What Are You Worth? by Michelle Loretta
- At August 9, 2011
- By admin
- In Guest Bloggers, POSH
12
Women are motivated by factors that go far beyond money. There are a myriad of reasons that so many of us ditch our nice salaries at corporate gigs for an entrepreneurial life. In my talks with women business owners in the last several years, I often hear these factors as motivators for launching a business:
- Desire to be creative and artistic
- Desire to have a more flexible schedule
- Desire to create a lifestyle based around a family AND a career
- Desire to call the shots
- Desire to “make a mark”
Of course, we want to earn a living, but money isn’t usually the top priority for women who launch a business. I’m also going to make a wild guess that as artists, we place money as less of a priority than other upstart business owners in other fields. (Technology, for example.) For some reason the stereotype of the starving artist is one that still permeates the wedding, event, and film industries. It’s become acceptable.
So where does that leave the money factor? If we favor a life of creativity instead of a life of material wealth… where does that put our ability to earn an income? Equally important: where does that put our ability to price our services?
This is the challenge. Money is not a driver in our businesses, as a result we downplay the importance of it in our decisions. This typically manifests itself in what I call the “pricing conundrum”. The pricing conundrum is what we face when we are unsure of what our value is. We are unsure of the worth of our work. We are unsure of the price of our artistry.
As women, we need to rethink this. Money may not be highest priority in our business decisions, but our artwork sure is. We can show that we value ourselves and our craft by placing greater importance on pricing. By improving our pricing strategies we not only improve the value of our own work, but also that of other women business owners. What are we worth? We are WORTH A LOT.
I hope you’ll join me at POSH 2011 this November where I’ll be sharing my pricing strategies with women filmmakers.
Michelle Loretta is a consultant for wedding professionals and writes daily for the Sage Wedding Pros’ business blog. She’ll be blending her past as an accounting nerd, sales vixen, and stationery entrepreneur at POSH 2011 this November when she presents “Behind the Mystery of Pricing”
Sage Wedding Pros
www.sageweddingpros.com
© 2011
Earlie Masciantonio
I am just starting out (professionally) and I have no idea of what to charge. So, I’ve started with my present hourly wage, plus costs, and it isn’t a lot. I have to work a night job to pay the bills. I am a granny. I can’t get to Posh. Could you make your talk available afterward for those of us in desperate need who can’t attend?
Sage
Fantastic observation! I hope to attend your seminar at POSH.
Meg Simone
A constant struggle – looking forward to learning more at POSH and I’m sure this will inspire post seminar conversations during dinner hour too. So excited!!
Michael
As women, you should charge the same as the men in your profession charge. How many times do we hear “Women make 1/2 of what men make in the same field”. Well, do something about it. When you charge less, you are lowering standards these men have done to grow this industry. Although as women, the money may not be as important to you because it’s a 2nd income in your household, it is important to the men in the field who are the main source of income for their families.
Kristen*
This is in response to Michael’s comment:
You’ve missed the point of the article dude. Women in this industry do charge the same as men…the ISSUE is that our industry for a long time hasn’t charge ENOUGH. Michelle’s article spoke to how we can change that. Not how to charge as much as your neighbor.
Your comment suggesting that women charging less hurts the industry that ‘men’ have grown. Do you even know the history of this industry? I suggest you do your homework. For example, I’ve been one of the highest paid wedding filmmakers in the industry for over 7years educating studios on how to charge more. And *shocking* I also am the main source of income for my family. The “argument” that you’ve suggested is an archaic mindset that was not what this discussion is about. For the sake of your business, I hope the videos you create are more up to date than your post.
Michelle Loretta
Michael – I agree that we need to charge as much as men in the industry. We need to examine the factors in our market that will dictate our price – regardless of gender.
I disagree with these statements:
“When you charge less, you are lowering standards these men have done to grow this industry.”
This isn’t about men vs women. Not setting a valid price lowers standards for the industry as a whole. (I know male entrepreneurs that haven’t figured out the pricing sweetspot either – you aren’t except from this.)
AND – more importantly – I don’t think these are standards that MEN created. Women bring as much to creative fields and business ownership as men do. And, if you honestly believe that men are growing the industry, you are going to blind-sighted in the next 20 years. (Between 1997 and 2006, businesses fully women-owned, or majority-owned by women, grew at nearly twice the rate of all U.S. firms (42.3% vs. 23.3%) according to census.gov). AND – Department of Education statistics show that men, whatever their race or socioeconomic group, are less likely than women to get bachelor’s degrees — and among those who do, fewer complete their degrees in four or five years. (NYTimes.com)
Watch out world!
I resent this statement:
“Although as women, the money may not be as important to you because it’s a 2nd income in your household, it is important to the men in the field who are the main source of income for their families.”
