Episode 24: Charging What You’re Worth: Part 3

Episode 24: Charging What You’re Worth: Part 3

Are you 100% comfortable charging what you’re worth? Most transformational entrepreneurs aren’t. Even if you believe you’re satisfied with what you charge now, the truth is that you could probably charge more – a lot more.

Join Pamela in Part 3 of this 3-part series to expand your mind about pricing, what’s possible to charge, and how to do that in integrity.

You’ll discover:

• The 3 identity issues that can keep you from charging what you’re worth
• A fun and effective way to determine how much money you can make
• The critical vision exercise you need in order to be well-paid for what you do

Timecode Guide:

02:01: Pamela reveals the three identity issues that can keep you from charging what you’re worth, and shares how to make that dream $-amount happen.
06:05: Discover Pamela’s fun and effective method for determining your true worth, and walks you through how to set goals to actually make that amount!
10:11: Follow along with this vision exercise to uncover your limiting beliefs around business, money, and more, so you can become well-paid for the transformation you provide.

Podcast Transcription

Episode 24: Charging What You’re Worth: Part 3

Intro: Your Money Identity

Intro (00:00):
You’re listening to ‘A Profitable Impact.’

Pamela (00:02):
There are three particular identity issues that can keep a person from charging what they’re worth. Most people can’t recognize these because there’s a disconnect between what you think and what you feel.

Gene (00:17):
Welcome to ‘A Profitable Impact,’ where every single week we help experts like coaches, healers, course creators and other online professionals to expand their reach, to increase their impact in the world, and to be well-paid for their extraordinary skills and talents. My name is Gene Monterastelli and I am the lead coach in Pamela Bruner’s Impact Accelerator coaching program. And now please welcome my friend, my colleague, and the CEO of Attract Clients Online, Pamela Bruner. How are you doing today, Pamela?

Pamela (00:46):
I’m doing great, particularly because it is Part 3 of ‘Charging What You’re Worth.’ And today we get to talk about your money identity – not yours, Gene, but everyone’s – and it’s such an important topic of conversation. So, as part of your money identity, we’re going to talk about the three identity issues that can keep you from charging what you’re worth, the fun and effective way to determine how much money you can actually make, and of course how you can increase that, and then finally, a critical vision exercise that you need in order to be well-paid for what you do. It’s going to be a really fun day.

Gene (01:23):
As you’re listening to this conversation, if you find yourself at a stuck point where you’re trying to figure out exactly how to implement what we’re talking about today, we would love for you to have a conversation with one of our coaches, absolutely free. All you need to do is go to BookMyBreakthroughCall.com. That’s BookMyBreakthroughCall.com. Get yourself on the calendar with one of our coaches so they can help you take the information we’re sharing today and implement it in a way so that you are well-paid for the work that you do.

Identity Issues: The 3 Limiting Beliefs Stopping You from Charging What You’re Worth

Pamela (01:49):
So, let’s plunge into the three identity issues that can keep you from charging what you’re worth. These are ones that I have seen over and over again. And in fact, I’ve actually experienced them myself. I don’t know if you have as well, Gene. But the first one is the whole concept of, and I’m going to put air quotes around this, “wealthy people.” And this shows up in a number of different ways. It might be “I” or “my people aren’t wealthy,” or “wealthy people have certain characteristics.” Sometimes we talk about how “rich people” (also air-quotes, “rich people”) are a certain way, “they’re greedy,” “they’re inconsiderate,” “they’re something.” So, that identity issue of “wealthy people” or “rich people,…” if you don’t identify that way, it’s going to be hard for you to make more than a certain amount of money. It just,… it will feel off to you.

Gene (02:35):
And it’s interesting, as you say that and you’re talking about this response we have to wealthy people. Before we hit record today, I was chatting with one of our clients and we were talking about expanding her reach and finding more people. And she’s in an area of the world that has a different financial set point than the economy that you and I live here in the United States, just because of the way global economics work. And I said, “yes, and in your, there are lots and lots of wealthy people.” And she said, “I have two millionaire clients and they’re horrible people.” And so we got to have this conversation about what was unique about them to recognize the fact that it wasn’t the people who are wealthy that were that way, it happened to be those two particular people that she had been grafted onto the sense of “wealthy people are bad people.” And it’s important that we step out of that particular mindset.

Pamela (03:24):
I love that example. Thank you for that.
The second identity issue to bring up is, “what I do,” as in “healers don’t or shouldn’t make that much,” or “coaches shouldn’t make that much.” There is this idea around because I’m offering transformational services or because I have an identity based in the work that I do, that that is tied to a certain income level. It’s almost like saying, “grade school teachers shouldn’t make that much.” And of course, grade school teachers take care of very precious little humans; they should be paid a great deal more than they are. And yet, that’s not the system we’re working in today – the system we’re working in today is transformation. And so, if you have a belief called “what I do is something that just doesn’t get paid very much, or shouldn’t get paid very much,” that’s going to hold you back from charging what you’re worth.

