Ep. 4 The Stern Truth: Are You Charging for Your Worth or Your Value

In this powerful episode, I share a crucial mindset shift that could transform your business immediately. After an eye-opening coaching session, I decided to change course and address something I see too often: small business owners undercharging based on their self-worth rather than the value they provide.

I dive into why tying your prices to your perceived self-worth is a dangerous trap, leading to burnout, attracting the wrong clients, and, ultimately, quitting. Instead, I challenge you to focus on the transformation and outcomes you create for your clients. Whether you help them generate more revenue, save time, reduce stress, or achieve better health - that value is what you should be charging for, not your personal feelings of worth.

I share practical advice on shifting your pricing mindset to reflect your true impact. Start attracting clients who respect your work and creating a sustainable business model that serves both you and those you help. It's time to step into your power as not just a business owner, but a business leader.

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Transcript

In today's episode, well, to be honest with you, it's a little messy in the sense that I was gonna talk about something and then I changed course because there's something that is more timely and I think more important for many of you to hear. Alright, this is a shorter segment, but it could be very impactful and very powerful.

Enjoy. 

Hi, I'm Marshall Stern and I've spent over 35 years leading and growing multiple small businesses. I know firsthand the struggles of entrepreneurship, feeling isolated, lonely, overwhelmed, and feeling like you have to do all by yourself. I've been through multiple recessions and I have felt the highs and the lows.

I've been there, and I get it. This podcast is here. Change that every week. I will bring. You straight talking advice, real world strategies and honest conversations about what it takes to succeed in business without the fluff, the gimmicks, or the sugarcoated. If you're ready to stop spinning your wheels and start making real progress, then you are in the right place.

This is the stern truth.  Alright, welcome back to another episode of The Stern Truth Business, unfiltered and okay. And here's the thing, I am changing course. Today. So what I was originally going to talk to you about was  having a business and not a busyness, right? We focus on the wrong activities at times, so and so forth.

We get drained. I was gonna talk to you about that and give you some tools and strategies.  But here's the thing,  I'm not gonna talk to you about that today.  In fact, today what I've decided to talk to you about. Is something very different because I've just come out of a very powerful coaching session with an amazing, amazing business owner, and one of her biggest challenges.

One of her biggest struggles. Yes, she has a busyness, which we're gonna work on,  but before we can even work on that and what she's focusing on, we need to work on the mindset aspect and more specifically, we need to work on what she's charging her clients.  We need to work on our self worth.  This is what I want to talk to you about today.

I want you to just listen to this, or if you're watching this on YouTube,  and I want you to try this on and see if it resonates with you, because I find  way too many small business owners end up charging what they're worth and not the value that they bring to clients. So  does this resonate with you?  Are you one of these people?

You know, you work really late nights, early mornings. You probably have moments when you've wondered, is it all worth it?  And that's exactly what I want to talk to you about today. Worth  more specifically,  why you should stop charging for your worth and start charging for the value you see. I think the problem with so many small business owners. 

Especially service-based business owners is they fall into this dangerous trap. They tie their prices to their self worth,  and when they have limiting beliefs,  imposter syndrome, fear, doubt. They doubt themselves when they struggle with really believing in themselves and comparing themselves to others that end up charging too little. 

They wanna get the business and that makes 'em feel good.  Sound familiar? I see it all the time. Passionate, talented, hardworking entrepreneurs underpricing their services  because deep down they question whether they're worth more, they're afraid. You are maybe afraid to ask for higher rates to charge what the value you really bring your client is.

And when you do charge those higher rate, higher rates, you feel guilty  or you fear that they're gonna say no.  That can come from a place of scarcity and neediness. And a mentor once told me needy is creepy. So we need to step into more of that leadership role for our business and for our clients. And we need to start charging the value that we bring, not our worth,  not our self worth,  but we tend to convince ourselves just work harder.

Charge less,  get the clients, prove it to the clients, which will prove it to myself. And then success will come.  Huh? But then we get exhausted, we burn out, and most of the time  we end up quitting.  It's not what we want. We wanna build a sustainable business. We need to change our mindset.  We need to have what I call a shift. 

Here's the stern truth.  Your prices should never. Repeat that Your prices should never be based about, based on how you feel  about yourself.  They should never be based on the  worth You have in the moment.  You need a client. You're charging less. You have to stop doing that. You need to charge based on the value you bring your clients.

Think about it.  A client  hires you.  And they come to you for a specific outcome, what do they gain?  Is it more revenue by working with you? More time, maybe less stress, more direction, more calmness, better health. It's a transformation  in their business or their life, isn't it?  That is what you charge for.

It's not how you feel that day. It's not, oh, it's my first year in business. It's not charged based on, oh,  I'm not as good as these people, so I'm gonna charge less.  The outcome is the outcome. 

It's not the number of hours you work, my friends,  whether you work three hours a day or 13, 15 hours a day,  it's not how long you've been in business. It's not how young you are or how old you are.  It's definitely not how confident or insecure you are  on any given day. That is a very, very dangerous business model.

So instead, what I'm asking you  is to think about and to ask yourself the question,  or instead actually, instead of asking yourself a question, what am I worth?  Instead,  what is the result that I provide? What is the result that my clients get from working with me?  That's where the real power is. Step into that leadership role.

Our clients, our prospects, need to be led. They want to be led.  Give them the expectations, what you expect from them, what they can expect from you.  You know, maybe you need to fake it till you make it. Have you heard that one before?  Try that on. If that works for you in the moment, that's fine, but charge for the value.

Don't devalue your services because you're feeling crappy one day or one month, or you desperately need a client. 'cause you trust me when you bring in, when you charge below the value and you charge maybe what you think you're worth. And it's lower than what you should be charging. You are gonna attract those clients who are willing to pay that.

And I'm telling you right now, this isn't another stern truth. There's a few stern truths here. You are going to attract the wrong clients  many of the times, and they're going to be the clients that drain you. They're going to be the clients that want you to change this and to change that and to work on their timeframe.

They're gonna want you to do this, and to do this and to do more. They're going to want more for less.  When you price based on value, you're gonna attract clients who respect what you do, and they see it as an investment, as not as an expense. Okay?  You free yourself from the endless cycle of working, overworking and undercharging,  and you set a standard that reflects the transformation that you create for your clients, and in the end, it's a win-win. 

You get more money so you can build and reach more people and they get the outcome that they want.  So today I challenge you. Take a hard look at your pricing  and ask yourself, are you charging for value, for the value and the outcomes you give your clients? You help your clients achieve? Or are you charging based on self doubt because the moment you recognize that your worth is not up for debate.

The impact of your work is  everything changes  and that my friends, is the moment you step into the true power of being not just a business owner,  but a business leader. That my friends, is the stern truth. 

Thank you so much for tuning in to the Star tre. If you found today's episode helpful, we would love to hear from you. Please like, share and leave us a review. Also, if you'd like to be a guest in the upcoming episode or join us in one of our Momentum Accountability Group sessions, simply email me toMarshall@marshallstern.net.

That's marshall stern.net, and don't forget to hit the subscribe button so you never miss an episode. Until next time, keep. Pushing forward and feeding with confidence.