A coach I’m mentoring just doubled her prices …
and quickly enrolled a new client at that new price.
Did she have to push and convince that new client to hire her? No.
She only needed to decide that from now on her services are worth more and stand behind her pricing.
It does take courage. But it’s a decision, that once you make it, you’ll never look back. And, you can increase your prices again.
She used to have to invest twice as much energy to earn that new price.
Before, she would have needed to find, enroll and work with 50 clients each year to meet her financial goals. Now she only needs to find, enroll and work with 25 clients for the same income.
Imagine what that means to her life.
This happens all the time. A coach decides to value their time highly and suddenly so do their clients.
This isn’t about gouging clients. It’s about having a sustainable coaching business without spreading yourself too thin.
Hey Coaches!
The #1 Way to Earn More as a Coach
Higher pricing is by far the easiest and best way to earn more as a coach.
You see, pricing is a totally arbitrary decision. You might be charging $2,975 for your coaching package where another coach, offering the same number of sessions, is charging $5,975. And, still another coach might charge $9,975.
And it doesn’t matter how much experience or how many credentials a coach has. This is a business decision.
I know new coaches who start at the top end and I know highly experienced coaches who are still at the low end. So, you see, it’s just a business decision to make.
I just received an email from a coach who will begin mentoring with me later this month. She said, based on my advice about pricing in this podcast, she just earned her first 5-figure fee from a coaching client who invested entirely up front. That’s what you want too.
So, you see, it’s all about mindset and showing up with confidence.
When you earn more with each client that enrolls, that desperation that’s been dogging you will melt away and possibly never come back.
And, you’ll be empowered by the way you have stood up for yourself. You will grow in ways you can’t imagine because of that decision.
Your client will also be empowered because they invest in themselves at a level that will inspire commitment to their process. That’s more growth for them.
For more about this, listen to Episode #191 called Low Pricing Could Kill Your Coaching Business. You see, coaches often quit their businesses because they don’t realize how much they control what they earn.
It comes down to this:
The sooner you ask for higher prices, the sooner you’ll get them.
#2 Own Your Niche
No one else does what you do the way you do it. Specializing is how you become the go-to resource in your space.
Specialists earn more because they have BOTHERED to study a specific segment of the population around a specific set of problems that audience has. Specialists speak the language of their audience and understand them.
It’s about filling a gap in services for one unique audience. That alone inspires a higher investment.
Think about it … would you rather work with a business mentor who specializes in helping coaches or a mentor who serves all type of business owners?
Most people love to feel special. They respond positively when someone truly sees them, what they want, their unique problems and provides a process to move obstacles out of their way.
#3 Master the Re-up
If you develop a Signature Program, as I recommend, or offer a long-term coaching package, a few weeks before that ends, invite your current client to re-up with you.
Don’t hesitate to offer this. Help them to see how far they’ve come and also territory that’s left to cover and many will want more of your excellent support.
A past client of mine has mastered this. She shared with me that some of her clients are 4 years into working with her because they just keep re-upping! It’s largely because she invites them to continue.
#4 Ask for Referrals
I know it seems obvious, but you’d be surprised how few coaches ask for referrals. This is an important skill to build. Don’t just wait for people to refer you. Ask for referrals!
If you’ve specialized on an audience that networks and shares resources — not all audiences do — then you’ll effortlessly enroll those referrals because they already trust you.
#5 Remind Your Audience to Hire You
How many social posts, articles or podcast episodes have you published since you last reminded your audience that you have a program tailored for them? The reality is that people will just keep consuming all your free generosity content and forget that your open for business unless you remind them.
Create moments in your messaging when you invite followers to work with you. Not in every single post, but more often than you’d think.
#6 Fortify Your Customer Journey
I ask every new client how they found me. Sometimes it’s a circuitous route and sometimes it’s straight forward. It’s worth tracing that pathway and considering whether that pathway could be fortified to attract more clients that way.
#7 Limit the Number of Things You Offer
I recently finished my 5-month VIP Mentoring Program with an experienced coach who had what I call a “Frankenstein” business when we started.
Her business was a complicated mess with no clearly defined audience or niche. She said ‘yes’ to every type of request — chairing committees, speaking for free and customizing her offers. Her website was confusing to visitors. She was over-scheduled, overwhelmed and earning too little for her efforts.
When I asked if she had systems to leverage her time, she started to cry and showed me her calendar, which was so packed it made my head spin. That’s NOT a sustainable business.
We pared down her business to focus on:
- 1 unique target audience
- 2 key offers with a manageable scope of outcomes
- Her key strengths & what she loves to do
- A strategic set of marketing approaches
We upleveled her messaging, pricing and created simple systems to keep her on track.
I recommend having only 2 offers. Ideally, the first offer is a single session that is an excellent lead-in to your second offer, which is a high-ticket and longer signature program. Check out episode 292 to learn more.
For example, I offer my Nail Your Niche single session. A large percentage of those clients naturally enroll into my 5-month VIP Mentoring program. All I have to do is remind them that I have that comprehensive program where I can help them continue to develop their new niche.
Keep your business model simple so you can have a good life.
Put all 7 of these strategies in place to earn more! Which will you start with now?