Pamela (04:14):
And the third identity issue is really the issue around being a business owner. So, it’s this idea that what I have to offer is a gift, or a skill, or a talent, but not necessarily a business. Now, most people wouldn’t say that out loud. But you know, we talked last week about the difference between intellectually what you believe, and emotionally or energetically what you believe. And if you feel very rewarded from sharing your gifts with the world, sharing your talents with the world, that’s a wonderful thing. There’s nothing wrong with feeling rewarded by that. But if you say “that’s enough reward” and you cut off the financial reward, you will not be able to charge what you’re worth. So if you have this belief that it’s a skill or a gift, but ehh… you don’t really like the business part.

Gene (04:57):
One of the things that I do Pamela for my mailing list is once every nine to 12 months is I always send out an email that says “why my website exists.” And I go through this list and we’ve talked about this before. I’m a content marketer, so I have huge amounts of free content on the website. And I say, “one of the reasons why my website exists is to make transformation in the world.” I also say, “one of the reasons why my website exists is because this is a business, and because this is my business, I am able to spend time crafting and honing my skills so I’m a better practitioner and I’m able to show up in the world doing things like free resources in a way that is so much better.” If this was not my business, or if this was not my business where I was well-paid for it, I wouldn’t be having that impact in the world by creating those other resources that is making transformation happen. And so, by claiming my value in the work and the transformation I’m providing, I’m actually creating the space and capacity to be better transformational helper and to help people who are not paying to work with me.

Pamela (06:02):
Such a great example. Yes. Thanks for sharing that.

Self, Security & Service Goals: A Fun, Effective Way to Determine Your Worth (and Actually Make It!)

Pamela (06:05):
So, here’s the fun and effective way to determine how much money you actually can make. And this is not based on, you know, how many hours you work, or what you charge, or anything like that. But it’s more about what you’re going to do with the money when you make it. So, I want to talk about vision in this part, and I’m also going to talk about a vision exercise in the next part of this episode. But in this case, when I say, “you have no vision for what you would do with the money,” like a lot of people will pick an amount they want to make. They’ll say, “I want to hit six-figures,” because it’s a sort of a nice goal-post. It’s a nice milestone to get to. But what would you actually be taking home if you made six-figures? What are the expenses in your business? And what would you do with that money if you took it home? Most people can stretch their vision a little bit. You know, if you’re currently making $50,000, making $100,000 might feel great, but making $500,000 probably feels overwhelming – like, “Where would the money go?” “What would I do with that money?” “I feel like I’ve got piles of cash and I’ve got to do something, it’s sitting around.”

Pamela (07:07):
So, one of the suggestions that I make to our clients that I believe is helpful is not just to set goals, but to set three very specific types of goals for your money. And I call them: Self, Security, and Service. Let me go through this.

Pamela (07:23):
“Self Goals” are what we might call self-centered or self-interested goals. What do you want the money for? So, whether you want to travel, whether you want to buy yourself a new house, whether you want to upgrade your lifestyle in some other way, those are self-interested goals or self-centered goals, and it’s perfectly okay to have those. And you want to have them as part of whatever goal you’re moving forward with.

Pamela (07:49):
The second type of goal, a “Security Goal” is often around financial planning, like retirement. I include in security anything you do to take care of your family. So, if you’re putting away a college fund for a child, to me, that is a security goal. That means I’m taking care of me or something that’s very important to me, namely my family. So, what are your security goals?

Pamela (08:10):
And then finally, what are your service goals? This is a big one for me; I have a goal to give away a million dollars in my lifetime. And that actually gives me a lot of impetus to grow my business when myself and my security goals are not that big. So, what is your service goal? And do you have a service goal? And when I explained it that way to my financial advisor, he said, “that’s really good. Can I use that?” Hahaha. So, think about it! You don’t just have to have family goals, which are security goals. You don’t just have to have service goals. You get to have all three kinds.

Gene (08:45):
And Pamela, I was chatting with one of our clients yesterday and she was talking about how she had become de-motivated to take action. And the reason why she’d become de-motivated to take action was, in her first month in our program, she made $10,000 in sales, and that was her goal for the month. And as we’re having this conversation, she’s like, “well, yeah, I did it. So,… and I don’t,… like, my life is good. What’s going on?”
And so, the conversation led into exactly what you’re talking about. It was “I need to revisit my ‘why?'” And for her the conversation wasn’t just the “why?” of her business, it was the “why?” of her entire life. Because she shared with me a number of transitions that have happened in the last year, like what part of the country she lived in and a relationship status, and a number of things had changed, and all of a sudden she goes, “Oh yeah, I need to refigure out what I want all of this to grow into now that I have these skills and these assets,” because she had achieved her initial goal and so there wasn’t a drive to move forward.
So, asking those questions became the thing that got her really, really excited about what was next in her business, because she was expanding her vision for her life.

