081: Don't undercharge

"Oh it's ok, I can do it for cheaper...."

One of the mistakes I made early in my career was undercharging. For project work, for consulting, for retainers...

I wasn't confident enough to charge a lot, and I would consistently overpromise for a small amount of money.

Here is the problem though...

Charging less was actually BAD FOR THE CUSTOMER

You see, when I didn't charge enough, this meant I had to sign more customers, and spread myself thin.

That means that each customer who was hiring me, was only getting a small sliver of my time and attention. 

And as a result, I would fail with some of those customers because I simply couldn't deliver the results I promised, with the money that I charged, and still make a living...

I tried to provide them with a discount, and in the end I provided them with a horrible experience... 

The same is true when you try to work for your friend for free... 
Or you take on a pro-bono customer for any reason...

You need money and profits.
You need this so you can dedicated time and resources to properly deliver on every customer.

Don't undercharge. It's a lose for you and the customer.
Charge more. You need to to best serve your customer, and yourself.