Why Building Wealth is a Moral Imperative for Business Owners

There is a lot of talk these days about the virtues of poverty. Some people seem to think that being poor is somehow morally superior to being wealthy. But I disagree. I believe that there is no virtue in poverty. On the contrary, I believe that as an author, business owner, coach, or speaker, you have a responsibility to create wealth for yourself and your clients.

Building a sustainable business growth model is costly in terms of time, energy, and resources, and it's something that can really only be done if you have access to capital. So if you're sitting around waiting for someone to give you permission to be wealthy, you're going to be waiting a long time.

The truth is, you don't prosper without investing, primarily in yourself. You have to be willing to put in the hard work to build something of value, and then you have to be willing to charge for the transformation that your product, service or program delivers.

This is not about gouging or taking advantage of your clients. This is about clarifying the value of your work. Find out what they need, not just what they want, and then craft a solution that meets those needs.

Of course there are people who want a "deal" or who want to negotiate a lower fee. If you are providing a done with you, or done for you service, and the prospective clients keeps pushing for lower fees, reduce the scope of your services first. The bottom line is that providing a concierge level of service at a budget rate is exhausting and only leads to resentments.

It's also important to be choosy about who you work with. If someone is being difficult during the sales process, that's a pretty good indication of what it will be like to work with them. Be selective and only work with clients who you know will appreciate and value your services. And if a prospective client seems troublesome, unpleasant, or suspicious, it's better to walk away than to accept low fees for subpar work.

Remember, fees have nothing to do with supply and demand, only with value. So if you are providing a high-value service, don't be afraid to charge accordingly. In fact, psychologically speaking, higher fees often create higher value in the buyer's mind.

So if you're worth your salt as an author, business owner, coach, or speaker, don't sell yourself short by accepting poverty-level payments for your services. Instead, remember that building wealth starts with valuing your own time, energy, and expertise. Charge appropriately for your products, services, and programs, and help your clients build the wealth they need to achieve their goals. It's not just good business sense; it's a moral imperative.

What does it mean to "charge what your are worth"? Is this even possible?

To charge what your are worth is a misnomer. The value of your time, undivided attention and intellectual property is beyond comprehension.

Keep in mind that simple problems traditionally have a low price point and can be solved with a simple do it yourself (DIY) solution.

Complex problems and challenges requires done with you (DWY) and done for you (DFY) service. These are concierge level services that hold your hand through the process and get you results.

The best way to determine what to charge for your services is by surveying your market, seeing what they are willing and able to pay, and then craft a solution that meets those needs.

You can also look at what other similar businesses are charging for their products and services, and use that as a starting point. But be sure to do your homework so you don't undervalue or overprice your offerings.

Remember, you are not just selling a product or service; you are selling transformation. And that is something that is worth its weight in gold.

And finally, don't forget to factor in the cost of your time, energy, and resources when setting your fees. If you're not making enough money to cover these costs, you'll quickly burn out and won't be able to sustain your business in the long run.

So if you want to build wealth as an author, business owner, coach or speaker, start by charging what you're worth. It's the first step on the road to financial freedom. And it is a moral imperative.

Advantages and disadvantages of charging what you're worth

One advantage of charging what you're worth is that you are more likely to get paid what you deserve. This can help ensure that you are able to maintain a certain quality of life and not have to worry about making ends meet. Another advantage is that it may encourage others to do the same, which could help reduce inequality overall.

A disadvantage of charging what you're worth could be that some people may not be able to afford your services, which could limit your client base. Additionally, if everyone starts charging what they're worth, it could lead to inflationary prices for goods and services. Finally, some people may think that you are greedy or selfish if you charge high prices, even if those prices are fair.

Despite the potential disadvantages, I believe that charging what you're worth is generally the best policy. After all, if you don't value your own time and expertise, why should anyone else? Do what's best for you and your business, and don't be afraid to charge what you're worth. Your clients will thank you for it!

What are your thoughts? Have you ever charged premium fees, or been afraid to do so? I'd love to hear from you in the comments below!

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