You put all the energy into your business but there is still something holding you back? You struggle with pricing your product or service and then under-price them thinking it will bring you more customers.
However, the problem is that if you don’t value or see your work’s worth, people will under-value your work too. You under sell the brilliance of your work.
One of the most successful boxers of the past three decades Bernard Hopkins once said ‘if you don’t know your value, somebody will tell you your value and it will be less than your worth’.
Low self-value can often be the biggest obstacle to success. If you down play your work and excellence it will lead to the downfall of your company. The way you choose to measure your worth affects the kind of life you’ll live. When you know who you are, you can overcome anything. You’ll believe in yourself regardless of whether others are succeeding or different to you.
Merriam Webster dictionary defines self-worth as a ‘feeling that you are a good person who deserves to be treated with respect’. According to the self-worth theory, self-worth is defined mostly by our self-evaluated abilities and our performance in one or more activities that we deem valuable.
Many upcoming and developing companies doubt themselves when it comes to sales and telling the client the price. That’s when your confidence is tested. When you can tell people what you charge without being shaken or scared it means you are 100% aware of your value. If you don’t price yourself right, you’ll end up stressed, miserable and even resentful and that stress will affect the quality of your work.
TIPS ON PRICING;
- Do some soul searching about your company; ask yourself why you wanted to open the company in the first place, what your goals were and what’s different about your company.
- When it comes to pricing, be aware of what your competition is doing, determine your lowest price and preferred price and ensure that both align with your value.
- Understand your market; find out how much customers are paying and are willing to pay for your product/services.
- Calculate your costs; before pricing your product or service ensure that you factor in all costs relating to your product/ service.
BOOST YOUR SELF CONFIDENCE;
Below are some ways in which you can increase your self-confidence and success in business;
- Identify your current strengths and weaknesses and work on plans for improving. Establish goals for yourself and keep track on how far you are from achieving them.
- Identify unhealthy competition and comparisons. Your sense of worth should not be determined by other start-ups or what you think your peers expect of you. Competition sabotages team-work.
- Hold yourself accountable for your actions, decisions and outcomes.
- Focus on what you can control. Always commit to giving your best in whatever circumstances you find yourself.
- For every entrepreneur, a healthy self-esteem leading to self-confidence is critical to your business.
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