Ep 61 – Get Out Of Your Own Way To Earn Well As A Coach

This episode is an add on to the Money Mastery series because, while I’ve been getting a lot of praise for these episodes, I hear and can feel the fear out there holding you back from putting these things into action.

A listener, Jil, said:

“I would have never considered odd number pricing. Great tips! You continue to challenge my mind’s instinct to want to charge lowers prices than I should. It does freak me out though.”

And that’s why I’m doing this episode today because Jil isn’t the only one feeling freaked out about pricing enough to earn well.

You took a huge leap not long ago … deciding to invest significant money and time into learning how to coach.

Your dream of having your own coaching business doing something you love has driven you forward so far.

But now, it’s time to prove to yourself that you can make a real business out of this. You can earn well, replace the income of the job you so want to leave.

Get Out of the Pricing Low Zone

You’re reading a lot, listening to this podcast. Doing a lot of brave things behind the scenes.

And when potential clients present themselves to you, you do enroll them … at some low price you’ve pulled out of nowhere.

No matter how you justify it, some part of you knows just then that you’ve let yourself down a bit. You know that the real reason for charging those low fees is that you don’t yet believe in your value as a coach.

Oh I’ve been there! It’s an icky feeling.

And that icky feeling can negatively affect your relationship with your client. In fact, there’s some part of you feeling resentful when you work with that person even though it’s buried in shadow.

But it feels so much safer to stay in the LOW ZONE.

You’ve convinced yourself (at a high cost) that it’s best to own your newness to this role of coach and business owner instead of owning all that brought you to this moment.

And there is so much life and work experience, wisdom, training that has brought you to this moment.

Own Your Value As A Coach Now

You know when other types of new companies open their doors they too invest heavily in their start up with faith in their dream. But they didn’t start by pricing themselves so low that they couldn’t recoup their start up costs rapidly. They know they can’t because they must recoup the startup costs rapidly.

I guarantee you that there are coaches out there starting with pricing in the HIGH ZONE of pricing.

They take ownership of all they brought to the table and believe in themselves. That energy flows out to their potential clients so that YES is a foregone conclusion.

And within a few months those coaches have paid themselves back for the start up costs of their business. They are now moving into the PROFIT ZONE.

It’s time to value your background experience, your passion and sweat equity, the significant investment of time and money you’ve put into this and …

Pay Back Your Investment in Coaching Quickly

Do you want to take 5 years to do that? Of course not.

Think about it. Do the math. At the prices you’re charging how long would it take you to pay yourself back?

So far in the Money Mastery series I’ve walked you through the mindsets and practical actions you can take right now to earn well as a coach. It’s worth listening to them all consecutively.

  • Episode 53 is about How To Get Prosperity Thinking Working For Your Coaching Business
  • Episode 54 is about how to Awaken Your Money Mojo
  • Episode 55
  • Episode 56 is about Are You Turning Away Coaching Clients With Your Pricing?
  • Episode 57 is the mechanics and mindset behind Give Yourself a Raise
  • Episode 58 is simple ways to Plan for Profit in Your Coaching Business
  • Episode 59 and Episode 60 are How To Develop and Price Your Signature Coaching Program

Now, I know that you want to put all of this into action in your coaching business.

But there’s this HUGE mental block.

You wonder, “Why would anyone pay for my high ticket program?”

No one will if YOU don’t get behind it in both belief and practice.

Is there really a huge mental block or is the story you tell yourself?

In reality, what feels like a thick ten foot tall wall that’s blocking you is really more like tissue paper. And it takes a small act of will to push through it.

Suspend Your Disbelief About Your Coaching Value

You’ve done this all of your life – each time you did something new.

  • As a baby you learned to crawl, stand and walk because you didn’t have an inner critic yet to create limitation stories.
  • In school you were asked to use your mind to create from nothing but vague direction over and over again.
  • As an adult you’ve taken the plunge into risky experiences, long term relationships, jobs, buying a car or home on credit – suspending disbelief that you could handle the responsibility.

Every time that you accomplished the next thing in your life, no matter how large or small, you’ve automatically suspended disbelief that you could do it and then not looked back.

In fact, you quickly forgot your fear and the sheer will it took to cross the threshold and kept crossing that threshold faithfully.

This pricing thing is no different. Poke through that old tissue paper and don’t look back. You’ve got this!

In the Next Episode: Coach, Are You Focusing On the Right Things?

Ep 60 – How To Price Your Signature Coaching Program

This episode is part of my Money Mastery series. It’s the follow on episode to How to Develop Your Signature Coaching Program. Consider listening to that first before this episode if you haven’t already.

Common Pricing Strategies and What Works Best for Coaching

I can think of 3 common pricing strategies for pricing:

  • Cost plus pricing – where you calculate your costs then mark up the program so it pays you well.
  • Competitive pricing – where you set your price based on your competition.
  • Value based pricing – where you set your price based on the value of your offer to the client.

I do encourage you to the do the math of what it will cost you to deliver your program. Most coaches miss this piece. And it’s quite eye opening to realize the cost of the time you spend getting a single client in addition to specific costs of marketing and inclusions in the program.

That said, to ultimately determine the cost of your program I prefer VALUE based pricing.

Here’s the reality, if you narrow to serve a viable audience and create a unique program based on market research, then your program probably doesn’t exist out there so competitive pricing or so called “market value” isn’t a useful guideline.

Also, few if any of your prospects are ever going to do cost comparisons, especially if you don’t sell coaching but rather offer a unique program.

Purchasing a program such as I suggest you create is an emotional decision.

They will hear or see your message. Their trust in you builds because you’ve struck a resonant chord with all that you’re doing.

Then, they go to your website, which is hopefully already designed as a client winning coaching website not an online brochure. On that website are beautifully streamlined words and conversion processes that gently encourage visitors to have a Discovery Session with you.

All of this is thoughtfully coordinated and strategized but in a non-salesy way to build trust with potential clients rather than trying to convince them about the value of coaching.

They hire you because they like you and trust you. You’ve been in front of them with valuable content and your website reinforces that. Then, in the Discovery Session you lovingly assess if they are a good fit for your program and enroll them.

You don’t want to sell people – to have to convince them to hire you. It’s unsavory. It makes you feel skeevy.

But if you have a signature program that you have thoughtfully crafted to fit their circumstances, their pain and desires then no hard sell is necessary. You do need to ask them to enroll though. ; )

The Mystery of Odd Numbered Pricing

You’ve no doubt seen that a lot of people use odd numbered pricing where prices end with 5, 7, or 9. For example, a long-term high value program might be priced at $5,975 for a 5-month program or an online training might be priced at $697.

Early on in my coaching business I eschewed that whole odd number practice and priced evenly. $5,000 instead of $4,975. $500 instead of $497.

And I struggled to enroll clients. I’m not saying there may not have been other factors involved.

And then, I looked around at the people I admired that offered mentoring, coaching and training. I noticed they were all using odd numbered pricing. I switched and immediately saw a difference in my revenues.

Weird? Yes. But we as human beings have been trained all our lives on odd numbered pricing and it’s ingrained. There’s an emotional response to it even if it’s not logical.

