Today’s article is the second in a multi-part series on how to make more money in your business.

The main reason I’m writing this series on making more money is that in my experience, most freelancers simply charge less for their services.

Last week I talked about how limiting beliefs about money can be holding you back.

This week, I’m going to talk about changing the way you plan to charge for your services.

Your services are not a commodity

If you are a commodity, your customers will think about the fees you charge and how they can get the lowest fees possible.

They will think that your services are like those of others.

Buying their services is not like buying rice, steel, or heating oil. You can always find a lower price somewhere and get more or less the same product.

But if you’re a consultant, coach, trainer, financial planner, or other professional, your focus may not be on your fee, but on the results you produce for your clients.

Think about some of the results you’ve achieved for your clients. Didn’t they make a big difference in your customers’ lives and businesses?

Many of my clients have increased their income by tens or millions of thousands of dollars as a result of the work they have done with me.

And I’m sure it’s the same with you.

And if their services don’t result in a monetary return, they provide other rewards that are often even more significant: big gains in trust, satisfaction, and relationships.

Your services can change the lives of your clients. They are not a commodity.

This is the way I try to think of it:

If a client is seeking your help, forget about your fees altogether and find out what service you would ideally provide to help that client achieve their desired result.

And then ask the customer what the value of that service would be to him.

Then charge that amount.

No, you won’t always get that project, but in many cases you will because you are so confident in the results it will produce.

This is just the opposite of what many freelancers do.

They first ask what the client can afford, and then create a package of services that will fit the client’s budget, without giving enough thought to the bottom line.

They then end up working like a dog, resentful that they have earned so little money for so much work and often failing to achieve the best possible results. Sounds familiar?

It’s time to get paid what you’re worth!

Alan Weiss, the million-dollar consultant, calls this “value pricing.”

Ultimately, you determine the value to the customer and then charge for that value. (and then deliver it).

When I learned this principle many years ago, a prospective client contacted me with the task of finding a title for his book.

We talked and explored the value for him. It would make all the difference to have the correct title. I wanted a title that accurately reflected the essence of the book. And he needed it fast.

I also realized that if I charged a low rate, I probably wouldn’t appreciate the work that went into creating a good title and could get stuck in the cycle of asking others for input and getting nowhere.

So I charged him $2,500 (this was almost 20 years ago).

Finally, I got the project and did a lot of in-depth work to determine the most appropriate title.

I came up with only one title name. She loved it and used it for the book. She got what she paid for.

In fact, he got even more value since I also gave him a lot of information about the contents of the book.

So think about it: what is the real value of your services?

In most cases, they are worth a lot more than you think.

Regards, Robert