Your Fee Structure: Is It A Fear Around Money?

Is your fee structure a fear around moneyHave you ever thought your money shortage comes from a secret fear about the mystery of money?

That your bank balance is a reflection of your self-confidence, and possibly a lack of understanding of your true self-worth?

When you’re in a state of financial lacking, where every dollar and cent counts, you tend to have a very biased judgement around value of money.

Everything seems expensive.

With limited amount of money, you want it to go as far as you can, to buy as many different things as you can.

So you look for all the cheap options.

You make decisions based on price.

You make short-term decisions.

A cheap price is often an indication of a cheap product. The product is cheap because it was built with cheap materials and or cheap labour.

The materials and labour are often cheap because, they lack quality, care attention to detail, and skills of assembly.

Cheap products don’t often last. So you need to replace them often.

So you end up spending much more on a cheap product that’s replaced every few months than an expensive option that lasts a whole lot longer.

Yes, the cheap product will make do, and hopefully it will get the job done to a level that’s satisfactory to you.

So when you see what you perceive to be an expensive product, you have trouble appreciating the value it offers over the cheaper option.

You’re always thinking, in the back of your mind, there’s a cheaper option, and you’ll be wasting your money on paying extra for something that’s giving you no extra in terms of what you need.

So when a consultant offers their services, you look at their fees and believe them to be expensive, because you just want a basic job done, and you’re concerned that by paying them a higher fee, you’ll have less money left over to buy other things that you feel you need.

And because you’re in that mindset of cheap and broke, you see your own value, or lack of, when viewing fees from these “expensive” consultants.

You forget about all the years of experience you’ve accumulated in your life. You forget about all the hours you’ve spent studying or practicing or honing your skill set.

What you offer people appears to come naturally to you, so you have trouble in your own mind recognizing what you can bring to the table is valuable.

Do you offer your services at a low price?

You compare yourself to other people that you know absolutely nothing about.

And you see what hourly rate they’re charging, matching their rate for fear of pricing yourself out of the market.

But you don’t really know what the market is that you are pricing yourself out of.

You’re comparing apples with cumquats.

How can you possibly compare two different fruit? An apple will never be a cumquat.

And in your head you think if you charge a huge fee for your service you’ll have no clients.

And you think to yourself that if you were one of your prospective clients, you’d not even consider paying such a fee for someone like that.

Because you don’t understand the value you bring to other people, and you value yourself accordingly.

And so your bank balance reflects your self-confidence, and lack of understanding of your true self-worth. And this affects the value you bring to your clients.

  • Which then affects the quality of clients you attract.
  • Which then affects your self-confidence and self-worth.
  • Which affects the fees you feel comfortable charging.
  • Which affects your bank balance, and your judgement of value around money.

Around and around in an ever diminishing spiral.

Now you know this, you have the power to change the outcome.

How would you feel if you doubled your fees? Would you attract a better class of client? Would that make you feel better about the service you are offering?

Would that give you more self-confidence and self-worth?

Would that make you feel more comfortable about the fees you are charging?

Would that reflect in your bank balance?

Would that give you a different perspective on the value of “expensive” items?

Would that make you less fearful about money? Leave your comments below.

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