144. ✨ Know your Worth ✨

I was listening to a podcast the other day and ‘know your worth’ was put into a different context. It was recommending that entrepreneurs not put their prices up. It was a general business podcast, not industry specific, but went against the consensus in the personal care sector.

The context I’m referring to in the beauty and wellbeing sector about ‘knowing your worth’ is about charging your value and the experience that you provide. Some therapists and stylists haven’t put their prices up in decades, making their cost per service 30% below the market value.

Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. - International Money Fund

We all experience inflation in the economy each year with the cost of living and other incremental increases in our expenditure.

It is important to know your worth in business for several reasons:

1. Negotiation:

Understanding your worth enables you to negotiate better deals, contracts, and salaries. Knowing your value allows you to confidently ask for fair compensation for your products or services.

2. Self-Confidence:

Recognizing your worth boosts your self-confidence and self-esteem. It helps you make better decisions and stand your ground in business challenges.

3. Setting Boundaries:

Knowing your value helps you set boundaries in business relationships. You are less likely to accept undervalued offers or compromise your principles.

4. Competitive Advantage:

Understanding your worth allows you to differentiate yourself from competitors. You can leverage your unique skills, experience, and expertise to attract more clients and opportunities.

5. Personal Growth:

Knowing your worth encourages personal growth and development. It motivates you to continuously improve your skills and knowledge to stay relevant in your industry.

In summary, knowing your worth in business is crucial for your success, confidence, and overall satisfaction in your professional endeavours.

Thank you for reading, if this was useful please 🩵 and if it could help someone in your network, pleaseh share.

Thank you ~ Diana x