That said, if you have an issue with it, do your own testing.

Encourage Single Payment Investment

With your Signature Program, encourage or incentivize a single payment investment by creating significant savings over a payment plan.

For example, if your 4 month program is $3,995 for a single payment. Make the payment plan total roughly 25% higher. So, 4 payments of $1,249 paid at the beginning of each month — which adds to $4,996 — is over $1,000 more than the single payment.

Incentivizing a single payment helps both you and your clients in these ways:

  • They invest once rather than continually making payments, which is an irritant.
  • They are not focused on the financial investment but rather fully focusing their energy on transformation.
  • Also, bundled programs like I’m suggesting don’t deliver value in even amounts month to month.

My own 5-month Coaching Business Breakthrough program is front loaded with value. The first 2 – 3 months, depending on the pace of my client, are where I’ll deliver the most support and assistance to create everything for their coaching business. The last two months are less labor intensive because we’ve completed the bigger milestones.

It’s a risk for you if someone pays monthly and drops out in the early months.

In the last 17 years, 90% of my clients have paid the single payment up front for my signature program. I’ve noticed that those who opted for the payment plan often became difficult clients because they were not as committed to their own success.

I think that’s because they weren’t fully invested up front. They had one foot out from the start. A part of them didn’t believe in themselves up front. And a part them wasn’t fully ready to have a business yet.

In the last 5 years none of my clients has opted for the payment plan.

When people want something enough

they find a way to make it happen.

And just that mindset and action empowers them significantly!

Should You Have Tiered Pricing?

One last thing about pricing … some people advocate having tiered pricing.

I say no. You’ll do better if you direct clients to your Signature Program and stand behind it.

  • First, a confused mind never buys. The more offers you have that you’re marketing at one time, the less likely someone will enroll.
  • Also, remember … don’t sell coaching. It’s a hard sell.
  • Do coaching with paying clients who have enrolled into a program they know they want.
  • And, the more people you sell into your signature program the more you earn doing exactly what you love.

If you want to create lower priced programs than your Signature Program, consider making them altogether different. For example, offer an online program about a different thing your target audience wants help with. It’s not only different in focus but also different in format.

Sell it as a down sell only after someone firmly turns down your Signature Program. That way you don’t set up competition for the program you most want to deliver.

But consider, that you don’t really need to have other offers besides a free downloadable offer so you can build rapport and stay in touch with your network unless you’re prepared to create a separate way to attract potential clients to that offer.

This and the episode before it were an episode loaded with tips. Consider listening to them again and please share it with fellow coaches. So many struggle with this piece.

Also, if you want help to create your entire business foundation with everything I’ve talked about in these episodes, go to prosperouscoach.com/VIP and tell me about you.

We’ll have a conversation about what you want and what’s been in the way to see if you’re ready for a coaching business breakthrough.

In the Next Episode: Get Out Of Your Own Way To Earn More As A Coach

Ep 59 – How To Develop Your Signature Coaching Program

This episode is part of my Money Mastery series. The series has been getting great response from listeners.

About episode 58 —planning for profit in your coaching business — Roger said he had several takeaways:

  • Having a real understanding of the stages of business.
  • The idea to set an expense budget.
  • “The big one is that I realize I was relying on my part time paid employment to support my coaching business as more of a hobby. So I have a shift now into thinking of it as more of a business and your great tip of taking a salary from my coaching business to pay bills will be fantastic.”

Thanks for sharing that, Roger!

Today’s episode is about a better way to package a coaching program and earn more than by the session or group of sessions.

First, let’s talk about schools of thought. There are schools of thought about everything.

If you’re still in coach training some trainers may insist that coaching should not be programmed. In other words, you shouldn’t create an offer other than coaching sessions because it means that you take away the coach’s agenda.

If you’ve been listening to me for a while you know I believe that you can both serve a client’s agenda AND offer a specific program for a specific audience that solves their biggest problem and gets them where they want to go.

After 22 years of experience in my own coaching business and helping hundreds of coaches reach financial success in their businesses in my private VIP program, I know that selling coaching by the session only may keep you at poverty income levels.

So what is a better way that helps you earn well as a coach? I’ve been leading to this in the previous episodes so I hope you’ll listen to those too.

Create a Customized VIP Program

This is what I help all my clients create.

It helps the coach feel confident they have something of value to offer. They learn to articulate what they do in meaningful terms and without the agony of trying to convince people to buy coaching.

Of course, like all successful aspects of a coaching business, creating this program has critical steps that go before.

  1. It begins by targeting a viable audience – one that’s full of seekers – people who do invest in their professional and personal growth.
  2. Next you uncover their biggest known problems and the ultimate outcome they want to achieve. That becomes your coaching niche.
  3. Then, you put together a signature program tailor made to that audience. Your program has a clear set of milestones that you’ll help your clients achieve on the way to that ultimate desired outcome.
  4. Then, you learn how to articulate that to prospects in a way that’s benefit rich, supplying them with assurance of both tangible or concrete and intangible or emotional things they’d like to achieve with your help. That there is a structure in your program helps them to trust you and feel inspired to invest.
  5. Lastly, you need a strategy to attract clients, build trust and rapport, then gently send them through a conversion process, sometimes called a funnel, so they are motivated to have a Discovery Session with you, where you’ll enroll them.

Getting all of this done isn’t easy by yourself.

It helps to have a guide like me help you with all the steps no matter how big or small.

Examples of VIP Coaching Programs

For example, let’s say you’re a relationship coach helping people to find their soul mate. Your program might include the following milestones – takeaways you’ll help your clients achieve:

  • Identifying personal values and partnership values. What are their must haves and deal breakers in their life partnership?
  • Getting ready for a partner. What are their strengths but also habits and behaviors in need of adjustment? What are their limiting beliefs about relationships? You might even have something like a life makeover in your program.
  • Setting first date goals. Helping them set personal boundaries and show up with confidence.
  • Discovering the best places to meet people and connect.

There’s a clear arc to the program and plenty of opportunity for the client to bring the agenda to sessions. This structure is more about helping prospects feel confident to work with you.

Or, let’s say you’re a leadership coach and target HR leaders to gain greater impact in their role – something you’ve discovered from market research that’s a top goal of HR leaders. Your program’s milestones might include:

  1. Creating a vision for the impact they wish to make.
  2. Identifying what’s been in the way.
  3. Uncovering their professional strengths and learning how to leverage them.
  4. Identifying skills and behaviors that need attention and areas to stretch.
  5. Develop good habits to strengthen their resilience, mindset and competencies.
  6. Building their rapport, identifying sponsors and other relationships that would help their star rise.
  7. Helping them develop a thicker skin and become bolder in meetings.

You can see that the focus in these descriptions is not about you and your skills as the coach. It’s about the target audience and what they want. But at the same time these kinds of milestones are what all coaches can help their clients achieve.

Either of these programs could be a 4 – 6 months or longer.

Bundle Significant Value Into The Program

So far in your coaching business you might be simply trying to convince a client to hook on … to want coaching and be willing to invest in a certain number of sessions up front.