You know nothing about me, my family, or my income. You can’t say this about any of the female entrepreneurs I know (many of whom are single and bring in their own SOLE income!) I think my husband would also resent this statement. This assumes that his priority is money. He plays a very active role in our home and I’m grateful for it. We’ve built our careers (and therefore set our income) around the lifestyle that we want for our family and not the other way around.
We women ARE indeed motivated by other factors in our career than money. And, I’m proud of that! I also had to come to peace with the fact that when in charge of my future, as an entrepreneur, I knew that I’d always be in control of what I earn. As entrepreneurs WE decide what we earn. And, thus, I’ll always be in control of making a steady income – not an employer – not my husband. I learned that in 2004 when I left my job (a very nice-paying job) and started my first business. And, since then – it’s NEVER been about the money! Thank god it’s NOT about the money.
I’m driven to create and inspire. I’m driven to provide an example to my daughter of what a woman can do with her career if she really goes for it. AND – I know that in order to place a value on my art (that I value so deeply) I KNOW I need to charge the right price for it. My message isn’t about downplaying the importance of pricing. It’s about tying pricing (and money) to things that we are passionate about.
Money doesn’t dictate my passions. My passions dictate how much money to ask of my clients.
Jennifer
Micheal,
I have worked very hard at raising the bar in this industry along side many great men and women. Michelle’s post was not just for women, but to everyone in any industry. There are many many men in this industry that are NOT charging what they should, and many who are stuck in the 1990s style of videography, which is what keeps the standards low in this industry. As far as the money side, it is important for me to make a living at this is not just extra income for my family as with many woman that I know.
Sage
Michael,
Did you expect to find us pillow fighting? Oh, what a shock! Women are also sharp business people who are looking to change perceptions in out industry. I’m hoping you were playing a joke and did not actually mean what you said. If you were indeed serious and stuck in a time warp as you appear to be, how dare you make assumptions about the breadwinners in my household. Although, I’m glad you had the courage to let your true colors shine. We cannot ignore the fact that mindsets like yours still exist.You have already received excellent responses which I hope have enlightened you. Your comment is representative of a a portion of the population that is getting smaller and smaller. Thank goodness.
Rhonda Michelle Steward
You dug deep and listed the core motivating factors. The feminine is more tuned in to the interconnectedness we all share and thus has a much more organic and holistic feel to how we approach life, of which our businesses are a subset. There have never been more women owned businesses in *history* as there are currently and we have both a unique challenge and are blessed to have these opportunities to empower ourselves and bring balance to our families and communities.
Thanks Michelle for bringing up yet another well needed topic for discussion!
Natalie Neal
First – Great post Michelle!
Second to Michael: What the???
I consider myself to be a leader in my industry for a long time now. My husband and I BOTH earned six figure incomes when I started my company and went full time with it. I brought him in. Men did not build this industry single handedly while we, the “little women” sat down and watched. Playing games while we wait for our husband to feed us with their “main” incomes. Your tone, views and thoughts are a bit “Archie Bunker” for 2011 and I think you will find yourself sitting alone in the lunchroom dude.
Whatever. PEOPLE with passion built this industry. And misinformed individuals will continue to throw up roadblocks that we just keep kicking outta our way.
Charge what you are worth and give what they paid for.
Rock it ladies.
Joseph pessar
Very interesting article! I fell this is not only a reflection on male or female it is also weekend photogs that have day jobs as well. The value of what we do as artist as photographers is one that collectively we can change. Standards need to be set. Prices bottoms need to be set. We need to make sure we push our selves to be studios that do work that not just anyone can do. ok someone’s buy,s a better camera than you but what can you do with it. Commercial work is not so effected by this as much a wedding photogs are. As a wedding photographer there is not art director to set and dictate a standard but wedding we just have to impress a bride or groom. Most clients do not know what makes a great images maker and one that can deliver great images anytime any place and with anyone. But the problem is clients don’t care they judge on a few shots or last job done even if it is the first one someone has ever done. As a studio we say 60% of what we do is not the images but who we are, how we handle clients and how consistent we have been in out track record. We sell security and pull heart strings to get a job booked. ” I am not in the photography business selling people but in the people business selling photographs”
thanks for the great topic.
I do believe in any job it is the long run that separates and thins the heard of photogs. Money does indeed matter but do any of us become photogs because it will make us allot of money. I say no. I would love to hear more about this and seems to be very important issue and topic. With all that said souled for sure love to raise the price bar out there. Love what I’d do will never change but have mouth to feed as well
P.S. Rock it ladies as well Men
Michelle Loretta
Thanks Joseph! I love what you said: “Money does indeed matter but do any of us become photogs because it will make us allot of money. I say no.”
If it really were *just* about the money, I’m sure a lot of us would be doing other things. I come from a corporate background – so if money were my primary aim – I would’ve stuck with that career track. But, I wanted more from life.
Aren’t we lucky to live in a world (or country) where we actually get to make these choices with how we earn our money?!