If you are charging a lower price than you feel your coaching is worth, you will soon resent that rate (and could hate coaching too!). It is therefore important for you to get to the bottom of why you are having trouble asking the price you feel your coaching services are worth.
Once you address those barriers, you will soon be charging amazing rates and doing what you enjoy! Use the questions below as a starting point to identify your own barriers and address them. Remember, everything about your coaching business has to do with you, so take some responsibility in the same way that you would ask your clients to take responsibility for their own lives and what isn’t going right for them. Physician, heal thyself!
How Confident Are You in Your Skills?
It is worth mentioning here that you can charge any price you want for your coaching services regardless of what other coaches are charging. However, there is a catch to this; you must believe that your services are worth that much, or clients will sense your hesitation and vanish into thin air.
If you are having trouble asking the price you really feel your services are worth, then start by reading this post about boosting your confidence as a coach. Once you implement those suggestions, such as getting sufficient training or hiring a coach to help you move faster on your journey as a coach, it will get easier to charge what your services are worth and clients will gladly pay that price.
Have You Banished Imposter Syndrome?
Helping others to overcome the issues that they struggle with may come so naturally to you that you may think that you are a fraud for charging people for your services. Therein lies the first manifestation of imposter syndrome.
Imposter syndrome is such a pervasive impediment to millions of people that we wrote a blog post on how you can overcome this stumbling block to your success.
The worst thing about imposter syndrome is that it can attack at any stage of your career. For example, it will hold back the inexperienced coach who is just starting out, and it will also hold back a seasoned veteran who needs to take their coaching career to a higher level.
Learn to recognize the different ways in which imposter syndrome manifests and implement the solutions that we recommend so that you can start enjoying rates that are worthy of your coaching expertise.
Are You Marketing to the Right Prospects?
Another possible reason that could explain why you are having trouble asking the price you really feel your coaching is worth may be that you are marketing your services to the wrong people.
For example, if you offer coaching services to help entrepreneurs to reclaim 10 hours each week by boosting their productivity but you are mainly offering these services to recent college graduates who are still living in their parents’ basement, you will feel some guilt about charging what your services are worth because deep down you know that those college grads can barely feed themselves.
However, if you were offering your productivity enhancement services to the owners of thriving small businesses, it would be a breeze to levy prices worthy of the help that you are offering.
You might therefore be well advised to reexamine the crowd you are currently working with and upgrade to the right demographic if you are to be paid what you are worth as a coach.
How Many Sales Calls Are You Making?
In line with targeting the right market comes the responsibility of reaching out to as many of those prospects as possible so that you convert them into paying clients who reward you at a level that is commensurate with the value that you bring to their lives.
For example, if you talk to 40 prospects each week and try to sell a $500 coaching program, increase the cost to $700 once you land the first few clients at the previous price. Keep increasing the rate gradually until you reach or even surpass what you thought was fair.
High-paying clients aren’t going to magically fall into your lap, so get to work and know that it is a numbers game. The more potential clients you reach out to, the more you will convert and charge what you are worth.
Are You Marketing Your Services as a Product or as an Experience?
Another reason why you could be finding it hard to ask for payments that are worthy of your services may be that you are selling “coaching” rather than solutions.
Let us look at a quick example to illustrate how this works. If you want to help people to lose weight and you market your coaching services as “$500 a month for 6 weight loss coaching sessions,” you are unlikely to attract clients like another coach who says they charge $500 a month to help people lose 25 pounds in 3 months.
The second coach offers a solution while the first is offering coaching. Prospects want solutions and they don’t care what you call those solutions as long as they give them the results that they want. Heck, they would gladly buy a pill or software if it would help them lose weight!
The lesson here is simple, position your services as solutions to pressing problems faced by your target clients and it will be easier to charge what your services are worth.
Are You Looking at Your Rates Using the Wrong Lenses?
Some coaches may think that if they charge fees that their coaching is worth then they will lock out many potential clients.
Flip this thinking on its head and think of your rates as the fuel that makes it possible to continue helping people by offering them your services and solutions. If that “fuel” is insufficient, your “car” will not travel far. If the fuel is sufficient, then you can invest time in really understanding each client and crafting a solution that is best suited to their needs.
Conversely, if your price is low, you will be forced to fill your day with client bookings and you are likely to end up rushing from one coaching call to the next without preparing adequately. Your clients will not get the results they hoped for and they will leave in droves. You will be burnt out and hate your work as a coach. The loss of clients will leave you unable to pay your bills. That is a lose-lose-lose situation! Charge what you are worth and create win-win-win scenarios for all concerned.
Many factors could be working together to make it hard for you to ask for a price you feel is right for your services. We hope that you can make tiny improvements on each aspect of your coaching business (invest in yourself, package your services better, step up your marketing efforts, etc.) so that those seemingly small improvements combine to cause a phenomenal transformation of your coaching business. Get to work and remember to let us know how it finally became easy for you to ask for the price that you feel your coaching is worth!
To Your Success,
Jairek Robbins and Team PCU
Ready to level up your coaching and leadership game? Want to make a big impact in the lives of others? Add more power to your purpose with our 12-week online Performance Coach certification course. Apply here: Course overview & Application!