Pamela (09:57):
I think it’s Les Brown that said, “when you wake up living the dream, it’s not your dream anymore.” And so this is an opportunity for you to create additional dreams: Self, Security, and Service Goals. So thank you. Great example.

Vision Exercise: Guiding You to Become Well-Paid for What You Do

Pamela (10:11):
Now let’s talk about this vision exercise – the vision exercise that I believe you need in order to be well-paid for what you do. And that is to first create a vision for a certain amount of money. Now you can do that based on your three types of goals and exactly what you’ll spend it on. That’s part of this vision. So maybe you write it out. Maybe you just recite it. Maybe you just see it in pictures in your head, and then create a vision for what you want to do every day and who you’ll interact with.

Pamela (10:43):
So, are you interacting with clients? Do you have team members? Do you have vendors? Do you have contractors? Are you speaking in front of large audiences? What are the things that you are doing every day or every week as part of your business? And then once you’re done with that (I’m going to give away the punchline a little bit here), I want you to compare. Do those two things fit together? Because often what I find is that people create fairly lofty financial goals for themselves. “Well, I want to get to $250,000, but I just want to work with, you know, two clients a week,” or, “I want to work with 10 clients a week doing single sessions,” and it’s like, “Those two things don’t go together. They can’t.” “I want to make half a million dollars, but I don’t want to have any team or anyone helping me.” That’s a very difficult business model to accomplish.

Pamela (11:32):
So, if you find that you have a disconnect in what you want to do every day, and the people you want to do it with, and team, probably there’s an opportunity for you to expand how you think of yourself in the world and the skillsets you have. A lot of people say, “ah, I don’t want to take on any employees or don’t want to get help because I can’t trust people, or I’m afraid that things won’t go well,” or something like that. That’s just a growth opportunity. It’s just another place to step into. And when you look at those things that you can expand in your awareness and you bring your vision into alignment, that’s when things really start to happen.

Gene (12:08):
And it’s interesting, Pamela, as you talk about that, that has been one of the biggest changes for me over the course of the last 18 months. I had a business and a life that I was really, really satisfied with, and all of a sudden I was like, “Oh, this is what the next version of my life looks like.” And I had to confront all of those things about how my business was structured, and how I was spending my time, and what my team and my staff looks like, because it’s radically different today than it was 18 months ago. Because I had to go, “okay, the way I’m doing my business right now is not going to meet the new goals that I have. I really have to completely rethink what I’m doing so that I can grow into that particular vision.”

Pamela (12:52):
Such a great example. Yeah. And I actually streamlined my team about a year ago – fortunately, right before COVID – and now I’m looking at, “okay, what is the next step for me? How do I grow this team? How do I increase this team?” But keeping the business vision and the life vision congruent is a critical part of your money identity and charging what you’re worth.

Feeling stuck? As a podcast listener, you can book an exclusive FREE Breakthrough Call with one of my expert coaches to get all your business questions answered.

Gene (13:15):
So, as we have gone (not just in the conversation today, but in this 3-part series on your money identity and how you charge what you are worth), if you’re feeling stuck, if you’re not sure what the tactical thing you’re supposed to do next is, or if you have identified one of those mindset pieces that you’re not exactly sure how to get past is, we would love for you to have a conversation with one of our coaches. It’s absolutely free. All you need to do is go to BookMyBreakthroughCall.com. That’s BookMyBreakthroughCall.com. Get on the calendar of one of our coaches so they can help you execute the vision that you have so that you can create the transformation you want in the world and live the life that you want to live at the exact same time.

Gene (13:58):
If you enjoyed the conversation that we had today, and you know, another transformational entrepreneur (a coach, a healer, a course creator), who would benefit from this particular conversation, please be our ambassador and pass the conversation along. The things that we were talking about today might be exactly what they need to hear to be able to start moving their business to the next level so they can create a greater transformation in the world as well.

Gene (14:24):
If you have a question, a comment, or some topic that you’d like Pamela and I to talk about on a future episode, we would love, love, love to hear from you. To reach out to the show, all you need to do is go to AttractClientsOnline.com and send us an email. Click that Contact link, and in your email, put the note that this is a question for the podcast. We would love to be able to respond to that in an episode in the future. If you haven’t done so already, you can Subscribe and Follow show everywhere you get audio. All you need to do is search for the show’s name, “A Profitable Impact.” You can do that in Google Podcast, Apple Podcasts, Spotify, Pandora, Amazon Music, Audible, basically everywhere you get audio, just search “A Profitable Impact.”

Gene (15:07):
For ‘A Profitable Impact,’ this is Gene Monterastelli. Until next time, I hope you have an impactful week.

ABOUT THE PODCAST

Building a business as a coach or expert is challenging, especially if you’re trying to find your clients online.

Join business coach and online marketing expert Pamela Bruner as she uncovers the secrets of successful transformational businesses. If you want to make a difference in people’s lives, expand your reach, and attract high-paying clients, you’ll love this show!