7 Reasons Women Under Earn in Business (+ Tips to Earn More)
The world sees women as world-class multi-taskers; We’re often expected to juggle family, career, health, self-care, and hobbies without ever letting one of those precious balls drop from our hands. Filling many roles can make our lives richer but attempting to be everything to everyone just puts us at risk of being mediocre across the board.
The world sees women as world-class multi-taskers; We’re often expected to juggle family, career, health, self-care, and hobbies without ever letting one of those precious balls drop from our hands. This is not breaking news, of course. Like me, I’m sure you’ve read at least a few of the “Can Women Have It All?” articles that magazines and websites continue to crank out on a near-daily basis.
And—as some of the more helpful articles point out—there are definite advantages to mastering multi-tasking. Filling many roles can make our lives richer, and understanding life balance makes us more agile at work and at home. But some of us aren’t meant to be Jills of All Trades, and attempting to be everything to everyone just puts us at risk of being mediocre across the board.
It also makes us far more likely to fall into the gender wage gap.
Most people are aware that women earn about $0.79 for every $1 paid to men. But these statistics are based largely on corporations, non-profits, universities, and other large-scale businesses. Those of us who have struck out as entrepreneurs or are running small, lean companies aren’t generally included. And my guess is that the gap would widen considerably if we were.
Because when you combine the expectations that society thrusts at us with the expectations we pile onto ourselves, many women business owners become utterly overwhelmed. Which translates into struggling to charge what we’re worth and earn what we deserve.
How do I know? Because I did it myself. For years!
Here’s why, what I did to change those self-defeating habits, and what YOU can do if you’re facing similar challenges:
1 // I Didn't Know How to Earn More
For far too long, I focused on the learning instead of the doing.. I knew there were some steps I could take that could help my business bring in more income (teacher training, coaching) but that’s where my knowledge ended. The actionable steps of building a multi-six figure or million-dollar business were way outside of my knowledge base—and well outside my comfort zone. I knew I could do it, I just didn’t know how to to do it.
WHAT I CHANGED: In my case, I needed a push from an outside source, so I hired mentors and coaches who had built businesses similar to the one I wanted for myself. Every time I got stuck on the “how to” of taking my business to the next level, I invested in targeted support to keep pushing me in the right direction. Each successive mentor highlighted the steps I could take to increase my income, and gave me the confidence to take action.
WHAT YOU CAN DO: I know it’s a major cliche, but keep it as simple as possible to take action. Having a five-year plan is fantastic, but if you don’t even have a five-week plan, start there. If, like me, you know that targeted support would boost your income, start here.
[Click to Tweet ] Women: want to earn more in biz? Pick a single action and dive in
2 // I Believed Helpers Deserved Less
Because I’m a people helper by nature and by trade, I thought I didn’t deserve to command a higher income for my work. I was convinced that what I was doing was a calling, and that the meaning trumped the money. The problem with that? My innate and duty-driven urge to help others often came at the expense of my own health and happiness. To the extent that I couldn’t afford health insurance (so bye-bye regular checkups and health screenings) for my first 6 years in business.
WHAT I CHANGED: For me, this was a simple shift in mindset. It took a long time, but I finally accepted that all hard work deserves compensation, including mine. Helping people—whether it’s your calling or just your job—is incredibly important but you will be unable to do your job well if you are in a state of continuous financial strain.
WHAT YOU CAN DO: Remember that altruistic and creative occupations are equally as valuable as their bottom line-focused counterparts. And remember to take care of YOU first. Or you won’t be in business for long (...and who can you help then?).
[Click to Tweet ] Remember to take care of YOU first -or you won’t be in business for long
3 // I Didn't Want to Be Perceived as Greedy
As a former Southern Baptist, I learned early on that the love of money was the root of all evil (Timothy 6:10). In my child mind I extrapolated that to “money is the root of all evil.” It’s a common mistake and I’m not the first recovering Christian to conflate the meaning of that missive.
WHAT I CHANGED: Honestly? I got bone-tired of struggling to make ends meet month after month, and forced myself to accept that money was an essential part of business. In fact, it’s the essential energy of business, the energy that fuels your actions to attain your desired lifestyle. Money is also the ticket to choice and success, however you might define success for yourself. Yes, greed can get you into trouble, but the desire to earn a comfortable living is neither unreasonable nor perilous.
