Ep 184 – How to Charge More for Your Coaching

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Episode Transcript

If you’ve never run a business before it can feel scary to charge enough to sustain you and also open yourself up to bigger opportunities. There are 4 mindset shifts to make. You can do this!

Fear of charging enough is one of the reasons why so many coaches close up their businesses before they gain traction. In other words … even as a new coach it’s critical that you learn to charge well for your services.

Mindset Shift #1 — Investing is Empowering

After 23 years of working with clients, I believe with all my heart that when you charge well for your services, everyone wins.

It comes down to this … when people invest in themselves they get more out of the experience. When you charge prices that feel like an investment to your clients they will invest energetically into their own growth. It’s a win – win.

Whereas charging low fees is a lose – lose.

Don’t get me wrong … there is never a need to gouge people or be a mercenary. Simply honor yourself. Do what is right for you. Then you will embody your own vision of success. Realize that if your business doesn’t make it, you won’t be able to help others through coaching.

Think of times when you’ve invested in yourself from your own pocket. You were, in that moment, at the cause of your life rather than the effect.

And the more you focused on receiving the benefits from your investment, the more you evolved. It’s empowering in a life changing way.

The reverse is also true. When you pay for something that isn’t at least a bit of a stretch there’s less intention behind the action and less attention to squeezing all the value out of that thing.

You also become empowered by earning. And I’m not talking about driving yourself towards a business that steals life away from you. I’m talking about feeling fulfilled while you ensure that you can stay in business.

When you realize that you can earn well you step more fully into your personal power — it is part of self-actualization.

Hear this …  earning your livelihood as a coach takes nothing away from someone else, especially if you make sure that you and your offer stands out in the crowd. Niche down. Target a unique audience. Offer a Signature Program. These are just some of the things I help my clients do.

There is plenty for everyone. Your ideal clients will hire YOU because it feels right. And isn’t that what we want?

Mindset Shift #2 – Own Your Right

I’ve met new coaches who question their right to have a business. If you haven’t already, start owning that right to:

  • Be in business for yourself
  • Earn well
  • Create, innovate and lead

Take your place in the world! Being a business owner gives you a unique opportunity to do things your way, work with the best clients, do what you really want to do. Yes, YOU can have this thriving business serving people.

Mindset Shift #3 – Factor In the Costs

Another reason why you want to charge significantly for your services is that as a business owner YOU carry the burden of starting your business and keeping it alive.

Think of your business as an extension of yourself. Your business is an entity. It needs to be fed and nurtured. It needs to be given the opportunity to grow and thrive.

You may be used to working for someone else’s company. It’s their vision. They carry the burden of ALL the costs of doing business. They also get most of the profits.

Think about the investment you’ve made so far to become a coach – coaching training, possibly a business mentor like me, training programs, website, monthly expenses for online services and the potential costs of marketing. These things add up and reduce your profit.

That’s normal. But it’s new for you. So, you need to think of things differently than when you were an employee. Step into the CEO role! And check out episode 161 about the identity shift needed to go from an employee to a business owner.

When you decide on your pricing consider your financial investment for startup and ongoing expenses, but also factor in your time to attract clients, do administrative and marketing tasks. Those are costs too.

I shared in Episode 58 that you can plan for profit from day 1 of your business. And in Episode 60  I cover how to strategically pricing your Signature Program.

Mindset Shift #4 – The Most Important Mindset of All

This is the eye-opening secret I most want you to come away with from this episode … learn to ACT AS IF. Act as if you are already a coach in high demand.

That’s how you will stay true to the goal of earning well. No matter what is going on, act as if you have already reached your goals. You will act and be perceived differently. You will make better decisions for your business.

7 Ways to Act As If You Are a Coach in High Demand

  1. Decide what you want your life to be like.
  2. Strategize every step of your business development to fit that vision.
  3. Only offer times on your schedule that you truly want to work.
  4. Only offer exactly what you want to offer and not what you think you should offer.
  5. Create a low overhead, easy to manage simple business model.
  6. Treat yourself and everyone else with the respect you want your colleagues, prospects and clients to have for you.
  7. Charge prices that will help you reach your financial goals.

It’s time to build this muscle … how will you ACT AS IF you deserve ideal clients who pay you well?