Want to know what keeps a lot of coaches and service providers from charging what they’re really worth?

It’s that all-too-common belief that “I am not a sales person.” Combine that with a healthy dose of “It’s rude to discuss money,” and you can see why it’s just easier to keep your rates low.

It’s time to think of your services from a different angle. Not only will you see things in a clearer light, but selling suddenly won’t feel so…salesy.

Here’s how traditional pricing discussions go:

You talk to a potential client, and you explain what you can offer, how your coaching or service works, what he or she can expect (how many calls/emails, phases of work, length of contract), etc. And then you say, “My rate is $XXX.00.”

Your client either says yes, no or (the kiss of death) maybe.

Let’s turn that around, and rather than focus on what he or she will get from YOU, take a look at what she will achieve when she hires you.

For a business coach, this is easy. Talk money. How much more profit will your client make when she hires you? If your coaching fee is $1,000 per month, but you can show her how to increase her sales by $3,000 per month, then your price is inconsequential. She’ll earn it back three times over, not only while you’re actively coaching her, but for the rest of her business life.

Who wouldn’t jump on that with both feet?

What you’re doing here is not talking about the cost of your coaching, but rather the cost of not hiring you. Because if she doesn’t work with you, she’s losing $3,000 per month.

What about other kinds of coaches though? The same applies, you just have to find a way to show your clients the cost of their inaction.

If you’re a life coach, inaction (to your potential client) might mean years of feeling unhappy and unfulfilled. Imagine what it might be worth to your client to lift that depressing burden forever?

The same goes for health and wellness coaches. Can you add 10 years to the life of an unhealthy, overweight man? That’s priceless.

What about dating coaches? For someone who’s been unlucky in love, in and out of one bad relationship after another, the promise of a man (or woman) who will love and cherish them is worth nearly any price.

You just have to paint the picture.

What will life/business/love look like without your coaching services, and what can it look like with you? Once they see the difference, pricing becomes nearly irrelevant.

The post What is the Cost of Not Hiring You? first appeared on Coaches Coach.

Does the topic of money make your mouth dry and your hands sweat? Do you dread that point in a conversation when someone says, “So what do you charge?”

You’re not alone. Most of us have difficulty talking about money—especially when it comes to quoting prices for our own work. But if you’re going to be successful in business, you have to get over it.

Practice. The first rule for declaring your prices with confidence is simply to practice. Talk to yourself in the shower. Tell your dog what your rates are. Stand in front of your mirror and say, “I charge $XXX.00 per hour.”

The more you say your rates out loud (not in your head) the more natural it will be for you.

Smile. Even if you’re on the phone or writing an email, smile when you say your rates. Your tone of voice changes when you smile (as does the “tone” of your typing), and that tone can convey confidence and authority, not to mention professionalism.

Avoid being wishy-washy. Listen to yourself as you speak to potential clients. Do you say things like, “Well, normally I charge…” or “Actually, my rates are…” or “Do you think that $XX.00 will work for you?”

These (and others like them) are all wishy-washy ways of talking that do not instill confidence in your client, and worse, they make you sound like you don’t believe in yourself.

Rather than squeaking out a timid, “Um, I charge, like $1,000 per month,” straighten your back, smile, and say, “My rate for VIP coaching is $1,000 per month. Where should I send your invoice?” And then…

Be silent. When we’re nervous or feeling intimidated, we tend to talk. We want to fill the silence with something, anything, just to avoid having to sit there uncomfortably and wonder what the other person is thinking.

But guess what? He or she is just as uncomfortable with the silence, and psychologically, the one who speaks first is at a disadvantage. So when you’re talking price, avoid the urge to fill the silence (especially because you’re most likely to try to justify your pricing) and let your potential client take time to respond.

Will speaking with confidence always land you a new client? No. But being able to share your pricing in a clear voice will help potential clients know that you’re confident in your skills, and consequently, that you are the right coach for them.

The post Speaking with Confidence about your Coaching Rates first appeared on Coaches Coach.

In every coach’s life, there comes a time when you simply have to raise your rates. Maybe you’ve been in business for years without a pay increase. Maybe your skills have recently improved through a new training course or certification. Or maybe you just want to attract a higher caliber of client.

Whatever the reason, it pays to have a plan in place before you make your big announcement. Here’s where to start.

First, take a look at your current clients. Will you raise their rates as well? If the answer is no, then you have to consider if keeping them will be worth your time, or if you’ll feel resentful at the amount of (lower paid) time you are spending with them. Resentment can build up, so be wary of this. It’s better to raise their rates than provide substandard services due to hidden anger.

If the answer is yes, then you have to prepare yourself for potential fallout. Simply put, there are some clients (you likely know who they are) who will balk at a price hike. They’ll threaten to leave. They may actually leave. Are you prepared for the hit your wallet will take should that happen?

Next, consider when your rate increase will go into effect. This might be different for each client, depending on when/how they’re paying you. A client who is on an annual coaching plan might not see an increase for 8 months or more, while a monthly client might be shocked to find his or her rate is going up in a week.

If you can, give you clients at least 30 days notice of the increase, so they can not only budget a higher expense, but shop around for a new coach if they choose to.

Finally, if you’re a little flexible and want to gain a few new clients, you might think about creating a last-minute offer. Announce that your rates are going up on [whatever date], then offer to let X number of new clients lock in your current rate, if they sign a contract right now.