WHAT YOU CAN DO: When you feel money-guilt rising up, try this mantra: “Money is energy and an indication that I am serving the right people in my business. I deserve prosperity for my hard work.”
[Click to Tweet ] Money is energy and you deserve fair compensation for your valuable work
4 // I Didn't Want to Charge More Than My Peers
When I began practicing health coaching and yoga therapy, I did what many other service providers do: I compared my fees to those of similar services and charged the same (or less). I figured, “Well, that’s what so-and-so is charging so it must be fair.”
Wrong. Pricing isn’t arbitrary—it’s a strategy. And every person or business offering a particular service may not be offering the same level of service. Most of my “colleagues” weren’t graduate-trained behavioral change coaches with more than 600 hours of dedicated training in person-centered therapeutic yoga and a research background in functional foods and science-based nutrition. They were passionate yoga teachers with considerably less training and far fewer credentials. My professional pathway was a tad more rigorous, so the comparison trap didn’t do my bank account any favors.
WHAT I CHANGED: I did more research on coaches with training commensurate to my own and I found my own financial ease amount—then reverse-engineered my pricing from my service and income goals. I determined who I truly wanted to serve and reminded myself that being exceedingly generous is part of how I want to show up in the world—so charging more for my services aligned with how I wanted to serve! Remember: a higher price point for your offers shows potential customers that you value your own expertise and services. (And, yes, I might’ve held my breath and crossed my fingers on occasion, too! Charging more can feel like a leap of faith even when it’s a conscious choice.)
WHAT YOU CAN DO: Don’t just poke around, do real research. Find colleagues or companies with your level of training, experience, or skill and investigate their price structures. Then charge 15% more because nearly every small business undercharges.
[Click to Tweet ] Pricing is strategic: don’t just poke around, do real research
5 // I Didn't Know What to Do With More Money
I’ll be honest: for much of my life I ran from the responsibility associated with wealth. I was so triggered by my own income status that basic financial wellness sent me into mild panic attacks. Yes, I read blogs about personal finance and yes, my daddy taught me early on that I needed to have an emergency fund. And personal savings. And that credit cards were a slippery slope. (True story: I got my first credit card at age 33 when I realized that they could also be handy safety nets.) Short of that, my financial planning strategy was summarized in five words: spend less and save more.
WHAT I CHANGED: I met with a financial planner who told me how to use my profits to my best advantage. Then I actually did what she told me to do. Since her advice was specific to my income, needs, and goals, it was far easier to digest and implement than any book or blog post.
WHAT YOU CAN DO: While this is not financial or legal advice, consider meeting with a financial planner yourself, if you can. Usually, the initial consult is free and if you like a planner’s style and want to continue the relationship, she/he won’t generally charge you direct fees, but will instead take a small percentage from your investment earnings. Financial planners can also help with budgeting, retirement planning, and wills - all deeply boring but incredibly important things.
6 // I Didn't Want to Alienate Anyone
I don’t come from a wealthy family and most of my closest friends are in the blue-collar- to-mostly-comfortable income bracket. Earning more than friends or family felt like a betrayal of basic human connection and a disservice to my community. I didn't want to make anyone I cared about feel "less than," so I didn’t challenge or address my own under-earning habits.
WHAT I CHANGED: I reminded myself that personal wealth and conspicuous consumerism don’t always go hand-in-hand. I could earn more and be wealthier without parading that fact around town and making my loved-ones uneasy, jealous, or aggravated. And, through some delicate but essential conversations, was reminded that the people who love me genuinely want me to succeed. And that includes increasing my earnings —because, really? My ultimate dream is to be a philanthropist and invest in businesses that solve some of the world’s biggest problems...and money is a big part of making that dream a reality.
WHAT YOU CAN DO: Remember that how much you make doesn’t (or shouldn’t) change your fundamental values. Whether you’re making $30,000 or $300,000 each year, you’re still you.
7 // I Didn't Ask for More
I’ll be the first to admit that I learned some hard life lessons, well, the hard way. Including, “You don’t get what you deserve—you get what you ask for.” Since I shied away from asking for higher fees or better pay structures, I walked away with less money and had no one to blame but myself.
WHAT I CHANGED: I read “Lean In.” The book certainly isn’t perfect, but dang, it’s a great reminder that women are paid less simply because we don’t ask for more. I also began preparing myself mentally before every payment negotiation. Walking in knowing that I might be making some uncomfortable demands made it easier to tackle those tough topics when they arose.
