September 21, 2006

A Note from the Editor

Hello to All,

Welcome to this issue of The ART of Business newsletter, and a big welcome to all the new subscribers. I've been working under serious deadlines for the last couple of weeks and, despite my resolve to cut back on some of the projects I say "yes" to, I'm still procrastinating on firing my lowest-priority client. They've been with me since I first began freelancing--they were my first real client, in fact--but the time has come to let them go. They have become my "glass ceiling," which is the name of this issue's feature article. I hope you enjoy it.

Now, on with the business of business...

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The Glass Ceiling

Even solo entrepreneurs can hit that glass ceiling. Sometimes (a lot of the time, I should say), we undervalue our own work by offering discount rates or selling our products at reduced prices. This means we're working longer and harder and making less money--essentially putting a glass ceiling on our money-making potential.

I don't know about you, but that was totally not my goal when I joined the ranks of the self-employed.

To illustrate, let me share a little story with you.

Many years ago, I worked as an Executive Assistant for a music publisher in New York, and even though I singlehandedly ran his business while my boss was off globe-trotting, I was making peanuts for pay (maybe he thought I was his pet monkey!). Anyway, after a couple of years of working 60 hours a week for what amounted to $9.00 an hour (my rent was $1000 a month--you do the math), I finally quit in disgust. I could work as a temp for twice the money and I wouldn't have to work 12 hour days either. So that's what I did. And guess what?

My old boss asked if I could at least keep doing his royalties accounting for him (tracking monies earned and paying songwriters)--on a freelance basis--for $20 an hour. Voila! I was instantly doing less than half the work for twice the money. Sweet!

That was my first taste of the freelance life, and though it took me more than a decade to finally ditch corporate America altogether, it taught me two very valuable lessons.

• Lesson #1: My time, and knowledge, are valuable.

  It took a lot of years, a lot of research, and a lot of classwork to hone my talents and sharpen my skills. That's worth something in the marketplace.

I happen to be very good at what I do and I take tremendous pride in delivering a top-quality service. My clients know this, and they're willing to pay my rates, which, by the way, are competitive, but certainly not below fair market value. Which leads me to:

• Lesson #2: Cheap prices usually mean cheap quality.

  Whether it's true or not, the fact is: if you offer the same bargain-basement rates that others charge for substandard, couldn't-care-less, only-here-for-the-money work, then potential customers are likely to assume your work is substandard as well, based on your rates.

Yes, you are going to be faced with price-shoppers who are looking for the cheapest rate. Let them keep looking. Because honestly, they are not going to value your work anyway.

True craftsmen know what quality work is worth in the marketplace and they price their work accordingly. Granted, there are far more price-shopping customers than quality-shoppers willing to pay more for excellence, but believe me, those higher-paying customers are out there. And they're actually grateful to find someone who produces quality work.

So what does all this mean? It means refine your skills, make sure you're offering top-of-the-line work, believe in yourself and the quality of your work, then charge what you're worth! Don't get sucked into a 60-hour-a-week job that pays $9.00 an hour when you can make $20 an hour for producing half as much quality work.

Remember, as a savvy entrepreneur, the goal is to make more money working less hours. You don't have to box yourself in to a cramped work life. Break through that glass ceiling and reach for the stars!

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Wishing you all the best in your endeavors,

Angel Brown

www.womens-business-gallery.com

Copyright 2006 by Angel Brown. All rights reserved.

Published by the Womens Business Gallery, Woodland Park, Colorado