| You don't get paid for your time. You get paid for | | | | perception is the only reality. |
| the value you bring to the marketplace. | | | | What determines our value? (By the way, I'm |
| How much value are you creating? And are you | | | | speaking only in terms of our market or economic |
| getting paid for it? | | | | value here.) We are each incredibly valuable-make |
| My wife and I have had some discussions lately | | | | that priceless-people. |
| about how to charge for our time and services. Like | | | | Market value is based on the age-old law of supply |
| many people, we have a tendency to undervalue | | | | and demand. It's determined by: |
| what we have to offer. | | | | 1. The demand for the type of work you do |
| The good news is we each see the other as having | | | | 2. How well you do what you do |
| more value than we see for ourselves, and this has | | | | 3. How difficult it would be to replace you |
| helped our pricing strategy immensely. | | | | 4. The demand for you exclusively |
| I charge four to five times as much for my time | | | | Why do some brain surgeons make more performing |
| now as I did only a few years ago. Am I worth four | | | | one operation than another person earns in a year? |
| to five times more now? Possibly, but I rather think | | | | Because they score highly in all four of the above |
| my own perception of what my time is worth has | | | | criteria. |
| tripled. That, and the positive feedback that comes | | | | The salaries and contracts of many of the top |
| from people quickly saying "yes" when you tell them | | | | professional athletes today may seem crazy, but |
| your rates. | | | | notice how they match up to this list. |
| It's not just the value of time, either. I've actually | | | | Think about these things and look for ways to |
| seen price tests on new products where a higher | | | | enhance your income by positioning yourself well in all |
| price outsold (in units) the lower price of the same | | | | four areas. |
| product. When it comes to the marketplace, | | | | |