Why Do You Cost SO Much? Let me ask you....how will you value your worth?
I hear this question all the time. Why is it so expensive to hire you, why do you charge for me to just come meet you, why won't you just answer my question real quick. I quote my rate or I tell a person what my consultation fee is and they decline to hire me or schedule an appointment. The answer is simple....I'm worth it. I have 21 years of education, 9 of those are post secondary. I have been licensed for nearly a decade and I practice law every single day. If you ask my spouse, I practice law 24/7 because everywhere I look I see a potential legal issue from the shows on TV to the grocery store to the doctor's office. I am able to give you a rational reason for the actions you are taking as well as one based in law. My mind fires at a mile a minute to create strategies, identify pitfalls and work through complicated problems. That is why I charge so much for my time. I'm worth it. After my nearly a decade in practice, I've grown to value what I bring to the table and the client that I am looking for knows I am worth it too and sees the value in my service, which is exactly who I want to hire me.
But I digress. What you really want to know is 1. what does this have to do with you and your desire to open a widget factory and 2. How do you make sure you are valuing your business accordingly. The answer to the second question is actually quite simple. You do some market research on what your competitors charge, determine your unique place in the market and what added value you deliver to the general public.
Valuing your services is not the time to be arrogant or to allow your ego to dictate your practical business sense. It is the time to take a good long hard look at what you are doing. We will discuss this in every meeting we have in one way or another. You are deciding how to set up the business, how do you want to be paid. You have employees, what is their value. I want to expand, can you afford it, will it have a return on investment. You may wonder what this has to do with getting paid, but it all comes back around to being profitable. Finding that sweet spot of charging enough to have the optimal number of clients at the same time you are running as efficiently as possible. Do you charge double the amount to cover increased expenses, will the market support that fee? You have to be aware of not only your self but also the market and the consumer. You can't be tempted to price yourself out of the market. You also don't want to give it away. I can't tell you what that sweet spot is, I can encourage you to really dig deep and figure out what that number is and then stick to it to attract the customer who sees the value in it. It is not the easiest of task, but it may be the most important.
The answer to the first question above...what does this have to do with you and your desire to open a widget factory. Well everything. If you price yourself out of the market, you may as well close before you even really open. If you give it away, you will likely close too because you can't make ends meet. But specifically, my story is important for you to understand how to value yourself. I just told you how to justify your fees and costs. And more importantly if you don't have a legal counsel who understands what it means to be a business owner, how will they relate to you. This business ownership gig is not for the faint of heart and you have to stand up for yourself first. If you can demand what you're worth with measurable reasons why, you are ahead of the game. Your widget is innovative, your widget is highly sought after, your widget is backed by YOU, any of these reasons could justify an increase in price. It may also be that your widget is more cost effective so it will justify a decrease in price, but will bring more in the long run with an increase of clients. Know your customer. Know your market. Know your place. Know your worth.
I know my worth and I am happy to be your attorney so you can know yours. Schedule an appointment to find out what my experience can get you. I promise I'm worth it.