Double Dutch

Money, Money, Money

May 24, 2009

They had a saying at the bank I once worked for as a trainer: “If it’s about money, it ain’t funny”. Isn’t that the truth! To that I added: “Show me your bank account, and I will tell you how you lead your life.” Bankers and accountants probably know more about you than your therapist. By the way you spend your money, I can tell whether or not you lead a healthy lifestyle, if you’re a good planner, and even if you can resist instant gratification.

On blogs and networking sites, money is a recurrent theme. People want to know how much to charge; whether or not they should spend  $300 on a membership of a particular site, and if it’s OK to discount some services… the list is endless. Recently, you might have noticed that I found myself caught up in a discussion about certain websites geared toward freelancers. There’s nothing wrong with these sites. In fact, it’s a great way to connect with prospective employers and find projects that are not listed on the sites we all know so well. However, when I looked at the average bids some of our colleagues put in to get voice-over work, I was stunned. If you think doing a job for $100 is stretching it, wait until you check out sites like Odesk.com. Your jaw will drop to your knees. And that’s not a good thing if you’re in the voice-over business.

HARD TIMES

Some people are justifying this downward trend by pointing at the current recession. This is what they will tell you: we’re all suffering. We all have to tighten our belts and do more with less. The only way to still get work is to lower our fees. The economy is going down and apparently our rates have to follow suit. Frankly:  I’m not buying it! Are you?

As I was paying a stack of medical bills, I had a realization. Do our doctors lower their rates because we’re in a recession? Would a nurse take care of us at half price? Is a baker going to charge less for his loaf of bread, or would a plumber be willing to show up and take a 40% pay cut? No way. If anything, their fees increase every year to keep up with the rate of inflation.

Then why do some of us feel the need to put themselves up for grabs in the bargain basement? Remember: once you’re in there, it’s so hard to climb out. Recession or no recession, if you subscribe to the notion that you often get what you pay for, why are you selling yourself and your colleagues short? What are you afraid of?  A certain two-letter word?

THE HARDEST WORD

Top negotiator William Ury wrote a fantastic book called “The power of a positive No”. For some of us, that powerful word is one of the hardest in the language. When we’re saying “No”, we’re asserting ourselves and we’re affirming our boundaries, whether it’s in an intimate relationship or in a business relationship.

Being an independent contractor as many of us are,  means that we have to have a good sense of what we’re worth. And we have to have the guts to stand up for ourselves and each other, and say “No” when faced with a bad deal. If we don’t, people will inevitably take advantage of us. Let me rephrase that: if we don’t dare to say “No”, we are allowing others to take advantage of us. As Dr. Phil puts it so eloquently:  we teach people how to treat us.

HERE COMES THE BRIDE

Some of you might know that I’m also a non-denominational wedding officiant. I basically set my own fees. Every now and then a young engaged couple would tell me that they were on a shoestring budget, and they practically begged me to lower my rate. In the beginning -when I didn’t know any better- I fell for it big time. I wanted to be liked, and I felt sorry for the couple as I remembered the times I had to nickel and dime.

Guess what, I paid for my lack of backbone, until I had learned my lesson. First of all, these couples turned out to be the most demanding couples I had ever worked with. I’d give them a finger and they would demand the entire hand. Secondly, their weddings were the most lavish events I’d ever been invited to. Apparently, other vendors had not fallen for their story of woe. These days I encourage my couples to price officiants out. I also tell them that low fees are often a red flag. It either means that the vendor is just starting out, or that he’s simply not very good at what he does. Don’t expect a gourmet meal at a fast-food price. As soon as I decided to charge a fair fee, people started taking me seriously. Sure, I lost a few weddings, but my limited time on earth is too valuable to deal with Bridezillas.

MAKING MILLIONS

William Ury recalls a breakfast he once had with Warren Buffet, one of the most successful investors ever. Ury writes: “He confided in me that the secret to creating his fortune lay in his ability to say No. “I sit there all day and look at investment proposals. I say No, No, No, No, No, No -until I see one that is exactly what I am looking for. And then I say Yes. All I have to do is say Yes a few times in my life and I’ve made my fortune.”

So, let’s learn from Buffet and promise each other to teach our clients how to treat us. Say “No” to rates that insult your unique talent, your professionalism, intelligence and experience. Economists tell us that the only way to get out of this recession is to start spending again. If anything, we should start making more, not less. You can bank on that!

Cyberspatially yours,

Paul Strikwerda

Entry Filed under: Articles. Tags: Double Dutch, money, Paul Strikwerda, voice-over, voice-over rates, voiceover.