It’s painful. And it’s without context especially if you haven’t narrowed to a viable audience, done market research and discovered what your audience wants so much they’d be willing to invest in your help to get it.

Programming your coaching into a VIP program creates a context for why a person would want to invest at a high level in their future success. And, you can develop this program without even using the word “coaching”. That’s your toolbox not an outcome they know they want.

Identify What They’ll Get In Your Coaching Program

The next step for creating your program is to identify the features. What do they get when they invest in the program? Consider bundling some of these things into your program:

  • A certain number of private sessions, say 10 – 18 sessions depending on length of your program, your preferences, and what it takes to achieve the goals
  • A certain number of group sessions or access to a closed Facebook group for community support
  • Annual retreats
  • Half or full VIP day where they fly out to work with you face to face on some aspect
  • Unlimited emails to you
  • Session recaps
  • Pre-created guides, forms or assessments to ease a process.

These things still involve coaching and coaching skills. But they add excitement to a program and help justify the fees to enroll.

In the Next Episode: How to Price Your Signature Coaching Program

Ep 58 – Start Planning For Profit In Your Coaching Business

This episode is part of my Money Mastery series.

I’m about to suggest a new mindset and practice that will help you take a big leap in the amount of money you earn from your coaching business — even if you’re a brand new coach.

It’s all about taking yourself seriously as a business owner and graduating from that hobby-like coaching business to what’s called a going concern – a sustainable business that reliably provides for you and your family.

There are two parts to this episode. In the first I’ll explain the 3 phases of coaching business development. You’ll see why soon. 

The second part is about planning. Are you wincing at that? Planning to earn could actually mean that you do earn and earn well.

I’m purposefully keeping this part very basic so if you’ve been a CFO in a corporation or a CPA or this is your 2nd entrepreneurial experience, you may not need this episode.

But if you’re a new coach longing to earn well in your first business then what I’m sharing may shift something inside you that needs shifting.

So first …

3 Phases of Coaching Business Development

The Startup Phase

This is what I help new coaches to do right from the get go. In the phase you create your business foundation:

I’m taking a stab at a metaphor to hopefully will help you understand the importance of each of these phases. let’s pretend your desire to have a coaching business is an apple tree seed. For good measure, you put several of these vision seeds into healthy soil, give them water, warmth and light. Soon, little sprouts come up.

You leave the strongest seedlings to grow and sacrifice the rest. That’s when you nail down your niche and audience. The goal is to have one little tree to focus you love and attention.

The Establish Phase

This is where your business begins to feel real. You will:

  • Consistently put out good content targeted to your audience
  • Develop your reputation
  • Build your leads list and followers on social media
  • Master enrolling clients
  • Earn enough to quit your job
  • Grow your website SEO
  • Find spheres of influence or colleagues who can help your star rise
  • Establish the ideal rhythm and flow of your business
  • ·Fine tune your business to maximize profits and work smarter

Back to the metaphor … your little tree has set down strong roots and delivers its first harvest.

The Maintain or Scale Phase

You’ve made it!

  • You’ve found your sweet spot. Now maintain it. Enjoy it.
  • Or, if you’re hungry to do more, expand into new programs, products or markets. 

This is where your apple tree becomes a reliable producer. It not only feeds your family, but also can grow into a whole orchard if you want.

So why did I tell you about these phases?

Partly so you know that reaching that desired place of the sweet spot requires successful completion of the stages before it. 

If you’re listening to this podcast you’re likely in that Start Up phase. You may have just finished coach training and are beginning to develop your business model. You may have done bits of that and think you should be earning well.

The Start Up phase is the most important phase. Because, without a solid foundation, nothing will grow. 

Coaches often ask me how long it will take before they are established and earning well as a coach. And I say it depends on you. How quickly you can successfully start up and take your business seriously.

Why the Market Isn’t Saturated with Coaches

Every month there’s a continuous flood of new coaches graduating from coach training and beginning the Start Up Phase.

Many coaches never complete that phase either because they intentionally move on to something else or their business doesn’t take root. Strong roots are the critical part for sustained growth. 

And that’s why the field of coaching isn’t saturated with sustainable coaching businesses and may never be.

It may seem shocking or sad to say this, but this is a natural thing. Lots of people stream into entrepreneurial businesses of all types but don’t stay in them. The need to graduate from one phase of business to another is what levels the playing field.

Entering into an entrepreneurial business is a hero’s journey no matter what the outcome. There’s value to the journey even if it ends by getting off the path and onto another.

The reality is that everyone hits some roadblocks in each phase of business development that could lead to closing up shop.

The trick is not to give up on yourself or your business. Listen to episode 49 if you haven’t already – The Only Good Reason to Give Up On Your Coaching Business

It’s about developing the patience and other skills to allow your coaching business to blossom.

So now, with the phases as background, let’s move onto the second part of this episode, which is Revenue and Profit planning 101 …

If you have your foundation set, help yourself move from Start Up Phase into Establish Phase by: 

1.     Creating an expense budget. Adjust it as needed to improve profits.

2.     Setting revenue and profit goals quarterly.

3.     Tracking and reviewing your business financials monthly or quarterly.

4.     Making improvements and set better goals every year.

Now, I can hear you groaning. Maybe you’d rather do cold calls than set financial goals and track them.

But I’ll tell you, there’s solid proof that stepping into the CFO role of your business dramatically increases how much money you’re able to provide for your family from your coaching business.

If you set revenue goals, you’ll earn more than if you do not set goals.

If you set profit goals, you’ll have more money earn year for the things you care about.

I remember setting my first money goals in my coaching business. When I didn’t reach them I got bogged down in shame and a sense of failure. But then I learned the trick to financial goals. Hold them lightly as potential milestones but take them seriously in terms of action to earn.

Think Profit Not Just Revenue

A quick distinction between revenue and profits … 

Revenue is the money you’re paid for your services and products. (So if you have 10 clients and they each pay you $10,000 for a yearlong program, that’s $100,000 in revenue.)

Profit is the money you keep after business expenses, costs and taxes are subtracted from revenue. (So if you pay 20% in taxes and spend $2000 to attract each of those 10 clients that leaves you with $60,000 in profit. That’s not a bad profit but perhaps you could do better.)

So, if you want to end your year with $100,000 profit, aim to make $140,000 in revenues at least. Then do the things day-to-day, week-to-week, month-to-month to make that happen.

The Beauty of Hustle

Have you set revenue and profit goals for your business? If you haven’t, you’re in good company.

Here’s the truth of it … Most new coaches simply wake up every day and do what they feel like doing in their business instead of what will really help them shift to The Establish Phase. They hope it will result in enough clients and income each year.

That mindset and habit is for a hobby business but not a going concern – a business that provides well for you and your family.

To step fully into the business owner role and earn more, plan your revenue and profits. Then plan exactly how you’ll earn and work your plan.

That’s called hustle.

What would motivate you to generate that kind of hustle where you’re serious about earning?

If you already have a job or if your income from your coaching business isn’t really needed to pay the bills, it’s harder to summon the hustle to really make things happen and get to that Establish Phase and then the Maintain or Scale Phase.

How will you generate enough hustle to earn well as a coach?

