“Lasting net worth comes only when you have a healthy and strong sense of self-worth.” – Suze Orman, personal finance expert.
When I launched my freelance marketing business a year and a half ago, I struggled with how much money to charge my clients. I did the research to see what the going rate was, and I asked others in my field how they structured their fees. Some people gave me the exact amount, and others provided a price range. I was happy with whatever information they were willing to share.
I also took into consideration my 30+ years of work experience, along with the professional development hours I’ve acquired since college. Between the books and articles I’ve read, the podcasts I’ve listened to, the marketing workshops and industry conferences I’ve attended, and the certifications I’ve amassed over time, I should have an MBA by now.
All of this homework led me to a number I was comfortable charging; however, some well-meaning, trusted friends told me it was too much. I didn’t think so, but because I was starting out as an unknown entity and needed clients, I took their advice and lowered my hourly rate by $15. Clients started to come in, and I was living the dream of running my own business.
The first financial goal I set for myself was to pay our mortgage every month. I’m proud to say that, except for a few slow months, I have reached that milestone. But once I take into account how much it costs to run my business, my net number is, shall we say, undesirable. Even by considerably lowering my expenses and sacrificing tools I know would support my work life, I’m coming up short of my next goal, to pay myself a salary.
Cue up the existential financial questions. Am I worth more than what I’m making? Will clients still want to work with me? Am I allowed to take some risks? How do I balance personal freedom with financial security? Should I just be happy with whatever comes my way?
And how about the things I still want to accomplish in my life. I want to travel to Europe again. There are also projects around the house to complete and enjoy while we still live here. And I want my kids to have beautiful weddings, if they so desire, and spoil future grandchildren (should I be blessed with them) and support all of their dreams.
And let’s face it…I have a book-buying habit that needs constant funding, and a coffee addiction that won’t pay for itself. The list is ongoing, and I’m not getting any younger.
On top of all of this, I think about how expensive everyday life has become. Groceries cost more. Buying clothes at my age means shopping at boutiques and online because the stores at the mall cater to a much younger generation. And, G-d knows how tariffs will affect the cost of everything along with maintaining the lifestyle my husband and I have already worked so hard to achieve.
Here’s my bottom line: It’s time to raise my rates for future clients and those who have been with me for over a year. I will honor my self-worth, my hard work, and my dreams. I want a steady income I can be proud of, and it’s a risk I’m willing to take.
Do you own a small business? Have you struggled with what to charge your clients? What dreams are you still working toward and what will you do to fulfill them? How will you embrace Suze’s advice for all of us?
XO,
Elisa