Like all entrepreneurs, women founders possess many superpowers. But unlike Superman, who stands tall with a big S on his chest, women entrepreneurs often minimize their powers, and as a result, they underestimate their value and often charge too little for their products and services. After all, if it comes so easily to us, how much can we really charge for it? I’ve learned to reframe that question. When it’s easy for us but not for others, that’s the intrinsic value that we bring. Like the superheroes that we are, we should stand tall, embrace our gifts and let them shine for everyone to see.
Why NOT Me?
When I started writing my first book, Ready, Launch, Brand: The Lean Marketing Guide for Startups, I struggled with imposter syndrome. Prior to starting my research, I’d earned an MBA, worked with dozens of startups and had developed a brand building process specifically for startups. Yet, in spite of my training and experience, I would often ask myself, who was I to write this book. What made me an expert on this topic. In other words, Why Me? After interviewing forty women across the country and throughout the world, I’m now asking, Why NOT Me? Coincidentally, it’s also the title of my new book.
On average more than 50% of women have experienced feelings of inadequacy in spite of their success. For men it’s 38%. Of the forty women I interviewed, twenty-five or roughly 63% spoke of their personal struggle with imposter syndrome. Deanna Hinsz spoke of her experience this way:
“Overcoming my lack of confidence was hard. As a result, I didn’t value my work and was literally giving it away. I thought that if I charged more, it meant that I wasn’t being “nice”. I had to make that shift to believing that I am worthy. I bring value. I deserve to charge more. We are all as good as we say we are.”
Our Biology & Imposter Syndrome
So, why is it that Imposter Syndrome affects women at a much higher rate than men? Our biology may play a role.
Author and marriage and family counselor Michael Gurian has found that “the female brain has more [nerve] connections and constantly cross-signals and takes in more, so it tends to see and feel more than the male brain.” According to medical research findings, “women’s limbic system is larger than men’s, so women are often more sensitive and able to express emotions.” It may also explain why women respond so strongly to the feelings of others.
I believe that we can still be empathic while also setting boundaries. Charging our full value is not only critical to building a sustainable business but the more we earn, the more we can help others. There’s no upside to making little to no money or to losing your business. Plus, when we give away our knowledge for free or undercharge for our services, it sets a precedent that makes it that much harder for the next woman to charge what she’s worth.
Many of the women I interviewed talked about the value of investing in a coach to help them think differently about the value of their time. Annie Meehan spoke of the changes she experienced, this way:
“I was letting myself be taken advantage of. People were always picking my brain. I hired a coach who helped me change limiting beliefs and organize my time more effectively. Now, I give 15 minutes and after that, you must book time to coach with me.”
In 2023, women earned 77 cents for every dollar earned by white men. Black women earned 64% of what white men were paid and Latinas earned 55%. Women earn less than men in more than 90% of occupations.
According to the World Bank, one in three businesses worldwide have women among their principal owners and women-owned businesses have grown 114% in the last two decades. Yet, the wage gap has changed little in twenty years.
The next time, you’re wondering what to charge, think of the wage gap and how your bottom line could help close it.
*Image by Katrina Wright for Unsplash