Ep 122 – How to Ace the Money Conversation with Coaching Prospects

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Show Notes

This episode is inspired by brilliant coaches everywhere who, no matter how many skills and talents they bring to the table, are afraid to own their worth and go boldly into the money conversation.

Take On The CEO Role and Own Your Value

Chances are you came to coaching from a job where you were paid a salary or an hourly rate. Someone else set that amount. And you received the same basic paycheck over and over.

The control was out of your hands. And you probably just did the job without thinking a lot about the money piece.

Now, you are the boss. You are the CEO. You decide how much you charge for your services, how much you earn and when you pay yourself.

It’s time to make that mindset shift. Own your role as CEO of your business.

Have you done that yet? You’ll be amazed at the difference in your self-esteem when you do.

If you take on that role with enthusiasm, you’ll pay yourself well. You’ll stop doubting your value and thinking small.

Look, I get it. I started out doing group coaching at $10 per person for a 3 hour face to face experience. That meant I was earning about $27/hour. But really less because it didn’t take into account all the time I spent developing my program and marketing to attract prospects.

My first year as a coach I only made $5000. That’s not a living. That’s a hobby.

You decide if you have a hobby or a serious business. You make that happen.

There’s a fear, right? It seems more strategic somehow to charge low amounts. As if you’ll have less rejection. As if lower prices will attract ideal clients.

That’s a lie you’re telling yourself. Valuing yourself less doesn’t make prospects value your services more.

And I have proof that higher prices enroll more ideal clients with less hesitation.

There’s an old story in your mind. Lessons you learned when you were young about value and money drive your decision about how much your services are worth. You may think it will take years to change your story. But actually you can make that shift in a moment.

I’m diverged from my topic today because I’m passionate about this.

This episode isn’t about how much you charge. For help with that see episode #60 How to Price Your Signature Coaching Program.

It’s also not about how to raise your fees, which you can find in episode #57.

This episode is about how to approach and then ace the money conversation in a Discovery Call — which is an enrollment opportunity that you set up with coaching prospects.

Ace the Money Conversation with 5 Tips

By the way, the Discovery Call is not a free sample coaching session.

Sample sessions are for brand new coaches trying to fulfill the requirements for certification. It’s a great way to learn how to coach, but honestly not an effective approach to enroll ideal clients who will pay well, stay longer and refer more ideal clients.

So there you are in the Discovery Call, you’ve asked some powerful questions to reveal what’s top of mind for your prospect.

What specifically do they want so much that they are inspired to invest in your help?

What’s been in the way of those goals that’s costing them

time, heartache … maybe even lost opportunities?

So now you say “Are you ready to hear how I help my clients?” You finish that sentence with the specific goals they’ve just told you about.

Now you’re ready to tell them about your program – the specific milestones you help them reach and the challenges you help them overcome.

You share how many sessions they’ll get and anything else you’re offering in your Signature Program.

Obviously it’s critical to strategize all of these things before you’re on the call.

This is the moment … it’s time to share the price of your Signature Program. Use these 5 tips:

  1. Intentionally relax your jaw and shoulders. Open your hands.
  2. Keep the same pace and inflection in your voice as when you were asking the powerful questions earlier.
  3. Let go of attachment to the outcome of enrolling this client. Act as if you have a full stable of clients already.
  4. Release the idea that it’s your job to convince this client to hire you. Never convince anyone. Know that this human being will make the decision that’s best for them.
  5. Remember, their decision does not define you. It doesn’t mean anything. Bless them, bless yourself and move on. But do ask yourself if there’s any way you could improve.

You can do this!