In this episode I’m going to give some tough love to those of you that are charging low prices because you figure you’re a relatively new coach and that’s what you should do until you have more experience.

The reality about charging low prices at the start of your business is that it could stop your business from getting off the ground. It can even be a form of self-sabotage.

I get it. There’s fear of rejection. There’s not believing that you’re worth it. Usually that’s an unconscious belief that’s driving your actions. I’ve been there too.

The Strange Secret About Pricing Coaching

But I’ve learned a strange secret and it’s this … the sooner you ask for higher prices the sooner you’ll get them. And you must earn well to survive in your business.

Think of it this way you’ve already done your apprenticeship in your coach training program. It’s time to graduate to being a business owner and pricing for profit.

Profit isn’t a bad word. It’s net income. It’s the wages you give yourself minus expenses. If you aren’t profitable, your business can’t survive much less thrive.

Sounds ridiculously simple doesn’t it? It’s true. And what’s more is that the sooner you charge more for your coaching services and get it the quicker those worries about rejection and not being worthy will melt away. So you help yourself to cross that threshold sooner.

Look … you KNOW what’s too low. You know when you’re shorting yourself.

It IS a smart strategy to have an introductory rate for your first 5 clients. But don’t make it too low or you start to build expectation within yourself and the marketplace that you’re not up to the task.

And women coaches … hear this … I rarely see men charging low prices as a new coach. You have the control to boost your earning power in your own coaching business.

And let me assure you … you charging prices that will sustain you will not hurt anyone. In fact, when your clients invest in themselves with your coaching they win too because they have given a big YES to themselves.

So, let’s look at one dynamic and smart action you could take to immediately shift your approach and stop sabotaging your success with too low pricing.

Stop Charging By the Coaching Session

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

You’re not alone in that. I raised my hand too.

There’s nothing wrong with it if it’s part of a long term strategy.

Now the only time I charge by the session is for my one off 90-minute Strategy Session. It’s where a coach can hire my expertise to help them choose a smart target audience and coaching niche that leverages their experience and talents.

Let me demonstrate why this is strategic on my part …

  1. It showcases one of my unique talents. What could you do in a one of session that would showcase you?
  2. The coach gets a crucial problem solved. Once a coach has their audience and niche figured out it’s like being let outside into the sunshine after the longest, coldest winter.
  3. It’s a great way for someone to get a sense of whether they want to work with me long term in my VIP Signature Program. So the single session is a leader into something more in depth. It’s smart to provide

Jil Hunsberger wrote this beautiful testimonial for her Strategy 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 trying to figure it out on my own with nothing to show for it. In one amazing session, 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!

If you’ve been struggling to set a strong and strategic direction for your coaching business because you can’t nail down your target audience and niche …

While I’m serious about offering you this Strategy Session right now if you need it, I’m also demonstrating the strategy behind offering a single paid session. It solves one very specific problem for the audience and it’s just the first hurdle in reaching an ultimate goal the audience has so there is a next step you have ready for them – your Signature Program.

I recommend all coaches have this single paid offer. But make no mistake, it’s not free and it’s not low priced.

The Low Income Approach

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

There’s a HUGE limitation to this approach … because you are putting a price to your time, every prospect is mentally calculating the value of each session against the cost. Clients will keep asking themselves … do I really need any more of these sessions?

Shift from 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.

The More Prosperous Mindset

I know, the whole world of business ownership can feel intimidating. But it can also be hugely empowering if you let it. Taking ownership of your business raises your confidence. It puts you in the driver seat of your results.

If you’ve been listening to my podcast for a while no doubt you’ve heard me suggest that selling coaching is a hard sell. It’s like you’re pushing a big rock up a steep hill. People rarely know that they want coaching.

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 coaching session you’re working very hard to earn very little.

The better way to coach and earn well is to target one 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 rather a place where your target audience feels at home. There are strong trust building processes there that inspire ideal clients to work with you.

Will you still coach your clients? Yes, because coaching is an excellent skill in your toolbox. But you’re no longer selling your toolbox.

And if you create a long-term private Signature Program that has the structure of specific milestones you help them achieve on the way to an ultimate outcome your audience KNOWS they want, you can charge much higher fees because the program is more valuable. And that means:

Prospects 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 your Signature Program up front and it has milestones that get them where they want to go, they are not thinking about the investment and calculating your value by the hour. They are fully focused on their transformation with your support.

So, are you ready to make these shifts? I double dog dare you to develop a pricing strategy and Signature Program. You’ll be amazed how things will change for you.