Have you ever choked when it came time to tell a potential new client your coaching fees? It’s embarrassing. And it could be a factor in why they felt uncomfortable with your fees or didn’t hire you. But don’t worry. You can turn the tide on this problem with just a few shifts in your mindset and approach.
Fear about asking for coaching fees stems from learned beliefs about money and self worth that don’t serve us (or anyone else) even though they hold sway over decisions that involve money and how we value our time. As a coach and business owner, this is a grand opportunity to shift those outmoded beliefs and habits. And, charging what you’re worth allows your ideal clients to invest in your coaching services and to value themselves more highly.
If you want to increase your coaching income, start by learning how to have powerful and effective “money conversations” and begin dissolving scarcity issues related to money for good!
Use these three tips to go from fumbling to finessing the money conversation with coaching clients.
#1 Take the pressure off
We are so good at pressuring ourselves. It’s as if every day we climb into a pressure cooker and turn up the heat. No wonder sometimes we sweat over even the smallest things. When you give a sample session or consult to a prospect and you feel ATTACHED TO OUTCOME, you’ve cranked that heat so high that there’s no way to breathe! And then the “what if” tapes start playing: “What if this client doesn’t hire me? What if they think my fee is too high? What if I can’t make a living at this?”
You’re not a roast, so climb out of that pressure cooker! Life is good. All is well. Bless your coaching prospects and feel blessed, no matter what happens. That is prosperity thinking.
Trust that you will attract your ideal coaching clients, no matter what the outcome is of this particular experience. When you manage your mind prosperity flows and you will easily attract coaching clients.
#2 Flip your money mindset
When scarcity thoughts like these are running through your mind while you talk to prospects…
I’m not a good enough coach yet to charge very much.
What if they say no? I’d better lower my fee.
I’ve been coaching for free for so long — how can I charge for it now?
I doubt that they can afford my coaching.
… the result is those prospects feel uncomfortable with you, and they don’t even know why. They’re more likely to question your fees, feel they are too high, or not grasp the true value of your coaching.
Instead show up certain of your value. Stand firm in your fees. Trust that your prospect can afford your coaching. Let them make the best choice for themselves. You’ll be amazed at the difference in the response you’ll get from prospects and you’ll feel better too.
#3 Have the Money Conversation first.
This improved my ability to enroll clients from a 50/50 potential to 100%! I used to hold back telling my coaching fees until asked. Not only was the money conversation last but I failed to directly ask for the business. I was giving my time away in sample coaching sessions without setting them up for success. I wasn’t valuing my time.
Tell prospects your fees before you give your time away in a sample session or consult. This improves your prospects’ opinion of you in five ways:
1. They see that you value your time and so they will too.
2. They perceive you as a professional coach rather than an amateur.
3. They see that you value your services and they will too.
4. They feel that you being straight with them, which engenders trust.
5. They understand that you want them to make the best decision for themselves.
With the money conversation out front, the coaching is free to be magical. And it’s easy to finish enrolling with three powerful questions:
What are you taking away from our session?
Can you see how quickly and easily you’d achieve your goals if we had several dynamic conversations each month?
What questions do you have before we get started in our coaching relationship?
If before the consult, your potential client says they can’t or won’t afford your fees, then you can mutually decide not to waste time or you can coach them to make the investment in themselves (if there is an opening for it).
Take the next ninety days and apply these tips to your money conversations. Watch how you feel more powerful and more clients hire you!