While I was reading Shellye L. Williams Successful Sista Profile, one of her quotes really spoke to me. When asked the question 'Looking back on your business decisions, is there anything that you would have done differently?', she replied 'The only thing I would do differently is choose my associates and clientele more carefully. My weakness is that I tend to want to help and feel sorry for folks so I “cheapen” my self and I don’t think I garner as much respect when I do that. It is okay in some circumstances but I wish I’d been more selective.'
As a female entrepreneur, specifically speaking as a Black Woman, I too have found myself in the same position as Shellye. Often torn between a desire to be a successful business woman and an emotional obligation to helping various people I encounter, I can recount a number of bad business decisions made that did not end well. Spending hours working on several websites for entrepreneurs in need of discounted services, only to have them back out leaving me with lost time and no profit. Or offering discounted marketing to folks, who again demonstrated a need, but then ultimately delayed or made excuses as to why they could not pay.
Learning from these experiences has allowed me to grow as a business person and alter my business practices. Though I still feel inclined to help others (that will NEVER change), I resist that initial urge to help every person with a business sob story or wanting to utilize my web services for free. Now, when working on websites I require an initial deposit. I only work with people who demonstrate not just a need, but a serious commitment to getting the job done. I also have learned that always giving 'it' away when asked - (whatever 'it' might be) isn't necessarily the best way to demonstrate my genuine commitment to supporting and working with other entrepreneurs.
Now I tend to offer a set of discounted or free services, so that when asked for one thing, I can say something like, 'That service price is currently non-negotiable. However, these complimentary or discounted services are also available.' I regularly provide discount promotions, and I often take the time to reward paying clients with additional services for free. That way I can let them know there business is valued, and I can still give back in more effective, business savvy ways. It's always important to keep your real clients happy, inspire them to share your services with others, and provide promotions that will spark the interest of new clients.
I also enjoyed this quote because it made me think about the times that I have, and some times still do, cut prices because I question whether or not it's good enough... whether or not I'm worth it. I don't know if its a question of personal insecurities or questioning my skills as a Black Entrepreneur, but whatever the case may be it was a thought that DID affect how I priced my services and presented them to the public. But you know what I learned? Through viewer comments and personal growth I soon realized that in order to be a successful business person, I can't sell something to that isn't personally worth much to me. I had to feel like I was worth more. And I soon did, because it's important to take pride and see the value in what you do. And yes, folks still often insist that I increase my prices, saying 'This looks too good, you should charge way more for that...' But at this point in my business career, I am conscious of the fact that I both charge on what I feel my services are worth and what I feel is the best price to cater to my target audience.
No matter how many or how few customers I regularly recieve, my goal is always to make it possible for small businesses and entrepreners to recieve my brand of professionalism and quality, which I feel in mainstream media marketing are often time limited to those in society who can afford to pay high prices.
Well, point being it is very important to know your worth and value your business accordingly. You might not even realize that your own personal value system does affect how you present your business to the world. So tell me, how much are you worth? Have you thought about that today?
-lhenry
-p.s. Don't forget to read the complete post of Shellye L. Williams Successful Sista Profile and be sure to submit your own profile!
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