WHAT YOU CAN DO: Acknowledge that “If you don’t ask, the answer is always, ‘no.’” And then force yourself to ask. Role play before negotiating, and arrive prepared to be bold. Remember that, as an entrepreneur, you are the only person who determines how much money you deserve for your work.
Does all this mean that I’m earning the absolute maximum I possibly could and constantly negotiating for more? Heck no. I still chicken out or make a bad call once in awhile, and I am totally fine with that. Running a business isn’t about perfection, it’s about progress. I’m smarter, savvier, and braver in my money-related decision-making now, and that’s an accomplishment in and of itself.
I hope that hearing my story has reminded you that everyone struggles, and that small changes can make a huge difference. If you can tweak even one action or habit to increase your earning potential, you are making important, measureable, brag-worthy progress.
Progress that can keep you from falling into that pesky wage gap.
Do you have another to reason (or tip) to share? Head over to the Kula and tell us all about it!
Abundance Issues? Heal Your Money Wounds
We get a little funny about money as healers and helpers. We love what we do and are guided by service. Which is why it's so challenging to put a price tag on our gifts, talents and services.
Take it from me, darling, you can only give from a full tank.
If overwhelm is an issue for you right now, it's time to take a look at those energy leaks.
Let's start with money energy.
Money is energy that yields the nourishment you need at all levels to keep giving, to keep doing your transformative work, to keep sharing.
If you're a conscious entrepreneur with a generous heart, chances are you've felt the pang of sharing your gifts for little (or no) remuneration.
Do you hesitate when it comes to pricing services or products?
Here's what I mean —in a mini-drama:
Potential Client: So, how much do you charge for your Transformative Yoga Therapy Sessions / Intuitive Coaching / Art + Meditation private classes?
You (Talented, visionary, soulful 'preneur): Well, usually I charge um, well, $50 (*voice gets low and muffled*), but for you, I can do the first session free and a 20% discount off future sessions if, well, if you know, if you can't afford it (*that last part is stammered out with a fair bit of hesitation*).
ACK! You and I both know what happens next. Either the client books (and you feel resentful) or the client doesn't book (because why should they? There was no value in it).
Putting a price tag on your gifts bring up fear, money issues, limiting beliefs around your own worth and the ever-present scarcity issues. Potential clients can feel that ...and nothing sends a potential client running for the hills faster than your money issues.
Are you clear on the leveraged income streams in your business?
The Pareto Principle tells us that 20% of efforts yield in 80% of results. 20% of clients result in 80% of income. Are you allocating enough time to the important things in your business or are you spending time on the urgent? Identifying (then doing!) the 20% actions that result in even more income and expansion in your business is a solid strategy for success.
If you're drowning under a list of urgent To-Do's and watching days (and dollars) pass you by, then take a gander at the list below.
It doesn't have to be that way.
Let's heal those money wounds and close up the energy leaks in your business post-haste.
I can't tell you how many times incredibly talented women (my clients) have apologetically quoted their rates to me only to go into shock when I (almost immediately) tell them to double those rates. The reason clients earn more immediately after working with me —even if it's only a free session —is because we begin by balancing the energy (and money is a form of energy).
Here are my top tips for healing your money wounds and stepping into abundance as a healer or helper. These are the exact steps I teach my private, VIP clients, and the precise "formula" all successful entrepreneurs apply.
1 :: Set a rate that reflects a living wage and allows you to remain in financial ease.
Nothing harms our industry (healers, coaches, yogis, transformative teachers) more than too-low rates for one-on-one services. If you think you have to charge less in order to make more, you DON'T. In fact, placing a too-low price tag on our gifts in the interest of "being competitive" often undermines the importance of our work in the eyes of our potential clients. Lastly, each time you undercut your industry by charging too little, you contribute to the epidemic of other healers, coaches and yogis who can't make a living doing their transformative work.
Be reasonable and rational when setting rates. Consider yourself with a full practice or client docket :: how many can you reasonably see in a week? How much do you need to earn in a week? Align the numbers for a good starting point. Need support with this one? Head over here and we'll hash it out together.
Remaining in financial ease is my term for the amount of money you need to earn to support the lifestyle you desire, while saving, investing, and tithing. What lifestyle you desire and how much you'd like to save is up to you but many experts suggest at least 20%. Again, investing is entirely up to you as well: remember to consider retirement. Tithing is a personal spiritual practice that has made a tremendous difference in my life (see #6).
