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Embracing Your Worth: The Power of the Watermelon Effect

Embracing Your Worth The Watermelon Effect

As a small business owner, I understand that freelancers are hesitant to charge what they truly deserve for their valuable services. It is time to change this mindset and recognise that knowing your worth is crucial for success. 

Set The Scene – The Watermelon Effect

While on holiday in Spain, I relished a daily serving of mouthwatering watermelon slices. Their juicy and refreshing nature left me craving more, so when returning home, I decided to buy one for myself. However, I was surprised to find that watermelon at my local supermarket cost £9.00 based on weight, surpassing my expectations. Despite the rising costs of everything, I remained undeterred. Reflecting on how much I enjoyed eating the watermelon and how I felt so much better for avoiding indulgence in sugary treats, the initial shock of the high price gradually dissipated.

I wanted it, I knew it would be good for me, I knew it would make me feel better and I was willing to pay for it. This revelation has now become what I call “The Watermelon Effect.” It teaches that when something truly enriches your life (or business) in terms of saving you time, helping you achieve your goals, helping you make money or enjoying a better work-life balance, for example, you will willingly invest in it.

The Watermelon Effect translated into the Cost-Benefit Principle of Business. In this post, I will explain why it’s essential to embrace your true value by standing firm on your pricing, and never be embarrassed about charging appropriately for the immense value you bring to your clients. 

How to understand your worth in business

  1. Assessing the Value of Your Services

As a freelancer, the first step in applying the Watermelon Effect is to evaluate the value of your services. Take a moment to reflect on your unique skills, expertise, and experience. Being able to recognise the true worth of your services sets the foundation for your pricing strategy. You might charge £50 for a 60-minute service that will bring a client hundreds of thousands of pounds. Maybe it is a service you have found is in demand and others are willing to pay several hundreds of pounds for. Ask yourself why you are not charging that if you can deliver those results as well. 

2. Balancing Time and Effort

Time is an invaluable resource for freelancers, and it’s crucial to strike the right balance between the time and effort you invest in projects and the compensation you receive. While charging based on hourly rates is common, it’s essential to remember that you’re not just selling your time but the expertise and training you have invested in over the years. Focus on providing exceptional results rather than solely on the hours you spent as this mindset will help you charge more accurately for the value you bring to each assignment. It can be beneficial to charge per project as your productivity increases on tasks. 

3. Considering Opportunity Cost

In the world of freelancing, opportunities come and go. As you decide which projects to take on, consider the opportunity cost of your choices. By committing to one project, you might miss out on other potentially lucrative opportunities. Evaluate each project’s potential benefits and weigh them against the costs to ensure that you are making the most beneficial decisions for your freelancing career. Do not be that YES person. Saying yes to every task asked of you can leave a feeling of total burnout and make you feel begrudging about the work that you enjoy.

4. Do Not Undersell Yourself

Often freelancers feel pressure to lower their rates to secure more clients or out of fear of being rejected for charging higher prices. However, undervaluing your services not only diminishes your self-worth but sends a message that your skills are not worth paying for. Instead of undercutting your prices, focus on communicating the value you bring to the table and how your expertise can drive tangible results for your clients.

5. Educate Your Clients on the Value of Your Services

Many clients may not fully understand the complexity of the work you do and the impact it can have on their projects. Take the time to educate your potential clients about your processes, the unique solutions you offer, and the value they will gain from investing in your services. When clients see the bigger picture, they will be more willing to pay for the value you provide.

Confidence is key when it comes to pricing your freelance services. Stand firm on your rates, and don’t apologise for them. Remember, you are not just charging for the time spent on a project; you are charging for the expertise, dedication, and creativity that you bring to the table.

Like shopping for watermelon, potential clients will not be put off by the price, because they are willing to pay for the best. Confidence in your pricing will instil trust in your clients and showcase your professionalism. Embrace the power of the Watermelon Effect to make informed decisions that align with your goals as a freelancer.  

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