The price of any commodity is determined by the cost, value and availability of substitutes. Usually the price is the addition of cost and margin. The margin is expected to take care of the value placed on the commodity and other factors. The higher the value of a product, the higher the price. In other words, there is a direct relationship between value and price.
Your personal price is also a function of your value. The price people will pay for your time or skill is a function of the value expected from you. The higher the value perception, the higher the price. This is why, ceteris paribus, a PhD holder will likely attract more value than a Master degree holder. It is the same reason an experienced person will also earn more than a starter, all other things being equal. So if you want to be paid more either as an employee or self employed person, you need to enhance your value.
Here are some value enhancers:
Acquire more skills or knowledge: We are in a world that is increasingly demanding for multi-disciplinary competencies because of the dynamic nature of the business environment. It is good to be a specialist but it is better to be a well rounded specialist with some knowledge of other fields. Be grounded in your field but learn about other fields too. Most businesses want to save cost and will rather hire or consult someone who is multi-skilled rather than a mono-skilled individual. Read more. Study more. Attend seminars that will increase your knowledge.
Create a Personal Niche: Successful businesses carve their niches and ride on the strength of their niches. They stay ahead of the pack in their chosen market. The niche could be from cost advantage, location advantage, technological advantage, and so on. Similarly, you must be known for something that your colleagues or competitors can’t beat you to. It could be your understanding of legal matters, or your numerical analytical prowess, or your managerial competence. You just must have a personal niche.
Improve your Interpersonal and Communication skills: Your ability to relate well with others will go a long way in lowering your cost in terms of time and even resources eventually. You will achieve more in less time if you are able to carry others along pretty well. Your ability to influence others 360 degreewise will determine how quickly you get your job done and will inevitably increase your value.
Build your network or contacts: The truth is, it is a world of figures. How much are you able to contribute to the bottom line is a major decider of your value. This is a function of your network. Your network impacts on your networth, and this determines your value. Pay painstaking attention to build a rich and diverse network. Join professional groups and participate in meetings and programs. Be active within your group. This is a veritable value enhancer.
Work on your Personal Outlook: How you will be addressed is determined by the way you are dressed. Your choice of wardrobe and personal etiquette reveal a lot about your personality. Don’t be sloppy. Dress smart and business like. We are first judged by our look before being judged by our contents. Even when you seem to have the content, a negative image may erode the value place on your content. Pay attention to your apparel and even your vehicle (if you drive one). Avoid being flamboyant
Conclusively, you can enhance your value and earn as much as you want. It all depends on your willingness to pay the price.
God bless us all.
Good morning Nigeria!
Good morning Africa!