2 :: Offer a limited number of complementary sessions.
If you are establishing yourself as a Leader and expert in your field, you need to spend some time getting to know WHO your dream client actually is.
If you are already established, you want to spend time connecting with your community so you continue to create valuable resources and services they need and want.
Hop on the phone a few times a week for complementary introductory sessions and promotional sessions. If you're trying to discern WHAT your dream client really needs or wants, then 20-minute free sessions or promotional sessions (with feedback requested as a condition) allows you to discover the ways you can meet their needs.
Call it a tithe, an offering, or an experiment: free sessions have their place. Do put a cap on it and remember to track your time for this service. Decide how many you will do, when you will do them, what you will call them and how people will get them. Want to see how I run my own freebie sessions? Head over here.
Here are some valuable free resources for managing your complementary sessions with ease.
Schedule Once —you choose your time, client books with an easy to use click-to-schedule option. Sends you an alert to approve the session and issues you each confirmation and reminder emails. Integrates with Google and iCal and Android. Free + Paid version.
Calendly —has all the same features as Schedule Once but better free version. You can have multiple session types and lengths. Also: the branding is gorgeous!
3 :: Decide on your growth metrics and definition of financial "success."
Do you want to double your income annually? Do you want to make a million by 40? Do you want to see a 20% return on your investments of time and energy?
Seriously. Sit with your personal metrics of success it for a bit then come up with hard data. Numbers, percentages, metrics. Be equal parts practical and magical with this process. Use your intuition and spreadsheets.
Then: Name it to claim it.
Once you have hard data work backwards from those numbers with reasonable efforts on your part.
Example:
Goal: Double Net income next year
Needs: Steady growth for the next 12 months (at a 10%+ increase in profits)
Action you will take: Offer a higher-value program to double Net income
How to do that: Ask your 20% what they need! Create a higher value program that fits their needs. Offer community building to grow your audience for the new offer. Launch the high value program. Fill it. Boom —income doubled.
Want some support on that? That's what I do...and I'm here.
4 :: Commit to taking the daily actions necessary to heal your money wounds.
Do you have a scarcity mentality around money?
Does another person's success (or wealth) trigger sadness or jealousy?
Do you think you have to choose your spiritual practice or wealth?
Do you avoid money and money-related tasks? Are you avoiding facing your fears or limiting beliefs about money?
Do you spend time on tasks you could outsource just to pinch pennies?
Do your sessions frequently go over time?
Do your clients pay you promptly or are you chasing down your money?
Are you spending time working on the weekends just to "catch up"?
Do you want someone else to take care of "the money" stuff so you can only focus on service / creating / sharing your gifts?
Are you waiting around for all that money you fervently manifested to show up in your bank account?
Ok, it's time to get personal with the energy leaks in your business. If you answered yes to more than 1 of the questions above, it's time to heal those money wounds.
Look at the questions you answered "yes" to: what are the themes? Time? Money? Worthiness?
Keep digging for the deeper reason behind the behavior. Only then can you find the root of the issue and begin to heal the wound from the source. You may need to adjust your relationship to time first. Once you begin to value your time, you see the costs and gains associated with overwhelm, with DIYing, and with poor boundaries. Stay committed to doing the 20% tasks that will leverage your business success during the first part of your week. Remain attentive to the time-sucking tasks in your business. Avoid time wasters during your most productive hours.
Then, adjust your relationship to money. Money is merely an indication that your purpose, your mindset, your intentions and your work / career / business are in alignment. If your business isn't on the abundance upswing, it's time for a change. That may mean doing things outside of your comfort zone like blogging every week, posting in Facebook groups, reaching out to past clients directly, or delivering a live workshop / class to promote your one-on-one services.
If you've reached a plateau (run out of time or other resources), you may need to get experimental and add income diversification to your business. If you're in the service industry, you can begin selling products. If you're already selling products, you may want to sell leveraged services. Check out the other examples below.
Example: sharing products that support the work you do, joining an affiliate program, shifting into group programs, adding virtual products or programs.
Ah, worthiness. If you've reached the core of the energy leaks in your business and find it's related to your own self-concept, fears, or feelings of worthiness, join the club. You are in good company —generations of successful women entrepreneurs struggled with the same issues. Call it your birthright (and your gift to future generations) to face those fears, to own your worth and to heal those wounds.
