You may have noticed that many of my recent episodes are about mindsets. It’s a deep topic. Human beings are so good at stopping themselves from success simply by the way we think. I often wonder how my life would have been earlier in life if I’d known about mindfulness and the power of shifting mindsets.
A while ago I did a whole series of episodes called Smart Mindsets and Habits. If you’re feeling stuck and in your own way I recommend listening to those episodes.
Today I want to dig into something that all new coaches struggle with especially as they are launching.
Coaches Often Have Money Money Issues
It’s fascinating because it doesn’t matter how high powered a job the coach had before, how much money they earned, how many certifications or degrees they have or even how confident they appear — I hear the same basic thing from them …
I hate selling and asking for money!
I used to feel like that, but don’t anymore, because I know how to attract clients in a non-salesy way. And also, I’ve discovered the power of investing in the future.
One of my VIP clients wrote in her Session Prep: “I’d rather give it to you than ask for money. I NEED this session!”
We’ve been working together in my 5-month Coaching Business Breakthrough program to build her business. She’s close to launching so I wanted to help her with this mindset shift. And, she generously gave me permission to share some of what happened in that session with you. Thank you, D!
Money is a sticky subject for most people. There’s so much baggage that influences our decisions and actions based on what we learned about money as kids.
Stop Sabotaging Your Coaching Success with Old Money Stories
There’s a wonderful book that was popular when I started coaching called Taming Your Gremlin – A Guide to Enjoying Yourself by Richard D Carson. It’s a thin book full of exercises and wonderful drawings to help you face the part of yourself that sabotages your efforts to grow. The idea is to draw your own gremlin and shine a spotlight on it as it scuttles around trying to squash your courage. Just seeing it for what it is changes you.
Awareness is the tool to overcome that gremlin within.
There was an exercise in there about drawing the floor plan of the primary home you grew up in and answer a set of questions about what you learned while you lived there.
Coaching a Coach to Shift Her Money Mindset
That book jumped into my mind when I read her Session Prep and gave me an idea about how to coach my client.
I began by asking her:
“What did you learn about money from your parents?”
She responded immediately:
“In my family you would certainly NOT hire someone for therapy or coaching. It was looked down upon. We didn’t spend money on ourselves and self care.”
“When have you invested highly in your own self care and transformation?”
“It’s when I reached a point where my best efforts didn’t bring the results I needed to happen. When I get to that point I’ll do whatever it takes.”
“So you’ve invested in your goals and self care when something is important to you. How much would you say you’ve invested in becoming a coach and getting your business launched with support?”
“Thousands and thousands.”
“What has investing in yourself to that degree done for you?”
Without hesitation and with passion in her voice she said:
“It’s changed the trajectory of my life. I’ve grown a new me! I now have a design for living that’s far more effective and far more rewarding. I don’t even think about the money I’ve spent!”
So I said:
“So … what does that tell you about other people (your potential clients for example) who invest in themselves?”
“I would only want to work with someone who is willing to do what it takes to get better.”
Exactly! And because D has, with my help, is targeting a unique and viable audience and her messaging and offers strategically speak directly to that moment of wanting help, I know she will attract her ideal clients.
And then she said:
“I have so much compassion for someone willing to reach out to me. It gives me a sense of joy to say to them ‘I really think I can help you.’ It makes the money less scary because being willing to invest is a SYMBOL of their need.”
We talked about how Olympic athletes visualize their success before they take action. And I encouraged her to develop that practice before a Discovery Session with a coaching prospect.
At the same time it’s important to develop resilience for ‘no’ and to not make that about you. I wrote about this in a blog called The Coaching Business Backslide: How to Get Out of Your Own Way.
We talked about the idea from episode 82 – to ACT AS IF you are already booked, you have plenty of income and are highly successful as a coach.
At the end of the session D reported that she felt differently about asking for money with coaching prospects. She said:
“This was so helpful to look at my own experience (of investing in myself) and see the value I offer to someone else.”
In summary I said:
“Brilliant, D! You’ve broken through your ancestral beliefs about money!”
I invite YOU to shift your mindset about asking for money from coaching prospects so that you pay yourself well and at the same time help your client to reap the rewards of that investment!
In the Next Episode: How Can New Coaches Be Perceived As Credible?