To start, create a need for the money you’ll earn then pay yourself a salary out of your earnings to cover that need.

For example, commit to yourself that you’ll pay your mortgage or rent each month from your coaching business income. Move the money from your business checking to your personal checking and call that a salary.

Over time, add in more bills or perhaps X number of dollars to go into a college or vacation fund each month.

Be sure it’s a monthly amount that you have to make. That will help you get into a rhythm.

You’ll need to keep enough money in your business account to cover your expenses. And this will help you see the real financial value of your business.

You may realize that you’ve got too many monthly expenses, too many apps and services you’re paying for that are reducing your profit.

It’s good to realize that sometimes when other coaches or business owners brag about their revenue that the money spent (or expenses) to reach those revenues is a high proportion of the money they’ve made. In other words, their revenues may be high but so are expenses. That means profits are low.

You’ve heard me praise the value of a simple business model for coaches. Listen to episode 5 if you haven’t heard it yet. 

Sometimes, it’s better to keep a low overhead and simpler business model than to buy into that idea of passive revenue or scaling up, which can result in low profits and a massive amount of work.

I’ve shared my personal story about this. I scaled up my business in 2006 and earned multiple six figures over the next few year but profits were low because of all the apps and assistance I needed in order to sell my online training programs, group and retreat programs.

If I did those things now, I’d be wiser about the way I did it, no doubt.

Still, not everyone needs an empire to have an enjoyable coaching business that earns well. And no matter what it’s best to start with a simple model and then grow into those more complex and involved ways of earning later.

In the Next Episode: How to Develop Your Signature Coaching Program

Ep 57 – Coach, Is It Time To Give Yourself a Raise?

This episode is the 5th in the series called Money Mastery. 

The last episode called Are You Turning Away Coaching Clients with Your Pricing explained a more strategic approach to pricing than charging by the session or a package of sessions. I highly recommend that you listen to that.

In this episode, I’ll focus in on the mindset and simple mechanics of how to give yourself a raise, no matter what approach you’re using to charge right now.

Shift Your Money Mindset

If you’re a new coach chances are you’re not thrilled with your income yet. And there may be conflicting ideas in your head about taking money for coaching.

First there’s the idea “Well, I’m a new coach so I shouldn’t charge much.”

But totally at odds with that is the desire “I want to be financially successful at this.”

And then, there’s this other idea that can come with the helping professions “Money isn’t that important to me.”

It’s like mental whiplash.

So first … compassion. I feel ya, because as a new coach I was thinking those same things. One of the coaches in my Facebook group — Prosperous Coach Club —said it so clearly:

“As someone new to the field you desire to earn a good wage but setting fees is like the taboo topic. It is uncomfortable. You feel your skill set and knowledge is worth it but fear your lack of experience being newly in the field doesn’t warrant it.”

Exactly. Thank you for that Jenny.

Most new coaches charge fees that will keep them earning below the poverty level. The strange thing is that if you applied for a job you’d never say ‘yes’ to the rates you’re paying yourself!

You deserve to earn more. Period. And deciding to own your worth is all you need to do. 

Rather than thinking that you should charge as a newbie, own your life and work experience. Charge to sustain yourself.

Be a good boss and pay yourself well. Everyone wins. You, your family, your clients – everyone!

Let’s take a more pragmatic and dispassionate look at this.

Do the Math

Think from the get go like a business owner and do the math.

What I mean by doing the math is to actually figure out what you want to earn and then play with the number of clients and fees per client you’ll need to earn that much.

Now to demonstrate this I’m going to keep things simple. In the last episode I suggested there’s a much better way to price than by the session or a package of sessions.  And I stand by that. But to make doing the math easier to understand I’m going to talk about pricing by the single session.

Let’s say you want to earn $100,000 annually and you’re charging $100 per one-hour session. 

To earn $100K, you’ll need to have 1000 paid client hours each year.

Let’s take this a step further and divide 1000 paid client hours by 50 weeks. That’s assuming you’ll take 2 weeks off each year and work the other 50. 1000 divided by 50 = 20. 

You’ll need 20 active clients paying $100 for their weekly session.

Does have 20 paying clients each week sound doable?

When I first started as a coach, I would have said ‘yes’. I had the illusion that enrolling coaching clients would be easy. Every one wants a coach, right?

But 20 years in I now know that it takes a lot of marketing and enrolling to have 20 clients. And serving 20 clients per week is a big client load! 

The largest number of 1:1 clients I’ve worked with is 15 and I found that to be far too many clients for me. I’m more comfortable with 10 one-to-one clients at time.

Consider how much work it would be to find, enroll and maintain 20 active clients every week.

Sure, you might leap to the idea of doing group coaching or having an online membership program, and you could do that eventually. 

The reality is filling those groups and building that membership program is a big endeavor fraught with challenges. It’s something that fits better later on once you have a leads list and know better what you’re doing.

As a new coach, to keep your overhead and labor low consider offering only 1:1 coaching for a while. Build up your leads list and your reputation. Later, you can try group programs.

I talk about this in my episode called The Simplest Coaching Business Model.

Now let’s give you a raise to make it easier to earn 6 figures.

Let’s say that you decide to increase your fees to $500 per session but still aim for $100,000 annually. You deserve that raise. Make your life easier.

At that rate you only need 200 paid client hours per year. Divide that by 50 weeks. 

You need only 4 one-to-one paying clients each week. 

Now, that’s more enjoyable and sustainable than 20 each week.

Decide To Raise Your Coaching Fees

But you might be thinking, well, Rhonda, how can I charge $500 for one session? Who would pay for that?

You’d be surprised. I’ve seen a lot of coaches charge much more than that.

But know this … they have put a lot of strategy behind their pricing. It starts with:

These are all the things I teach new coaches how to do.

It’s not just about throwing up a website selling life coaching or some other type of coaching and enrolling people by the session.

This doing the math exercise was simply to illustrate how to think about paid client hours and how as you price higher you make earning well a more realistic scenario.

I suggest that you do not charge by the session at all. If you haven’t heard my last episode, go back and listen to understand this. It’s at prosperouscoach.com/56

In any case, you can’t begin to earn well until you charge more.

Decide to give yourself a raise.

Two years into full time coaching, I distinctly remember feeling so frustrated with my income. I couldn’t figure out how to break through the blocks I had about it.

And then I had a mental break through. How did I do that?

One day I simply decided to raise my fees. In fact, I challenged myself to raise my fees by 25% with each new client I enrolled.

And that’s what I challenge you to do now. With each new client you enroll, increase your fees by 25% or more. You’ll be amazed how you take a leap in the way you position yourself and own your value.

My preferred method for raising fees is simply to charge higher fees for new clients. 

You can also raise fees across the board with existing clients by giving them notice. Tell them that as of a specific date your fees go up to a new amount.

Increasing Your Fees Helps Your Coaching Clients Too

Sometimes we don’t consider the effect that low fees have on our prospects and clients.

As I increased my fees, my client took bigger leaps.

They were more invested both financially and emotionally in the work so they showed up more fully, put more into their actions. And because of that, they were more ideal clients for me so I enjoyed the work more.