Sure, you’ll still be working at your old rate, but with a few new clients on the roster, your cash flow will definitely improve.

The most important thing to remember about rate increases is this: You have to feel good about the prices you charge. If you think your rates are too low, chances are good that they are. Raising them will not only make you feel better, but it might just let your current and prospective clients know the value of your services as well.

The post Raising your Coaching Rates first appeared on Coaches Coach.

It’s happened to every coach and service provider at one time or another—probably more than once.

You offer a proposal or contract, only to have your potential client respond with, “That sounds great, but I can’t afford it.”

What do you do?

For a lot of coaches, their first response is to lower their rate. After all, they reason, she really does need my help. Plus it’s good karma, and she’ll talk about me with her friends, and refer business to me later.

Maybe, but more likely than not, what you end up with is a client who takes far too much of your time, for less money than you deserve. You wind up resentful, and wondering why you aren’t earning the living you know you’re capable of.

Sound familiar?

I want you to make a promise to yourself right now that you will never again lower your rates to appeal to a client. Doing so devalues your services, makes the client less likely to follow through, and worse, makes you feel terrible later.

Now, I’m not saying you can never offer special deals. But I do want you to change how those offers are made. Here’s how it works.

If your coaching package includes:

• 1 45-minute call per month
• 1 email per day
• 1 in-person meeting per quarter
• and 1 mastermind retreat per year

and your potential client claims to not be able to afford your asking price of $1,000 per month, rather than offering to reduce the price, you offer to reduce the price and the package.

So the offer you make to her now includes everything BUT the mastermind retreat. Or everything BUT the in-person meeting every quarter.

You have not lowered your rates so far that you feel used, but at the same time, you’ve worked with her to create a plan she can afford. It’s a true win-win for both of you.

The same technique can be used for any type of coach or service provider, unless you’re charging strictly by the hour. If that’s the case, take a look at how you can reduce the number of hours you need to invest while still providing value.

For example, rather than offering four one-hour calls, change your plan to just two calls, with email follow-ups. She’ll still get plenty of value, and you’ll free up some time by inviting email questions rather than blocks of time on the phone.

Next time you’re asked to reduce your rates for anything, take a close look at how you can also reduce the work you’ll be doing. That way you’ll never feel as if you’ve been taken advantage of, and your clients will still get great service.

The post How to Package your Coaching first appeared on Coaches Coach.

What do Tony Robbins, Brene Brown, Oprah Winfrey and a skilled craftsman all have in common? They are all experts in their field. An expert, by definition, is a person who has a comprehensive and authoritative knowledge of or a skill in a particular area.

• They don’t have to resort to using notes or do tons of research on the topic. For example, you may know or have dealt with someone who can tell you everything you ever wanted to know about computers. They are knowledgeable about the latest developments and all the new apps that work best. This is an expert in his or her field.
• Experts are human filters. They select and identify what information their clients need to know to solve their problem.
• Every person finds their own experts on a topic by identifying who they connect with and who align with their personal values.

People are more engaged by those they feel understand what they are going through. They feel these experts are more able to engage with them on a personal level.

But what if you feel like an imposter? Or you don’t know what your expertise is?

This is one of the main reasons many fail to move into coaching and offering high-ticket programs that can help others.

You are an expert though! To find your expertise look at your life.

1. What things do you spend your time doing? Have you been tying flies for fishing since you were a young child?
2. What are the problems you’ve overcome? Have you beat depression?
3. What are you so passionate about it doesn’t really feel like you are working? Do you spend hours creating graphics only to lose track of time?
4. What gift, skill, or talent do you have that everyone around you asks you about? Can you stitch up the most amazing costumes that get raves from all the other moms?

Experts are a few steps ahead of the ones they are coaching or teaching. Don’t compare yourself to those who are successful and ahead of you. Look at how far ahead or more knowledgeable you are from someone just starting out, or who just fell into this problem.

Here are some examples to get you thinking about what you’re an expert in.

• You’ve lost 30 pounds and have been able to keep it off for an x number of years with a consistent fitness routine. You are a Fitness expert.
• You’ve been dealing with diabetes or some other health condition that’s forced you to have a strict diet. You have a gazillion recipes that work. You are a Nutrition expert.
• You’ve perfected your daily meditation after months/years of practice. You are a Mindfulness expert.
• You’ve created a way to manifest your dreams in a unique way. You’re a Manifestation expert.
• You have changed your mindset about money and are building a financial empire for yourself. You are a Money Mindset expert.
• You’ve busted through $200,000 in debt and now live a debt free life. You are a Budget Expert.
• You’ve built a business (or 2 or 3) with phenomenal sales growth and hired a team of employees. You are a Business expert.
• You’ve sold real estate for a long time and have flipped houses and studied the market. You’re a Real Estate expert.
• You’ve given away or disposed of all your unnecessary stuff. You are a Minimalist expert.
• You’ve been successfully and happily married for 25 years. You’re a Couple Relationship expert.
• You have or are developing skills at parenting that has resulted in some well-adjusted kids? Do you love helping new parents when they ask for your opinion? You are a Parenting expert.

Each of these is the basis for a high-level coaching program that can change someone else’s life. And each of these are as unique as the person who experienced it.

The post Are You an Expert? first appeared on Coaches Coach.