As a seasoned sales executive and business owner, I have spent years accumulating the knowledge that resides between my two ears. There have been numerous leadership, sales, and marketing courses I have completed, conferences and seminars I have attended (and paid for out of my own pocket), countless trials and tribulations I have worked through and more. Knowledge has immense value and it is not fair for people to expect you to give it away for nothing. It’s for that reason that the intellectual property stored in my cranium is frankly folks, not free.
We live in a world of free information available 24/7 through the Internet and other sources. However, people today often expect that if they are unable to find what they want through the ‘free’ sources that professionals should give away their knowledge and expertise simply because the ‘free’ stuff was not cutting it for them. Here is a newsflash – even your family and friends need to understand there are boundaries. You too have a mortgage and bills to pay, employees and office overhead to take care of, children to put through university, etc.
Yet repeatedly, the comment I hear from entrepreneurs is, “Jane, how am I ever going to do business if people do not know what I do?” Here are five tips to help you to set professional boundaries, whether you are new to business or have been at it for years.
1. Know your value
People are coming to you for a reason because they believe you are their chance to find a solution to a problem they have. Therefore, what you know is valuable so charge for it.
2. Determine your fee schedule
Make sure you have your fee schedule worked out and with you or memorized ahead of time, so when the conversation turns to, “can I pick your brain for a minute”, you can give them a quote for what it is going to cost them.
3. Determine if lunch/coffee invitations are non-business before accepting
If someone turns the conversation from casual to business while you are together, quickly and politely, tell him or her you are off the clock. Inform them that if they would like to talk business you would be happy to set up an appointment and let them know up front what your fee is to meet.
4. Refer them to your ‘free resources’
If you really want to give them something then refer them to information you have already published such as a blog, videos, or other published articles where you have already freely dispensed advice. Explain that those are the only free information sources you offer and anything beyond what is already available comes with a cost.
5. Stand your ground
As hard as it might be sometimes to say no, you cannot back down. If you do, people will quickly learn how far you will bend if they push you hard enough. Set your boundaries and above all else guard your brain and treasure the information you have in it. Once you compromise, you devalue yourself and your expertise and there is no going back.
Many people I coach are afraid of drawing boundaries for fear of upsetting a friendship or potentially losing a new opportunity or client. I can assure you that if they walk away because you will not let them pick your brain for a minute or bounce an idea off you, then it is not somebody you want to work with anyway. Regardless of what they may want from you, they will never be prepared to pay for it.
You are the one who needs to know your own worth and to determine how much you might be willing to give away. As a business owner, you must guard your worth, understand your knowledge has value and do not allow yourself to be taken advantage of.
I would love to hear if you have any suggestions to add this list. Please feel free to post them in the comments section below.
To Your Success!