Making the commitment is how you begin to heal the energy leaks in your business and shift the money energy back into alignment.
5 :: Face your fears
Do you have a host of fears around money?
Do you fear power —and the power money provides?
Do you fear failure or risk-tasking?
Does balancing your checkbook give you anxiety?
Do you dread bill-paying time?
Do you worry about never having enough?
Do you avoid money To'Do's (money management, investment, income planning) because you don't want to be seen as a "money-motivated" person?
Do you have a fear of success —or of the person you would be if you were wealthy / successful / well-known?
Then tackle those fears and limiting beliefs one by one. If you fear power (or the person you would turn into if you were powerful) write a code of ethics for your future powerful self. If you avoid bills and the monthly tracking of your spending, use a budgeting tool to keep you happy and on track all month. If you fear being seen as "money-motivated" and that's keeping you from planning, managing or investing your money, get a coach to support you in working through those self-sabotaging behaviors.
Some of these fears and fear-based actions were picked up from your formative years. Until you face those fears and challenge the beliefs, they'll continue to haunt you (and sabotage your business success).
6 :: Give Back
As a recovering Southern Baptist, I learned at an early age that tithing is what one does. 10% right off the top, given back to God. I watched my parents faithfully tithe 10% even when we had very little. I remember being worried about how we were going to buy groceries and wondering why God needed our money. (Especially since Heaven's gates were made of pearl and the streets were paved in gold. But I digress.)
I also remember envelopes of cash in our mailbox just when we needed it most.
I didn't tithe for a long time because I moved away from a religious community at 15. Instead of tithing to a religious organization, I now practice the dana of generosity and give 10% of my income back to my community. I prefer to give to people in my immediate community rather than organizations —and I give to those who need nourishment and to those who've nourished me spiritually. I would never tell you what to do with your money, but I'll share my personal belief: abundance is already our birthright. When we practice generosity, we recognize this universal principle of abundance. Money is merely one aspect of the abundance we already embody. Tithing is a practice of recognizing that abundance and giving it back in a way that honors your own spiritual practice.
Did I miss anything? Share your best energy-balancing tips in the comments below! xo,
This post is part of the Brave Blogging project, hosted by the delightful folks over at Makeness Media. Read more brave blogs by searching #braveblogging on all social channels.
The M Word | Make Money in Your Mindful Business
Money.
I admit that in the past, I was put off by certain business coaches because their brands were way more money-focused than heart-centered. If you're feeling that way because I brought up the M word, I invite you to take a deep breath and recognize this simple truth: if your business isn't making money, your work is not reaching the right people.
You didn't set out to inspire at your expense, did you you?
Let's face it: our business needs to earn money. If our business is not earning enough, it becomes a costly, time-intensive hobby.
In other words, a serious energy drain.
If you're joining us from the Finding Flow challenge, we recently talked about how to keep the money energy flowing—the right way—in our business.
Hint: it all starts with energy management.
Part of managing our energy is being able to rest easy knowing that we are being appropriately compensated for all of the time and energy we are expending. But it's more common than not in the purpose-fueled business world to overwork and under-earn.
We have to take care of ourselves—especially if our work in the world is to give to others.
The most straight forward way of figuring out just how much we need to be making in order to merit this kind of energy investment is the financial ease formula.
Oh yes, the Financial Ease Formula
Financial Ease = the dollar amount you / your business need to earn in order to spend appropriately, get out of debt, save at least 10% or more annually and live your Ideal Life
Here's what it looks like...
*Financial Ease = the dollar amount you / your business need to earn in order to spend appropriately, get out of debt, save / invest / donate enough annually and live your Ideal Life
What are your estimated monthly business expenses? ->> find that and multiply by 12
How much would you like to pay yourself / earn in salary each month? ->> discover that and multiply by 12
How much would you like to save / invest / donate each month? ->> discover that amount and multiply by 12
What profit margin would you like to see each year? ->> if you don't know, choose a healthy percentage :)
How much do you want to set aside for vacation, time off or other large expenditures (including getting out of debt)? ->> decide on that then add it to the above figures
So, now what?
These are the actions that I assigned to the Finding Flow group last week:
Define your financial ease amount.
Take a look at your business financials, including profit and loss (income and expenses).
More money and more meaning in your purpose-driven work? Yes, please.