This Year, Start Charging What You're Worth

Most independent businesspeople price themselves too low or too high, and as a result, lose contracts. For years, I priced my services so low that I actually lost money whenever I worked. The strategy I eventually adopted, that has worked well for me, is to price a little bit above average - but offer far more in terms of value-added extra service. This year, dig deep inside to produce a list of everything you're capable of - and ask others for their honest opinion. Then, broadcast your worth to the world. To inspire you, here's the story of a small man who charged a big price for only a second of his time. But to his client, it was all worth it.

He stood four feet tall with a humped back, was friends with Albert Einstein, and rode a bicycle to work wearing a suit and top hat.

Charles Steinmetz, virtually unknown today, was a German mathematician and engineer in the late 1890s and early 1900s, whose calculations and experiments allowed electricity to become safer, stable and more widely used. Without the work of Steinmetz, we might all still be in the dark.

He was a genius, not only when it came to electricity, but career growth as well - knowing how to set his own worth. His philosophy is presented here, so that we too, can take a quantum leap in our careers - receiving both compensation and recognition, commensurate with our true value.?

"The American people are willing to listen to anyone who has attained prominence. The main fact is that we've heard a man's name a great many times; that makes us ready to accept whatever he says. We listen to the one who talks the most and loudest."

It was true in the days of Steinmetz and true today. The loudest person in the boardroom often gets attention, accolades and promotion. But what about your expertise? Your experience? Your dedication, focus, service mentality and high standards? The key, as Steinmetz discovered, is to make it known - clearly, succinctly and yes, shamelessly - what you're capable of.????

"There are no foolish questions, and nobody becomes a fool until they stop asking questions."

Questions lead to greater knowledge and understanding. They, in turn, lead to greater expertise, which translates to better income. Our worth in the open market is in direct proportion to our willingness to be curious, ask questions and dig deeper. Asking is far from "foolish." It's the smartest thing you can do.?

"Money is a stupid measure of achievement, but unfortunately it is the only universal measure we have."

Job seekers and business owners wonder what money they should ask for in return for their services. Almost always they put forth a figure that is too low, risking their reputation. Low price is seen as "cheap". A higher price represents confidence and better service. Whatever figure is in your head, increase it. You’re worth it.

Among the people who sought Steinmetz’s expertise was none other than Henry Ford. Ford had electrical problems with a generator, hiring Steinmetz and General Electric to take a look.

Steinmetz arrived on the scene, without any tools, staring at, and listening to the generator for two days before he finally climbed up a ladder and made a chalk mark on the side of the generator. He told Ford employees to replace certain parts at the chalk mark, which fixed the generator.

Henry Ford was happy but almost fell on the floor when he got a bill for what he considered a pretty simple finding - $10,000. In a first hand account outlined in a letter to Life magazine in 1965 (and retold by the Smithsonian Magazine), Ford at first refused to pay, demanding the bill be itemized.

Steinmetz did just that. He told Ford that the chalk mark was one dollar. The other $9,999 was for knowing exactly where to put that mark.

Ford paid the bill.

Expertise. It's everything. And it's worth a lot.

Steinmetz moved to America at age 24. In his first job, he devised ways to vastly improve the efficiency and power of electrical motors.

The small company where he worked was taken over by General Electric which appointed Steinmetz the company's top consulting engineer. Nothing would be approved without his say so. (It's believed GE bought the company where Steinmetz worked simply to acquire his services).

He worked far into the night, obsessed with his calculations. In fact, Steinmetz worked around the clock, even when supposedly vacationing in a canoe.

Charles Steinmetz is seen here, working feverishly on his mathematical research, papers strewn all over his canoe. A chronic workaholic, his work and private lives were one and the same.

In 1922, Steinmetz created "man-made" lightning using 100,000 volts for an experiment which led to lightning arresters designed to protect buildings and power lines.

Among those in awe was Thomas Edison. Edison had gone deaf by the time he met Steinmetz, so Steinmetz communicated with Edison by tapping Morse code on Edison's knee. An amused Edison reciprocated as astonished reporters looked on.

Steinmetz became woefully lonely, so much so that he invited his assistant Joseph Hayden, and Hayden's wife, to come live with him. They accepted. Steinmetz even adopted Hayden as his son. Later, the Hayden’s would have children - and the entire family lived with Steinmetz.

The mathematician chose not to marry, fearing he would pass on his physical deformity if he had children.

In this rare 1921 photo taken at a tour of an RCA wireless station in New Jersey, Charles Steinmetz is seen in the middle with Albert Einstein to the left. Some have speculated that the man with the mustache behind Steinmetz is the great Nikola Tesla (who also worked on alternating current), but this has proven to be untrue.

Short in stature, Steinmetz was a giant among thinkers, creating a formula to measure and regulate alternating current - making it possible for us today to enjoy the advantages of electrical power. (Prior to Steinmetz's calculations, electricity was erratic and untamed - which caused Edison to favor direct current over A.C.).

Steinmetz's mathematical formula to control electricity was so complex, it took volumes of books for him to explain it.

As smart as he was, he also had a playful side. Before the Wright Brothers, Steinmetz created a "flying machine" in 1894 but it didn't actually fly. So - as a photography buff, Steinmetz manipulated photos of his machine to show it flying. He was, perhaps, the first person to "photoshop" an image.

Here is Steinmetz's trick photo, showing his flying machine in the air. His invention never actually took off.

As he grew older, Charles Steinmetz became annoyed that he wouldn't be around to witness what would become an explosion in science and technology.

The year was 1923 when he took a trip to see the Grand Canyon, a journey which exhausted the 58 year old. When back home, his adopted grandson brought him breakfast on a tray. But Steinmetz lay motionless, a physics book by his side.

The tiny man who enabled electricity to light the world - passed away in his sleep.

Today, the legacy of Charles Steinmetz is a reminder that we all have something to offer.

Set your worth.

Charles Steinmetz lived and worked in Schenectady, New York where he was known as "the Wizard of Schenectady." He suffered from hip dysplasia and dwarfism, as did his father and grandfather before him. It's not known why he left Europe for the United States, but life with his father and stepmother was said to be tense and unhappy.?Charles Steinmetz knew in his heart, what he was worth.

Copyright ? 2021 Cory Galbraith | All rights reserved.