COACHES - Did you catch my LIVE this week where I shared my insight into PRICING your coaching?! Here are some of the reasons why you might not be charging enough for your coaching:
You don't see the value in your own coaching - This is way more common than you might think. In fact I didn't see it until I'd been coaching a while – this was me, this time last year. What changed for me? I worked with an incredible mentor and coach who helped me improve the impact I was having through simple strategies and a HUGE mindset shift! This inspired me to do the same with the coaches I’m working with – and I was able to transform their lives too. We often fall into the trap of being able to see the value in others, but not in what we offer ourselves!
You believe people won’t pay for it - Yes, this year more than ever, there are a lot of people who have been out of work for a long time due to COVID. But 90% are still working and many of those are making more money than ever. Now more than ever people are looking for leaders – be that in sport or business. People who see for themselves the value in coaching will find the money to pay for it, so be brave, step up and start leading in your field!
You're trying to sell coaching to people who don't value it. For one person, £25 per month will be too much to pay for coaching. But for someone else, anything less than £500 may be too little, because they want the best coach they can afford. Like it or not, people frequently measure how valuable something is by how much it costs. And in the case of coaching, clients actually put more effort into their own results when they pay more, because they want their money's worth. So I would urge you don’t waste time on the people who are interested in your coaching, but not interested in paying. For every one of them, there’s many more who would jump at the opportunity and happy to pay what you are charging.
You're trying to coach too many people. When I first became a sport psychologist, I thought 20-30 clients per week would mean I was ‘full’. And to make a good living, I really did need a lot of clients, because I was only charging £50 - £80 per person. That left me in a chronic state of always needing more clients. What I learnt last year changed my perspective completely – the most succesful coaches have less than 10 clients. Think about it – if you only had 10 clients to coach each week – what additional impact could you have on them?
You don't know how much money you need to make. As I’m sure you’re aware, your coaching fees aren't your ‘salary’ so to speak. When you subtract your business expenses, taxes, fuel, and benefits you'd normally get from a salaried position, it takes a lot more money than you might think. t can be really valuable to take some time to work out what ‘enough’ looks like in your business.
Which one of these do you fall foul of? What would be the first step you could take to ensure you’re charging your worth for your coaching?
At the end of the day, the price for coaching is whatever the client will pay. And the more value we bring as coaches, the more a client is likely to find the experience of coaching, and what they get from it, indispensable. What’s important is that we coaches value ourselves and respect the value we are creating for our clients. That way, we can all thrive, making a sustainable, and fruitful living doing what we love.