential client who’s wanting a business consulting and coach to help hair grow a sustainable and profitable business. We met and discussed her big hairy, ass goal for this year which is around, she said $200,000 worth of course that she wanted to sell. We also were able to talk about her struggles; we explored how I would work with her as her coach; the value that I would add to her business, and all was going well. Until it got to the part about the costs to work with me. When I mentioned that the cost to work with me is $500 per hour, I was met with a literal anger, a blasting of, “How can I possibly charge this much and more?” This rattled me slightly due to the aggressive tone, and the old Angela from years ago, who struggled with her work with a broken heart and sweats and potentially started crying.  But I took a deep breath, and reminded her that when you get me as a business coach you’re getting the following:

1. A coach who actually runs a successful business and not taking a course off the back of a cereal box. A coach who has been in business for close to 9 years, starting first with Finlee and Me, an e-commerce platform focusing on creating childhood memories through play love and travel, and being one of Australia’s leading parenting bloggers. I had to learn everything I could about an e-commerce platform; part of validation sales, finals branding, email marketing, social media, blogging, creating challenges, SEO, copywriting and so, so, so much more.

2. When you get me as your business coach, I pay to play. I surround myself on an ongoing basis by the right people, pay for high ticket events from around the world to learn from the best; spend and continue to spend hours, networking and building relationships so that I can pass this knowledge on to my clients and connect them to the right people they need to grow that sustainable and profitable business; and

3. As a business coach, I reminded her an hour of coaching with me is not just an hour of coaching, but rather, there’s 30-minutes prep time before our meeting to review our notes and planning the best strategic direction for our session; 30 to 60 minutes throughout the month with email support; then, there’s the actual 2-hours of face to face time on monthly calls; the formal introductions to people that I will help introduce to develop that sustainable and profitable business in everything and anything in between.

Now, I wanted to dig deeper with her, I wanted to know more. So I asked her what her expectations were. And she explained to me that a coach would cost no more than $100 per hour. Even though, with her $200,000 a year course product she wanted, she would be making anywhere from $3,800 plus, a week. Not to mention, that she was going to be charging $1,000 dollars per course, and that was okay for her to charge that $1,000 dollar, but not okay for me to charge that $1,000.

Now, not every client is my ideal client and I’m okay with this. Because I worked hard to identify those that I want to work with, but equally, I’ve allowed myself to know what my worth is. So in this post, I said, “Do you struggle with embracing your worth? Worried nobody will buy your services or products if you up the price?” And I ended with, “I encourage you to take a moment and explore your worth. Is it time to change?”

From these 2 particular posts that I posted on Facebook, I’ve had hundreds of people comment, like, share, PM me, even some sending emails to thank me for helping them to break to their fear, to see clarity about their offer, to assess their business collectively.

Now, there are also people who disagree with me, because they voice their concerns, for example, that one was a lawyer, one was a doctor, and that they’ve gone to school, paid for an education and have to pay for insurance that they should be able to charge more than what I charge; and that in no way should I be charging what I do. My response to that though was, though they two have paid for tens of thousands of dollars for their formal education, so have I.

My first mastermind with Chris Ducker cost me over $10,000 to go to not only his event but to fly from Brisbane to Australia, get hotels, get travel insurance, etc. My trip with James Shramco for my mastermind last year in the Maldives was close to again another $10,000. Last year, I went to Social Media World, paid for my ticket, my airfares, all of that, again, thousands and thousands of dollars. To be trained by the best people from around the world, so that I can ensure my VIP coaching clients and my 8-week coaching program clients who Profit Pillars with Angela Henderson; have the most up-to-date and extensive information I need for that growth.

So the reality is, we will have our own opinions about not only my post, but this episode, and I’m okay with that. In fact, I love hearing about how others view topics because where there is topics and discomfort, there is always growth; there’s always lessons for both parties to learn. But this one thing I know, regardless if you disagree or agree with this particular episode, is that, I hope I’ve got you thinking about where you want to go with your business; what you’re currently doing in your business; how you position in your business.

So if there’s anything you do from this particular episode, either in your head or you map out a pen to paper or you write it down, I don’t know on an excel spreadsheet, I’ll leave you with this: Take some time to assess what you charge. Are you including things like your prep time, you drive time, your petrol cost, your set up cost, if you’re for example working at a market, or whatever it is that includes your costs in order to run your business? Are you happy with where you’re at with this pricing? Are you giving yourself permission to explore your true worth and your true value? The value that you bring to your clients? And remember, it’s okay to be proud of what you do for your clients and customers. It’s okay to be proud, but you value yourself and your worth. Because when you value yourself and your worth, you will not only feel better about yourself, you will attract a far more better audience and customer, and your business will ultimately grow.

Now that’s it for today. Now, I hope again any of you who want to send me a PM or email, info at www.angelahenderson.com.au, I’m always happy to continue this conversation post episode because I think it’s healthy and again it creates growth for all involved. My team and I will also be putting together the whole transcription for this episode at www.angelahenderson.com.au, and of course, I cover all sorts of related Business and Life topics at my Facebook group, The Australian Business Collaborative. I think we just hit over 4,700 this week.

Have a fabulous day, and I’ll look forward to you, joining me next week, for another amazing episode of the Business and Life Conversation Podcast. Have an awesome day no matter where you are. This is Anj, from Angela Henderson Consulting. Bye, for now.

Thanks for listening to the Business and Life Conversations Podcast with Angela Henderson, know your business worth. www.angelahenderson.com.au