  • As I increased my fees my confidence grew.
  • As I increased my fees I was able to be more choosey about clients and opportunities.
  • As I increased my fees I developed better marketing, enrolling and coaching skills.
  • As I increased my fees I relaxed.

And relaxing had a profound effect on every aspect of my life, especially my ability to enroll clients. I had fewer ‘no thank you’s’.

My conclusion? If you really want to do the meaningful work possible with coaching and get paid well, charge higher fees

Now everyone has their glass ceiling. I’ve hit a new one over the years and had to work with my mindset to get through it.

There came a time for me where earning more was no longer my goal. Serving more people and living my life the way I want to are the reasons I charge the way I do.

Here is my recommendation for you:

  • Don’t be about money, be about value and sustainability.
  • But, do be a smart business owner.
  • Set revenue goals.
  • Do the math to plan how you’ll achieve those. 
  • Take smart actions.
  • Keep making incremental improvements in your mindset and habits.

In the Next Episode: Start Planning for Profit In Your Coaching Business

Ep 56 – Are You Turning Away Coaching Clients with Your Pricing?

This episode is the 3rd in my Money Mastery series.

You’ll learn a powerful shift in the approach to your coaching business that will dramatically boost your earning power.

Are You Charging Fees for Coaching Sessions?

Raise your hand if you’ve ever priced your coaching by the session or by the hour.

You’re not alone in that. It’s the typical pricing strategy for new coaches. I raised my hand too.

I used to charge by the month for a certain amount of sessions. Now, that’s slightly more strategic than charging by the hour, but as pricing strategies go, it’s on the low side of effective.

Today, the only time that I charge by the session is for my Strategy Session. You’ve heard me mention this from time to time. It’s a one-off 90-minute session where you can get my expertise to help you choose a smart target audience and coaching niche.

Those are small but crucial steps for your success. Once you have your audience and niche figured out it’s like being let out of mental prison after a long stay. Sunshine. Fresh air. Freedom.

Consider giving yourself a special Christmas present that will be a turning point for you in your coaching business. Grab a Strategy Session with me.

There are two weeks left this year to invest in a Strategy Session before the price goes up in 2020.

Jil Hunsberger wrote this beautiful testimonial for her session:

I am so thankful I invested in a Strategy Session with Rhonda. I was at a standstill trying to define a viable target market and had spent way too much time and money trying to figure it out on my own with nothing to show for it. In one amazing session with Rhonda, we were able to define a unique target market that I am truly excited about. Rhonda is very good at what she does and I am excited to continue working with her to grow my business in the coming months!

Thank you, Jil. We had a lot of fun in that session!

The Coach Practitioner Approach

So why is my Strategy Session the only time I charge by the session now?

Because when I used to ask for fees for a certain amount of coaching sessions each month it kept me from earning well as a coach.

That by-the-session pricing approach is what I call The Practitioner Approach.

If you think of yourself as a practitioner of coaching then you are selling coaching and your only strategy to earn is to try to convince people to buy coaching from you.

Sound familiar?

That Practitioner Approach is the same thing that therapists do, that body workers do.

There’s a HUGE limitation to selling your services by the session or even a package of sessions.

Because you are putting a price to your time, every prospect and client is mentally calculating the value of each session against the cost.

They keep asking themselves …

do I really need any more of these sessions?

And that’s the problem with selling coaching. More about this in a minute.

Most likely you learned to price your coaching this way from your coach training school. It makes perfect sense when you’re first learning how to coach, you need to fulfill a number of hours of coaching to pass or certify.

If you have finished your coach training … I invite you to STOP that pricing practice now.

It’s time for a wholly different pricing strategy that won’t hold you back from earning well.

And it begins with key mindset shifts:

Shift to Being a Business Owner

First, stop thinking of yourself as a coach practitioner and start thinking of yourself as a business owner. Rather than running a coaching practice, run your business.

I know the whole world of business ownership can feel intimidating. But it can also be hugely empowering.

When you take ownership of your business it will raise your confidence. It puts you in the driver seat of your results.

Stop Selling Coaching

If you’ve been listening to my podcast for a while no doubt you’ve heard me suggest something that at first sounds crazy.

When you talk about coaching and sell people into a coaching program you’re pushing a big rock up a steep hill.

People don’t know that they want coaching. And some people have a negative opinion of coaching or they immediately rule it out for themselves because they think it’s like therapy and expensive.

In their minds, coaching is a nice-to-have for wealthy people instead of something they urgently want right now.

I talk about this in my most popular ever episode called Why is Coaching a Hard Sell?

Yes, you’ve been trained as a coach. Yes, coaching is highly valuable. You and I know it.

But if you’re trying to sell it you’re working very hard to earn very little.

What do I suggest instead?

  • Target a unique viable audience and find out what they want so much they’ll invest in you help to get it.
  • Then, gear your entire business around serving those clients towards that ultimate outcome.
  • Your website is no longer an online brochure about the type of coaching you do but a place your target audience feels at home with a strong conversion process to build trust and a desire to work with you.

Will you still coach your clients? Yes, because coaching is the main skill in your toolbox. But you’re no longer selling coaching – something people don’t readily buy.

And if you create a long-term private program that helps that audience reach their ultimate outcome one milestone at a time, you can charge much higher fees. And that means:

  • You need far fewer clients each year.
  • You’ll do less marketing to find and enroll them.
  • You’ll do deeper work with each client.
  • You’ll never have to try to convince people to buy coaching ever again.

Your target audience will be inspired to enroll because you’ve tailor made a program that helps them overcome specific obstacles while helping them reach their big goal.

They trust you because you’ve bothered to research what they want, what’s in the way and then put a clear pathway together to help them reach what’s been unreachable on their own.

And because they are investing in a whole program up front and it has milestones that get them where they want to go, they are not thinking about the money and calculating value. They are fully focused on the transformation.

And we all know that clients focused on their own transformation make greater leaps.

So, are you ready to make these shifts? I double dog dare you to try it. Get the word “coach” and “coaching” out of your vocabulary, off of your website. You’ll be amazed how things will change for you.

And if you need help to make these shifts in mindset and approach and get everything set up in your business to make enrolling great clients easy for you, check out my VIP Coaching Business Breakthrough program.

In the Next Episode: Coach, Is It Time to Give Yourself a Raise?

Ep 55 – Is What You Love to Coach About Marketable? ON AIR Coaching with Alexia Mellor

This episode is part of the On Air Coaching series where I coach coaches while on the air.

What follows is a transcript of our conversation.

Rhonda: I’m so excited to be talking to a young woman who has so much to offer and she’s here to talk to me about her coaching niche and target audience. I know you’re going to get great value from listening.

Welcome Alexia Mellor! Alexia, I would love it if you would tell everyone a little bit about what led you to this moment where we’re having this conversation and that can be anything about your background.

Alexia: Sounds good. Well first of all, thank you so much for having me here. It’s such an honor and a privilege to be able to share the space with you. So thank you so much Rhonda.

So I have a bit of an eclectic background I think career wise and life wise, that has taken me on lots of lovely detours that’s led to this point. But I recently finished my PhD where I was looking at the potential of participatory art practices — where you’re working with people not necessarily making objects to look at.

