More than a decade ago—shortly after I graduated from law school—a girlfriend told me:
“Rachel, I’m planning to buy a hair salon and take it over. Could I hire you to do all the legal work to make sure the transaction goes smoothly? I’m feeling nervous because I’ve never done this sort of thing before. I have no clue what I’m doing.”
“Absolutely!” I agreed, thrilled to have a new flient (that’s a friend who’s also a client). “I got you. Consider it done.”
I pored over the 20-page sales agreement and closely examined all the fine print—and negotiated for better terms on her behalf.
I did all the due diligence to ensure that the sellers were legit and didn’t have any outstanding legal issues or liens that might impact my friend, the new owner.
I did the paperwork to set up her new LLC, register with the State, secure the right insurance—everything she needed.
All the legal t’s crossed and i’s dotted.
Do you know how much I charged her for all of this work?
Get ready to gasp.
Yes, friend. $500. Piddly peanuts compared to the value that I delivered.
When I took that $500 and divided it by the copious hours of work that went into this transaction, I was earning minimum wage. And whose fault was that? Mine!
Over the next several years, this salon went on to generate hundreds of thousands of dollars and my friend slept sweetly at night knowing that all her legal matters were in order. She had peace of mind and no legal drama—thanks to me. I could have charged her $5,000 for my services—literally 10x more—and it STILL would have been a steal!
I still think about that $500 mistake, a decade later. It haunts me. I charged my client absolute crumbs compared to how much I could have made for doing the exact same amount of work. I left money on the table. Entirely by choice.
I know you’re doing the same thing.
So, here's what you're NOT going to do effective immediately:
– You're not going to charge $500 when it ought to be $5,000.
– You're not going to give friends a ridiculously low rate. (They can pay full price to hire you. Just like you can pay full price to hire them!)
– You're not going to make decisions that rob you of money, time, peace, power, and freedom.
And, here's what you ARE going to do. The next time a new client or customer rolls along and inquires about working with you, you’re going to write a number on a piece of paper…and then add a zero.
Yesterday’s price is not today’s price.
[First Name], nothing changes until you do.
PS. I’m leading a brand-new experience called The Make Money Moves Challenge.
Want more info? Learn about the challenge and grab your seat here.
If you suspect that you could be earning more than you currently do, this Challenge is exactly what you need.