Whether it’s in your job or even in your own business, you may be stuck in a pattern of feeling like you’re constantly going above and beyond with everything you do, yet are barely making ends meet each month.
This is a very common problem, and it affects employees and those who work for themselves pretty much the same, so in this post we’re going to cover a few simple tips you can start using right away to overcome the curse of under earning.
Become A Better Negotiator:
Although when you apply for a job or speak to a potential new client, they will often tell you what they’re prepared to pay. However, in some cases there will be the option for negotiation. Some employers, for example will ask you if you have a salary expectation. When you hear this question for the first time, you may have the natural reaction to freak out and then say something low because you think that’s what they want to hear, but you need to be realistic about this. Don’t go lower than you can live on. It’s also important to recognize that whilst you don’t want to outprice yourself, if you go too low, then the employer may think that you don’t really take yourself or your skills seriously, so this could be off putting to them.
The same applies with potential clients. If they ask you to send them a proposal or your rates, you should already have minimum rates in place to offer them, and don’t allow anyone to try and get you to go under these.
Get Honest with Yourself:
When it comes to how much you need to earn each month, the number should be directly related to how much you need to survive, plus leaving room for a little extra that can go into money for enjoying some quality of life and even that can be added to savings. It’s never good if all you’re working for each month is to cover your bills at the end of it. Get honest with yourself about your lifestyle and what your ongoing monthly expenses are, so that even if you get asked what your expectations are for a salary, then you won’t have to just pluck a number out of thin air when put on the spot.
If you work for yourself in a service-based business, then one of the best ways to ensure an ongoing and consistent income is by offering packages to your clients that they can sign up for and pay for each month. This is a great way to ensure you always get paid, and you can set prices that are in line with what the ROI will be for that client.
Know Your Worth:
The phrase “charge your worth” is something we hear a lot, and is something many people struggle with, because how exactly do you determine your worth with a price point? That’s not really what it’s about, but more about taking into consideration things like your skills, your education level, and the time and energy you’ve invested into your career or business. For example, if you’ve achieved an online mba in finance, then you need to understand the worth of that to an employer or client and charge accordingly.