We actually start to deal with some really complex issues like climate change, how do we make something that seems rather abstract and really large, more accessible to the individual and create spaces for them to start to take action for themselves. And that kind of led me to this moment where I was really kind of questioning what is it that I want to be doing next.

And at the same time I have also been a practicing Tarot reader for about 15 years and I had one of those kind of dark night of the soul moments where I just kind of questioned everything that I was doing.

And a lovely friend of mine who I have done readings for about five, six years said to me, have you ever thought of being a coach? And I thought, no, and you know, I can’t do that. Like, what are you talking about? And she said, yeah, your readings are a lot more like coaching sessions in that you are helping me to think differently about the issues that I’m facing. You’re giving me practical things to do to take away and I get so much value out of having a reading with you.

And that kind of sparked a little thought like, huh, okay, maybe this is a possibility. And she actually dared me that she was going to find 10 people for me to do these readings for. I took her up on it because I didn’t think that she would find 10 people. And she did. And every single reading was just mind blowing like magic. And I thought, okay, there’s something to this.

One of the people that I did a reading for actually contacted me about working together with me and I decided I’m going to put together a program. Really the aim was to help this one individual. Initially she worked through the issues that she was facing around career stuff.

And I ended up kind of creating this model that draws upon my intuitive work, my academic background and my art practice that I call Intuitive Wayfinding, which is essentially a process that walks you through really getting in touch with the deeper whys of what it is that you want from a job and a career.

So that’s what’s led me to here. And as I am fairly new in the kind of coaching realm, I definitely realized that it is a struggle when you don’t know what your ditch is. And I came across your podcast and binge listened and got so much value out of it that I thought I would love to have a conversation.

Bringing Your Skills and Background Together into Your Coaching Business

Rhonda: What a wonderful journey has brought you here. I, you have said so many things I just wanted to touch on. Thank you, Alexia.

First of all, thanks so much for binge listening to my podcast. I love that. I hear that so much and you can’t imagine how it just makes my day. So thank you so much. 

Alexia: Thank you for great content. I mean it’s really super helpful. 

Rhonda: Yeah, you are so welcome. My pleasure.

And I also just love that moment when a friend of ours, someone we care about who knows us well, clues us into our next step. That’s such a beautiful moment. 

And I love the way that you’re bringing together so many parts of your background, your skills and talents and passion into something that you really want to do.

Alexia: Being an artist, a freelance artist, is very entrepreneurial, but this is moving into a different space where before I might’ve been commissioned to do something and now it’s like, well, I get to be completely in charge of this. What do I want it to look like?

Rhonda: Yeah. That’s the way to approach it too, to come up with a vision that’s really going to fit for you and then start figuring out “the how” after that.

Let’s pause for a second and tell everybody what Tarot is …

Alexia: Definitely. It is a set of cards that follows a system really that is designed to help you connect to your intuition. So I should say that I don’t use the cards to fortune tell or anything like that. It’s a vehicle that actually works really well with my experience as an artist where the cards are, have all of these different images that are essentially telling the hero’s journey, our, our own journey through life. And they allow for a kind of openness and an introspection that I find incredibly useful for helping somebody to kind of delve deeper into what is underlying some of the questions that they’re asking.

Rhonda: Well said. I would also say that it can be like a touchstone or, or a touch point. Something to start the conversation rolling. And I can imagine how it would be really valuable in coaching and the coaching would be really valuable for Tarot.

Alexia: Absolutely. It’s a nice marriage.

Honing In On the Target Audience

Rhonda: It is a nice marriage. And now tell us a little bit more about what else you’re thinking about because you and I have shared a couple of emails when you decided that you were interested in On Air Coaching. You went and filled out a form on my website and gave me a lot of wonderful information. And what are the things you told me is this idea you have for a target audience and how you want to help those people?

Alexia: Well, what, what does kind of come up for me is I have, and it’s probably helpful to say that after this first beta clients that I worked with and she had such an amazing experience, I decided that I obviously needed to test it out to see was it just a fluke? And to get a little bit of validation.

So I ended up working with three other women who, again, in this kind of serendipitous way found me, came across what I was doing in a variety of different ways, including I met somebody on a plane, which was fantastic, and I this, the sessions all worked really well with all of them.

But I started looking at what were the common elements that they had. What did I enjoy most about working with these women and what might I want to be looking for in terms of an ideal client to kind of target audience.

And I wasn’t really able to identify specifics in terms of a particular industry that they worked in or they were around about the same age, but there’s still about a 10 year difference between them. So it wasn’t necessarily a generational thing, but what started to come up was that these women were really unhappy in the particular positions that they were in.

And one of the big reasons they were unhappy is because they weren’t making the impact that they thought they would be able to make and that they would like to make.

And that really chimed in well for me with my interests, going back to my doctoral research around how do we start to tackle some of these big problems that we’re facing in the world?

How do we see ourselves as all part of the solution for it? So that kind of got me thinking about, particularly in the conversations I was having with them, that they didn’t necessarily see themselves as leaders until we had moments of reflection where I could help point that back out to them.

And then all of a sudden it was like they sort of blossomed with recognizing their, their own power within that. So I started to look at how can I bring together these these elements, which are, that these women tend to be maybe more empathic, more intuitive that can show up in the form of even people pleasing. I’m somewhat introverted at times, but wanting to make an impact, wanting to make a difference in lead that leave a legacy in the world, but they’re not necessarily at the kind of say higher management levels where they can be implementing policies that they want to be seeing or helping to support a different form of leadership emerging that’s more collaborative versus competitive.

So I, I’ve started to kind of look at how that might create a space for me to start working with women to kind of explore what new forms of leadership might exist and how they can be part of bringing that into creation.

Rhonda: Well, I love the way you’re thinking and I think that more and more we’re finding that human beings just don’t want a career or a job if they’re not going to get something out of it that, you know, gives them a sense of purpose, gives them a sense of belonging, gives them a sense of contributing in a meaningful way to either world problems or community problems or even personal problems. So that makes so much sense to me.

I had given you an exercise — it’s part of my program called Your Highly Profitable Niche — something I don’t actually have available online right now anymore, but I use it with my private clients. And, I had given you an exercise to do to see if we could come up with some specific target audiences.

Why Coaches Need to Narrow Their Target Audience

Here’s why I’m such a advocate for the idea of coaches having a narrow specific target audience … because we are in a marketplace that is so full of entrepreneurial messaging, so full of marketing.

It doesn’t where you are, whether you’re just looking at your phone or your inbox or your social posts or wherever it is. There’s so much coming at us so fast and we as human beings tend to look at things in somewhat of a trance when we’re online. We scroll and scroll and we don’t pay any attention to anything unless it reaches out and grabs us with a powerful force.

And so this is why I advocate a narrow, specific, viable target audience and then finding out what it is that audience wants so much that they’d invest in your help to get it. And when you pair those two things, a viable and narrow target audience with what they want so much, then you have a smart, profitable niche.

Will People Invest in What You Love to Coach About?

