You are worth more than you think. My first client paid me $50 and a $25 Target gift card! They told me they are a non-profit and couldn’t afford much more. I understood budget constraints, and I needed the money. I eventually needed to calculate how much my time, knowledge and expertise are worth, so I decided I was worth $100 / hour. But what am I worth?
Entrepreneurs struggle with how much to charge when they first start their business. When my first BIG client asked me what I charge, I told her $100 per hour. DONE! She didn’t blink an eye, and she hired me for the day. I made $800 for the day, and I took my family to dinner. SCORE! Clients are not paying for 8 hours you are training and speaking. They are paying for everything that makes you an expert. What am I worth? Let’s do the math:
- Experience – I led one of the business teams for the most profitable company on the planet. I have 2 earned degrees in chemical engineering with a published thesis. I won awards for my sales skills and client relationships with one of the largest pharmaceutical companies in the world. Think about your experience. What would someone pay to learn what you know? My academic and work experience is valuable. How much am I worth? $1000 / day
- Research – 20% of my time is spent on research. I listen to technology podcasts and watch social media webinars. I attend conferences, and I interview experts on social marketing strategies. Scientifically Speaking publishes a weekly blog, and my video team creates YouTube videos that training people to be more productive. This research is valuable to my clients and their audiences. How much am I worth? $1000 / day
- Preparation – I spend hours preparing for presentations. I practice using the apps and technology I suggest to my clients. My objective is to minimize problems during the program. I practice the jokes I will say and how I will say them. There is a plan for the event, and there is a back up plan. I rehearse hand gestures responses to anticipated questions. They pay for my preparation because they don’t want problems during the events. How much am I worth? $1000 / day
- Travel – My first big client hired me to drive to Chicago. It was only a 3 hour drive, but that took time out of my day. Travel costs gas and wear and tear on your car. If you fly, you will need a plane ticket, taxi / UBER and food costs. Insure that you travel comfortably. You don’t have eat steak every day, but you should not be eating at Taco Bell everyday. How much am I worth? $1000 / day
- Time – Your time is the culmination of everything you’ve done: experience, research, travel and work. This is the biggest variable for entrepreneurs to consider because time cannot be purchased, and everyone has the same amount. Some lawyers charge $450 per hour to speak with them. They even charge you when they are in the shower thinking about your case. How much am I worth? $1000 / day
Add all of these up and I am worth about $5000 / day. Sound like a lot? I may train 75 people in a day, and management spends less than $100 per person to train. My time is a bargain! Teachers who have been in the classroom for 25 years know how to develop a curriculum, manage expectations, teach, train and lead. Hold your head high and re-evaluate how much you charge. You are worth more than you think!
Scientifically Speaking, of course…