For knowing where to tap: got some problems with finance & self worth

[motn]

Hello all, I've been pondering lately about some counter-productive beliefs I hold, and have stumbled across an anecdote that really illustrates how I feel:

In days gone by, there was a wealthy man who had a wonderful steamship, but as is the way with expensive things, it was prone to breaking down. One day, after a particularly difficult journey to a foreign land, the engine failed and no one could get it going again.

One by one, every mechanic and engineer in the land was summoned to try to fix the engine, and one by one they failed. Finally, word came to the wealthy man of a wise old shipmaker who might be able to help, but at a hefty price. The wealthy man agreed at once.

Soon, an old man who looked as if he must have been fixing ships for a hundred years arrived. He carried a large bag of tools, and immediately went to work. He inspected the large network of pipes leading to and from the engine very carefully, occasionally placing his hand upon the pipes to test for warmth.

Finally, the old shipmaker reached into his bag and pulled out a small hammer. He gently tapped against one of the pipe. Instantly, the sound of steam rushing through the pipes could be heard and the engine lurched into life as the shipmaker carefully put his hammer away.

When the wealthy man asked the shipmaker what he owed him, the bill came to over ten thousand dollars - a princely sum in those days.

'What?' the wealthy owner exclaimed, outraged. 'You hardly did anything at all! Justify your bill or I will have you thrown into jail.'

The old shipmaker began to scrawl something onto a ragged piece of paper he pulled from his pocket. The wealthy man snmiled as he read it and apologized to the shipmaker for his rude behaviour.

This is what it said:
For tapping with a hammer: $1
For knowing where to tap: $9999

An interesting story, and is true of how the world works! The only problem is, I have realised that I have some inner objection for charging for "knowing where to tap".

I work mostly freelance as a computer programmer/consultant and as such rates and billable hours are flexible, and I find it hard to charge what I'm really worth.
I've grown up around computers and a lot of the problems I face are quite easy for me to solve, and I think this why I find it hard to charge appropriately when I haven't done a hard graft to earn the money.

Obviously I would like to be able to charge more and feel good about it, but I think I need help coming to terms with "knowing where to tap".

Thoughts anyone?

[ellie]

Great story. I had a good little giggle.

AS to your dilema, I can't really help. I have the same problem designer freelancer. I struggle charging high rates too even though I'm quite a good designer.

I don't know if it's about self worth for me. I just don't like the idea of money in general and what it stands for.

[saif]

Nice story. I'm also programmer and sometimes local repair guy and have the same problem of not knowing what to charge for knowing where to tap.

[BitterFlower]

My husband performs services (he’s an artist and musician), and he has a hard time knowing what to charge. He went for a consultation yesterday with a singer in order to do her music and some cover art. He didn’t know if he quoted too low or too high because she seemed a little put off.

You have to know your customers. For my husband’s music business, the clientele we have in-town are pretty much people are struggling to make ends meet. So, he can’t charge hundreds per song or thousands per session. However, if he charges less than $100 per song and a few hundred for a session, and get more sessions, then he can make a total amount worth his while.

But there is a limit. He recently had to walk away from low paying clients, who wanted him to charge $25/song, and didn’t even have the whole amount when he went to give them the song.

I like the story though. My husband has $10,000 ears and eyes. I wish he would get paid more, but I know that’s not possible in the city we’re in right now.

[motn]

BitterFlower, thanks for your input, but I think maybe I didn't explain my problem well enough. My problem is charging a large amount (which the market will pay) for work I deemed to be rather easy.
The old shipmaker in the story above fixed the problem quickly and easily, didn't work very hard, but was OK with charging $10,000 for the task. I don't think I'd feel comfortable doing that. That's the root of my problem; even though logically I know a high amount can be charged for my knowledge, it's hard for me to feel I've 'earned' the money and so end up underestimating the value of my work.
Just wondering if anyone else had had similar experiences, and maybe any ideas on how I can 'cure' my belief or convince me to feel as comfortable as the shipmaker.

