Working for yourself might be your ultimate dream, but with that comes alot of loose ends you may never have thought about. One being: knowing how much you are worth.
As we continue the conversation around the women wage gap I can’t help but want to interject a little piece of perspective.
Did you ever think the wage gap might be so large because women generally have under priced themselves for quite awhile? They are usually conditioned to not speak up about issues related to pay (for fear of seeming “greedy” or "pushy") or flexible work time.
In the corporate world, this is a borderline epidemic. I heard a staggering statistic from a speaker at Create & Cultivate earlier this year that struck a chord with me...
Out of all of the people this woman hired in the past year, an almost equal men to woman ration, every single one of the men counter offered the company’s initial offer. The craziest part…not a single woman did.
Not one woman counter offered! HOW EVEN?! 😤
To me that says two things: woman are unsure of how to speak up in this regard AND they also unsure of how much they’re actually worth.
And you know who determines that? YOU do.
So this past weekend with this last full moon in Taurus (which asks us to dig deep into self-worth) I go to thinking a little bit more on this topic.
One of the things I love working on with coaching clients is self-worth. Part of that has to do with pricing their services/products but the other part is aligning the value they place on themselves with their income.
Time = money and money = energy, right?!
Why do you think we feel so beaten down and uninspired when we go to a job where we feel we’re under paid? Do we perform at our best? Do we put our best effort forward? Are we a better team player?
....it’s gonna be a no from me dawg.
We exchange the energy relative to what we are being paid.
If you were paid what you believe you are worth, do you think you’d do a better job? Exceed expectations? Become a valued member of the team?
So, if you’ve been struggling with knowing how much you are worth, how much to charge clients or ask for in salary meetings…let’s walk through a little exercise, shall we?!
This is an exercise I went through with my coach and now I use it with my own clients. It works whether you are salary based, freelance, or project based—stick with me.
How much, in your life right now, would you want to earn per hour to feel adequately compensated for what you bring to the table?
Now, don’t worry about how much money a company has in their budget to pay you or how “tough” it may be to find a job. This is about you and you only.
Got a number?
My guess is it’s too low. How does it feel when you say that number? Do you feel excited or just ehh?
If you don’t feel excited (and slightly scared!) the number is too low. Say a few different numbers until your body and mind have a pleasant reaction (that's your intuition telling you you’re right!).
Now add 30%. This is for tax.
Remember, we already decided on the number that feels the best, so how would it feel when 30% is taken out of that to pay taxes?! Not so great.
Factor that in and now you have your new number.
To find your salary amount, multiply that number by 40 hours. If it’s project based, multiple it by how many hours each project takes.
With projects make sure you add buffer time to cover anything that should come up unannounced.
So, how does that feel? Does that number excite you? Does it make you feel in control? Do you feel lit up thinking about getting paid that amount?
If you don’t feel excited, try the exercise again until you do!
When we flip the script and decide WE are the ones that dictate our worth, our whole world changes. We start recognizing the value in others and graciously paying handsomely for services because we understand that time = money = energy. And I don’t know about you but I don’t want anyone with bad energy working for me!
Talking money can feel uncomfortable but the more we open up the conversation the easier it gets.
Between my time in corporate, freelancing and taking on coaching clients, I’ve had a lot of practice at valuing myself. I’ve had a great teacher in my mother who is a master negotiator and someone who preaches to monetize YOUR assets. Now I’m able to confidently command what I’m worth (note: not demand. there’s a difference) and feel integrity around what I charge.
I challenge you to feel the same! Step out of your comfort zone and explore what is like to be compensated for your skills, your personality and the light you bring to the table. It is valuable.
Don’t worry about pricing yourself out of a job (because you may!) another one is right around the corner will to pay you what you’re worth. If you are self-employed or freelance, be sure to reevaluate your rate every few months. What new things have you learned? Skills you’ve picked up? That all adds up.
If this is something that you've been struggling with and you'd love to gain some clarity on I'd be happy to hop on a call together to figure it out. Sometimes there's more to it then a number. Sometimes it's feeling you deserve what your worth. Money blocks are real. But they can be removed! 🙌🏽.
Shoot me an email or leave a comment and let me know what you feel you’re worth! Put it out into the universe, you deserve it!
All the hug + high vibes 🙌🏽