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I don’t like to be misled. Like I was when I grabbed a mesh bag containing four avocados at Trader Joe’s Sunday morning. I saw the RIPE label on the skin and thought, “Great! I’ll use these tomorrow to make that salad I love.” When I got home and cut the avocados loose from the bag and gave them a squeeze, I knew they weren’t ready to be used yet. That’s when I noticed the small print saying “when soft”. I had been manipulated and misled by the large red print. I resented it.
Gaining our customers’ trust is important and anything that disrupts that process can create ill-will.
You are not alone if you have given an estimate or proposal for your goods or services, only to realize a few days or weeks into the project that you have underestimated your own time and value. Welcome to the club! This is part of the learning curve in entrepreneurship.
If there was one book that had the exact answer for how to price a job, it would be an all-time best-seller. The fact is, no one can say for sure what YOUR time is worth except you. And, you have to figure it out as you and your business grow over time.
A client recently shared with me that she had undervalued her creative services and asked how she might go about collecting the shortfall from her client. I recommended against this as a practice or even one-time happening. I am not in favor of passing along your learning to the person who is paying you. We, as business owners, are responsible for the cost of our own education. My friend Terri Lonier* calls it “tuition” and says “there’s no good way to ask for that money.”
Here’s the growth challenge. Rather than underbid a job, take the time to calculate your anticipated hours labor, materials and overhead. Be generous with yourself, as you know that things always take longer and that unexpected occurrences will pop up during any project. Account for those in your budget.
The risk here is stating your true anticipated cost upfront. The amount may be surprisingly high to you, but you’ve got it justified by your carefully considered mathematics. You may be pleasantly surprised by your prospect’s acceptance of your estimate.
If you believe in the saying, “Pay me now, or pay me later” you’ll appreciate the wisdom of asking upfront for what you really deserve rather than trying to make it up with explanations and pleading after the fact.
While I know that pricing can be a tricky issue, it’s better to gain clarity around your costs before, rather than after, the deal is made. Like most customers, unhappy surprises produce resentments.
*I had the privilege of being interviewed by Terri for her online newsletter. Here’s today’s issue.
I’m a big believer in making your own opportunities. I’d been doing it forever in my entrepreneurial business when I heard Terri Lonier name it in her top ten tips for SOHO’s (Small Office Home Office business owners). “Make it up!” she asserted.
That’s exactly what Kathryn Doherty did recently, with a generous assist from Leslie Mueller. Leslie, the creator and host of Connecticut
CabIevision’s award-winning program ‘Art & Style,’ saw an opportunity for gallery space in a local upscale restaurant. She tapped Kathryn to fill the walls, which she did exhibiting over twenty-five prints and paintings at the Greenwich Tavern Gallery (formerly Palomino Restaurant at 1392 E. Putnam Avenue in Old Greenwich) until August 31.
Of course, we had to have dinner there to celebrate the occasion. I got to see Kathryn’s work in a way I never had before–displayed as art. In the past I’d seen only slide presentations and trade show exhibits, but this was like being in a museum. The night we went, Kathryn brought several replacement pieces for the ones that had sold.
Six months ago, Kathryn didn’t know this opportunity existed, and here she was selling art in a down market and reinvigorating her design career. The collection of work is named “Transitions”, and focuses on contemporary images.
Doherty’s company, Kathryn Doherty Design, LLC has published her fine art with Modern Art Editions and designs for home furnishing manufacturers in the rug, textile, and tabletop industries. Kathryn’s multi-disciplinary background includes fine arts, graphics, illustration, ceramics and product design. Her work has been distributed internationally and shown in LDB Textiles, HFN, Furniture Today, Home Accents Today, Home Décor, Metropolis, and The New York Times.
I had just read Terri Lonier’s brilliantly precise methodology for connecting colleagues and friends online in her weekly newsletter and wanted to share it with my readers. Then, I received the following email and thought, “Another great example of how social media is working!” [My editorial thoughts are inserted throughout.]
Good Morning Jane,
Your blog [I'm already feeling flattered] came to my attention through a Google Alert [If you don't already use these, here's the perfect example of how to]. Besides the jewelry connection, which I’ll explain in a moment, your blog resonated with me because of your mission and vision boards. [I had written that Oprah was in my jewelry box, but the word 'resonated' kept me reading. I'm a sucker for flattery.] I wrote a presentation…discussing the power of vision boards.
Back to the jewelry…I am a statement jewelry designer and etailer whose mission is to help women to define themselves by cohesively bonding their internal and external selves. [She's got me now! I love someone who can so clearly define her mission.] Although jewelry might not be an obvious path to this journey, identifying your style and asking yourself “who you are” really digs deep. At any rate, my site offer exclusive tools to help women make the best selections, shop smartly and give back to others. When you have a moment, please peruse www.stylefoliojewelry.com for more information. [I did. It's fabulous!]
Please understand that the intent of my email is to connect. Perhaps being on each others radar can lead to expanding our positive and proactive contributions [here's the WIIFM] for all the things we desire to manifest individually and collectively.
Regards,
Yvette Craddock – Founder + Style Director – www.stylefoliojewelry.com
Yvette and I have been in touch back and forth several times now, joined each others networks and communicated via email. I definitely feel connected. Last week I’d never heard of her, and now we’re promoting each other based on our mutual missions.
Finally, late last week my friend Leigh called to ask if I would introduce her to one of my colleagues who might help her make some valuable connections in the world of academia. It feels like I was just taught by two masters so that I could pass it on. I hope you will as well.
My friend and colleague Terri Lonier asked me to alert my entrepreneurial colleagues to a Small Business Survey that she is conducting. Terri has been a thought leader and innovator in the entrepreneurial world for years. She’s someone I admire and respect, so when she offers any opportunity, I grab it and spread the word. I wanted to share this one with all of you. What’s extra great about this is that Terri is making a tempting offer to all participants.
Here are the details: Working Solo has put together a Small Business Survey that takes about 7 minutes to complete. Participants are eligible for one of 24 prizes, including a $500 gift certificate to Amazon.com or a new iPod. To take the survey, follow this link: www.WorkingSolo.com/survey.html
Terri Lonier and I became friends while in the National Speakers Association and have continued our relationship as our own entrepreneurial businesses have grown and changed. She sends out a terrific weekly educational segment I highly recommend: Working Solo Minute.
What was most valuable to me recently was the introduction to a site call commoncraft.com which explains technology in a way that makes it easy to understand. I’d been hearing about wiki’s for some time now but could never get a clear explanation of what they are or how they work. After four minutes of watching the clever and simple animation on the commoncraft site, I get it. Not only that, I’ve started and used two since then–one for a personal group I’m in and another for a business community I coach. Try it, you’ll like it!