So you have a great idea for what you’re going to help your people with. You have the idea of the value that you can bring to the table and you’ve done some beta testing and it got great results and that is all really good and please know that I think that that was brilliant that you did that.

And I, I believe with all my heart that those people got great value out of your process, your system, your way of being with them.

The challenge comes in that those people were not paying for it, right? 

Alexia: They were paying a really low amount that was just designed to convince them to stick around for 12 weeks testing it.

Rhonda: Yes. And I remember reading in an email that you shared with me, you said they weren’t all ideal clients because they couldn’t afford to pay for it at a level that would pay you well, right?

Alexia: Yeah. 

Rhonda: So this is the rub, right?

This is the difficult place where we’re almost all coaches get to where on the one side they have all this passion and skills and talents and things to bring to the table and they know that what they do is valuable because they’re getting the feedback from beta clients or clients that are paying lower or are not paying it all.

But then we try to take that and put it into the marketplace in a way that is going to grab attention get people to not only go for free stuff, but also to invest at a high level in their own personal transformation. And this is where it’s always challenging.

I want you to know, my heart goes out to all coaches because this is the biggest challenge that you’ll face in the first few months of deciding to become a professional coach … how do you take what you love to do and make it marketable?

And that’s really where I come in.

Yes, it is hard to be thinking in terms of specific positions and industries and things, but it’s almost critical if you don’t on some level then you really only have a couple of pathways to attract your clients. 

Why Your Coach Archetype Changes the Way You’ll Market

One of the podcast episodes I put out is What Coach Archetype Fits You? Did you happen to listen to that one? 

Alexia: I did. And that was actually really eye opening for me.

Rhonda: Yeah. Tell me about how it opened your eyes.

Alexia: You had mentioned that there’s the potential of being a blend and I do think that I am a blend. I resonated with the Teacher [Archetype] in terms of taking complex ideas and distilling them and creating a model, which was my kind of go to for even starting to develop something to coach somebody with. The Healer [Archetype] is a little bit in there as well I think. 

And then I actually kind of surprised myself because I wouldn’t normally have said this, but I really also resonated with the Icon [Archetype] in terms of being interested in these big ideas, wanting to reach a broader audience, wanting to have multiple platforms in which coaching is one part of the bigger vision, but also writing a book or going and speaking and doing workshops that really appeals to me as well.

Rhonda:

Yay! I was actually hoping you would say just that.

And so what Alexia is talking about is that for her, she related to what I call the Teacher Archetype. And that’s a person who tends to want to come up with models and systems and steps of how to accomplish something. It doesn’t have to be a nuts and bolts thing. It can be an internal kind of process, anything like that. And then show others how to do that. 

So then there’s the Healer Archetype, which is similar except the come from is from a healing standpoint, healing people healing in some aspect of what’s giving them pain, whether that’s internal, external, physical. So blending those together.

And then with the Icon Archetype — the icon is someone who is willing to get on a big stage. When I find someone like you, Alexia, who resonates with all three of those, I think that’s great, especially for this idea that you have for your business.

So you had said once to me “spiritually minded women”. You’ve also talked about “conscious leaders” as as a target audience. You’ve also talked about mid level managers or mid level leaders. I’m wondering, is one of those three more attractive to you?

Alexia: f I were to kind of do a Venn diagram in a sense of the things that I think would be important for, for somebody to really get value out of working with me, the spiritually minded one is a big one because it’s very much the reference point from which I’m coming from.

The other parts, the reason I was thinking about mid level managers is because it’s, I’m almost seeing myself as being able to help those aspiring leaders. They might have some experience of managing or leading, but I know especially women really struggle with passing that mid, that mid-level mark for a variety of reasons.

And I think a big part of it actually comes down to lack of confidence. Imposter syndrome creeps in even lack of boundaries, all of that kind of stuff that then often deters us from moving into higher levels of leadership as well as the fact that the models that we have of leadership, to be quite honest, are not necessarily appealing. So I think there can be those, those sorts of barriers that present, present themselves for, for women around that mid level kind of position. 

Rhonda: Yes, I agree with you. I think people at that level often just need some encouragement and a little leg up and some ways to manage their mindset and strategize and a partner to talk things over with. Things like that. 

The challenge comes in whether these people will invest at a level that will pay you well. So I’m wondering about your financial goals. If you’re comfortable saying it, what are you hoping to earn on an annual basis with just coaching?

Alexia: I would like it to eventually be a full time, really well paid position. You know, six figures is something that would be nice to be aiming for to be honest.

Rhonda: Yeah, absolutely. So there are a number of things going on in my mind I’ll just let you in on it … 

Number one, how do you actually reach mid level managers? How do you get in front of them that doesn’t involve going into corporations? So that’s one question that I’ve got going on in my mind.

The other question that I have is whether it really helps to focus in on that group. If you are willing to use speaking, writing books, doing workshops, things that can get you out in front of these people, do you really need that mid level descriptor?

Alexia: Not necessarily. I think part of when I was going through the exercises that you had given me and we were looking at potential sub-markets, that was just something that kind of popped into my head in terms of resonating with not necessarily and, well certainly not entry level, but people who have had a bit of experience and they’re recognizing I’m not happy with what it is that I’m doing. I thought I was going to be able to make the impact that I wanted to make and I’m not, but they’re still hungry to do something.

Rhonda: Yeah. Which makes me wonder if what you said earlier with a slight tweak might be a good way to go. Maybe it is aspiring conscious leaders. Now if you tack women in there, it gets long — aspiring conscious women leaders. That’s a lot of adjectives.

So what if it was conscious women leaders?

Alexia: That sounds good. 

Rhonda: Okay. I remember in something that you shared with me … to make a greater impact in meaningful careers, not just jobs.

Alexia: One of the things that I use to describe intuitive wayfinding is that it’s where the career path meets your awakening path. And how this is about supporting women that are looking to reframe the conversation around jobs. So it’s not just job, it’s about the work that we’re here to do in the world. And that’s what’s driving them. 

Rhonda: Yeah. So I think what you have with that is a tagline. Where the career path meets the awakening path. It’s a great tagline!

There is a difference between a tagline and what I call a Core Message or what some people call a benefit statement. A benefit statement is more like:

Helping conscious women leaders to make a greater impact in meaningful careers and not just jobs.

So when you hear those two things, your tagline and this idea for a Core Message, how do you feel?

Alexia: Pretty good! 

Rhonda: Yeah, it does to me too.

Now I just want to caveat that if you were not willing to go the icon route — to look for and pursue and be willing to do workshops, speaking gigs, you know, ways to get in front of big audiences of women leaders that aren’t just social media and those kinds of things — then I would say you would need to narrow in more.

But I think that if you can go towards that icon route, even though you have this somewhat broad audience — conscious women leaders — it’s narrowed down enough that I think you could get purchase out there. 

Alexia: That sounds great. And that feels really resonant for me!

Rhonda: Oh good. We’re done!

Alexia: Yeah!

Rhonda: Well, you were 95% of the way there. Had you not resonated with the idea of that Icon Archetype, I would have pressed further for more narrowness [in your target audience]. If you can get into the world a little bit more offline than online, then I think that you will have a good entree into this.