Thanks

[Gene]

Originally Posted by motn

Just wondering if anyone else had had similar experiences, and maybe any ideas on how I can 'cure' my belief or convince me to feel as comfortable as the shipmaker.

Thanks

I have experienced the problem of how much to charge and felt uncomfortable when I charged the fee that my services are worth. I finally decided that I was providing a useful service which also provided value. I set a price and if the potential client thought the price was exorbitant the client was free to seek another offering the same services I provided.

It was wonderful. I now have only clients who believe in the value I provide and the amount of drama in my professional life has been reduced to a minimum.

The turning point for me was in asking and answering the question about the true value of my services. When I became clear about that the decision was much easier.

This works for me. YMMV

[BitterFlower]

Originally Posted by motn

BitterFlower, thanks for your input, but I think maybe I didn't explain my problem well enough. My problem is charging a large amount (which the market will pay) for work I deemed to be rather easy.
The old shipmaker in the story above fixed the problem quickly and easily, didn't work very hard, but was OK with charging $10,000 for the task. I don't think I'd feel comfortable doing that. That's the root of my problem; even though logically I know a high amount can be charged for my knowledge, it's hard for me to feel I've 'earned' the money and so end up underestimating the value of my work.
Just wondering if anyone else had had similar experiences, and maybe any ideas on how I can 'cure' my belief or convince me to feel as comfortable as the shipmaker.

Thanks

I had thought about it for a while, and I think, in a way, I answered part of it.

The customer for the old man in the story was a wealthy man. I doubt he would have charged 10K to repair, say, a poor fisherman's boat. If my husband were to make music for, say, Justin Timberlake, I doubt he would charge him $100/song (I would smack him if he does ).

How do you feel comfortable charging what you're worth for the customers you intend to serve? Well, I think Gene might have hit the nail on the head.

[ellie]

I think the problem is also that there are so many levels to what one will charge and what a client thinks fair.

In a lot of cases clients want the cheapest price and unfortunately or fortunately whatever way you see it, the internet has made the opportunity for services to be a lot cheaper. Most clients are switching on that they can get stuff done cheaper online on a marketplace.

But as someone said above you need to find clients that value quality over price.

The last job I quoted I gave a realistic price...didn't hear back from the client, but that's fine it sorted out that they wanted something cheap...and I would of run into trouble if accepted anything less than my quote.

[jaydeschizo]

As an entrepreneur, here are my 2c, start with charging what you believe is an obscene amount (though within the bounds of the reality of your field, just make sure you're in the more/most expensive side of things).

Make sure you keep in touch with everyone you've sent a proposal, and if you don't hear back in a certain time ask why, if they name the price as an objection you can always offer them a special discount, (only for them ) because you would really like to work with them, or whatever reason.

People won't ever say, you're price the first time was waaaaaaay too high so now I'm not going to talk to you anymore.

[Tara680]

Originally Posted by jaydeschizo

As an entrepreneur, here are my 2c, start with charging what you believe is an obscene amount (though within the bounds of the reality of your field, just make sure you're in the more/most expensive side of things).

Make sure you keep in touch with everyone you've sent a proposal, and if you don't hear back in a certain time ask why, if they name the price as an objection you can always offer them a special discount, (only for them ) because you would really like to work with them, or whatever reason.

People won't ever say, you're price the first time was waaaaaaay too high so now I'm not going to talk to you anymore.

JayDeschizo,

Would you mind offering me any advice on my post of:
"I way OverCharged"

Located here

:I Way Overcharged!


Thank You

[Keena]

One thing you can try is to charge what YOU would pay for what you consider to be an equivalent job. Not computing, but something as valuable to you.

When you are willing to pay for the equivalent of what you want to charge then you will be able to psychologically justify to yourself and be comfortable with it. It will be in energetic integrity.

Also, try practicing saying what you want to charge to people until you can say it without flinching.

Peace and joy,
Keena