Pricing your services, as a new coach, is daunting. You want to have high ticket sales doing what you love. However, you have a few problems that are holding you back. Generally, new coaches are told to evaluate their value then calculate their hourly, monthly, and annual rates. Some may say, figure out what you need to live on for a month and make your calculations based on that. However, these suggestions are not complete. They do not help with the below 3 problems that no one talks about.
Problem #1 – You don’t know your worth.
When you don’t acknowledge the value of your life experience, education, and actual coaching hours, you will seek outside sources for permission and validation. It makes sense to do so. The traditional workplace does not support employees stating their desired salary. Most employees are underpaid for the value they bring to the organization they work for. So, it makes sense to look elsewhere for permission to charge appropriately for your services. You weren’t taught how to negotiate your salary and boldly ask for what you want. You weren’t encouraged to stand for your worth, but to rely on the perimeters your employer offers to make a decision. Therefore, when it’s time to price your services, you are still afraid to confidentially state what your time is worth.
Once you recognize your worth, you may still have a problem claiming it.
Solution – Knowing and Claiming Your Worth Is A Practice.
The process of recognizing and claiming self-worth is a practice. It is a matter that is really never cured. Even after you’ve discovered that your God put something wonderful in you, you may continue to struggle with claiming your worth.
To overcome the hurdle of claiming your worth you’ll need to make it a daily practice to do one of the following things and meditating on Psalm 139:13-14 NIV
‘For you created my inmost being; you knit me together in my mother’s womb. I praise you because I am fearfully and wonderfully made; your works are wonderful, I know that full well. ‘htpps://my.bible.com/bible/111/PSA.139.13-14
- Clearly and concisely state what you want, when you want it, and how you want it. When opportunities arise, you need to begin being open about what you want. At first, it will feel odd and pushy. However, if you practice it, asserting yourself will start to feel like your normal disposition. Use discernment when asserting yourself, but practice opening your mouth and stating what you want. By doing so, you are training your brain and others to understand that what you want and need is worth listening to. You learn and others learn that your voice matters.
For example: If you order a plate at a restaurant and decide that you don’t want lettuce on your burger, say that. “I would like to order a bacon cheeseburger without the lettuce. Thank you.”
- Journal your accomplishments and lessons learned. Journal about how those accomplishments and lessons learned are helpful to your clients. List how your knowledge will benefit your client financially, emotionally, and relationally.
Problem #2 – Gradually raising your rates.
By gradually raising your rates you are in a continuous loop of telling yourself that your knowledge is not worth paying full price for, yet. You’ll get to a point when you are waiting for someone else to tell you to double or triple your rates. And when they do, you will do so fearfully.
Solution – State your value today!
I’m telling you now, state your value today. If you want your clients to pay $500 per hour. State your value. Coaches who make six and seven figures in their first year aren’t asking permission to charge thousands of dollars for their time. They aren’t asking permission for others to acknowledge their worth. They are taking the bulls by the horns and stating their value. Then they target clients who will happily why for the solution they provide.
Problem #3 – Scarcity mindset
Are you afraid that if you charge “too much” your target client will not be able to afford to work with you? This fear is grounded in the deep thought that you can’t afford to invest in yourself via a highly trained coach, like yourself.
Solution – Improve your money mindset.
You must improve your money mindset. Holding onto a scarcity mindset will cost you more than a few coins in the bank; it will cost you your peace of mind. The moment you accept that you can ask God for what you want and listen for his direction to obtain it, your life will change. If you are afraid of investing in yourself, how will anyone feel comfortable investing in themselves through you? Spend time each day improving your money mindset so that you understand and are comfortable with the knowledge that those who have a problem powerful enough will find a way to pay for the solution. That includes you as well. If you are the person who can provide a solution, your client will find the money for you to solve their problem.
‘So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ For the pagans run after all these things, and your heavenly Father knows that you need them. But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.’
Once you acknowledge and claim your worth, state your value with confidence, and improve your money mindset, pricing your services will become so much easier. You’ll be more confident during sales conversations and eager to actually find new clients to assist. Most importantly, you will not fear the money conversation with your clients. Instead of charging $100 for an hour of your time, you will happily create packages and programs that allow you to double if not triple your rates. Because your program is priced appropriately, your clients will happily pay. You will actually be within arms reach, if not hit, your six and seven-figure revenue goals.
If you need help with the problems and solutions I just went over, feel free to start with my free training “Creating A Signature Program That Sells” at LASTCo University.