Once you become known for some keynote talks and workshops that achieve a very specific goal for those people, then you’ll start to get traction and then the online piece will come. 

Alexia: Right! 

Rhonda: I love the online world, but I got in early. I got in 20 years ago before everybody was online and before all this marketing was happening and before everybody was coaching coaches and everybody was talking about how to have a successful business. And, that gave me a foothold. These days, focusing entirely online can be a little bit of a downside because it takes longer.

It takes more cleverness to get noticed [online] and I think an awful lot of coaches work very hard on social media and other places to get their message out, but they’re not getting any traction because their message sounds just like everybody else’s. 

But the offline world is actually the less traveled world now, which is odd, isn’t it? 

Alexia: That’s really strange. 

Rhonda: Yeah, it’s less traveled. So you know, if you can develop some keynote talks that really focus in on hot topics these conscious women leaders are going to pay attention to, and design those talks in such a way that there are natural enrolling moments into your program, then I think you’re going to be able to get traction. 

Alexia: That’s so exciting! 

Rhonda: It is exciting and I can’t wait to see you do it. Congratulations! You have landed [a solid target audience and coaching niche] and can now move forward with confidence. Thank you so much, Alexia. I really appreciate you. 

Alexia: Thank you, Rhonda. I appreciate you as well. Thank you for your time and your help! 

In the Next Episode: Are You Turning Away Coaching Clients With Your Pricing?

Ep 54 – Awaken Your Money Making Mojo

A quick announcement … Have you been stuck on something that’s holding you back in your coaching business? It could be something small but critical, such as:

  • choosing a narrow and viable target audience so you stand out
  • discovering the big problem you help your audience solve
  • crafting your compelling core message
  • branding your company
  • brainstorming an irresistible free offer
  • planning your transition to full time coaching
  • developing or pricing your program
  • or working on a mindset issue that’s been blocking you

These are all perfect topics for a 90 minute Strategy Session with me.

If you’ve been stuck on some aspect of your business, give yourself an early New Years gift of a Strategy Session. In 2020, fees for my sessions increase $200 but you can still get them now for the original price. Learn more and sign up here:

Now to the episode …

This episode is part of my new Money Mastery series in which I’ll be talking about money mindset, charging what you’re worth, profits, pricing and revenue planning.

In the last episode, I talked about gratitude practices and the concept of what goes around comes around. If you haven’t heard that episode it’s a great lead in to this one.

Gratitude primes the pump for attraction. When you appreciate your privilege and all that you already have in your life, you’re waking up your manifestation potential or what I’m calling money mojo.

It really should be wealth mojo because it’s far more than just numbers in your bank account. It’s about flow of all positive energy. But the alliteration in money mojo is more fun.

Also just about every coach I know has some money issues and it can be a key limitation to success. Money mindset challenges are easier to overcome than you might think. For some of my client a quick mindset shift and improved charging practices open the flow of income and profits.

What Is Money Making Mojo?

I consider “money mojo” to be an unshakeable belief in your ability to create the life you want.

Maybe right now you have a fledgling coaching business and what you really want is a steady stream of clients and a robust income from coaching. Maybe enough to transition from your day job to full time coaching.

Do you believe you have the ability to create that for yourself?

You might be thinking …

“Well, Rhonda, how can I have unshakeable belief in my ability

if I’ve never achieved those results in my coaching business so far?”

I feel you. When you want something so much, but as time passes and it doesn’t fully materialize, discouragement sets in. And then belief in self suffers.

It doesn’t help that friends and family are watching you. They might even be skeptical that the money you’ve invested in your coach training and business development are ever going to pay off. A lot of people don’t realize that entrepreneurship is always an initial investment and it takes time to get out of the red.

But what’s most important here is what you tell yourself. How you think of your own abilities.

Everyone struggles with belief in self. Everyone. So if you’ve ever felt like there’s something wrong with you and everyone else has this all figured out, that’s not true.

It’s a HUGE myth we all perpetuate that we are alone in our struggles. Let’s bust that myth once and for all! That’s part of what being willing to be both vulnerable and supportive in community is for.

Your growth opportunity every day begins with bolstering your faith in your abilities. And, as a coach and a fellow human being, it’s also a growth opportunity to help others bolster their faith in themselves. That’s part of what brought you to coaching.

You need to do the work that you ask your clients to do. Shuck those limiting beliefs.

But, contrary to a fear some coaches have, you don’t have to have it all figured out before you coach. Just be actively growing yourself.

Now, imagine for a second, that you are living your life from unshakeable belief in yourself despite not yet having everything you want? What would that be like?

Well, first, you would free up so much energy because you’re not living your life with the gas pedal to the floor and the emergency brake on. Seeing yourself as not capable is like an emergency brake that you forgot to take off when you started.

Releasing that constriction in perception frees up your potential too. And yes, it’s totally okay if it takes a while to fully release those false perceptions. Incremental growth rocks and it’s sustainable.

Also, positive beliefs are like pontoons on a boat. Everything flows more smoothly as you travel.

Stop Casting Spells on Yourself

So how can you awaken your money mojo – or your ability to create what you want in your life?

Begin by monitoring what you think and say.

Do you have a mean streak about yourself?

Do you talk to yourself as if you were lecturing?

Are your thoughts full of self-deprecation and bitterness?

Do you default to boredom, victimhood or sarcasm?

Negative thoughts and spoken words about yourself can cast a spell on you. Give yourself a fighting chance and stop casting those spells.

It’s easy to slip into unconscious beliefs about the way it is – as if your past has forever sullied your future or what’s presently happening will always be so.

I invite you to begin a new habit now where you adjust what you think to yourself and say about yourself to more accurate words.

“I’ve never achieved the results I want in my coaching business.”

becomes

“Some of my goals haven’t manifested yet.”

Feel the difference? The spell stops anchoring you to disappointment through your words.

5 Powerful Questions to Check Why the Coaching Business You Want Hasn’t Manifested Yet

Looking back at my own coaching business journey, I’ve tracked 5 reasons why I hadn’t yet manifested what I wanted at any given point in time:

  1. I let my previous failures mean that I wasn’t smart enough to make this happen.
  2. I hadn’t cleared enough space and time for the thing I was calling in.
  3. I didn’t actually create a full vision for what I want and then put an action strategy plan in place.
  4. My heart wasn’t fully into it as evidenced by my lack of focus and consistent action.
  5. My impatience made me miss the true value of the journey and opportunities available.

I’m much more sanguine about the ebbs and flows of my coaching business now. I know that while I don’t have complete control over my results, I have responsibility for generating my results. It’s actually very freeing to know that.

If your money mojo is flagging take a quick look at each of these areas to see what needs a shift. Ask yourself:

  1. Do I need to bolster my belief in self?
  2. Do I need to secure more time and attention for my goals?
  3. Am I patient and open minded enough to receive what’s coming to me?
  4. Is my vision and strategy complete enough?
  5. Am I taking consistent enough action?

I think you’ll find the key to the shift that wants to happen there.

In the Next Episode: Is What You Love to Coach About Marketable? This is ON AIR Coaching with Alexia Mellor