As a coach, one of the most challenging aspects of building a successful practice is setting and maintaining your fees. Many coaches, myself included, have struggled with the delicate balance between charging a fair price for our services and ensuring we remain accessible to those who need our help. Over the years, I’ve learned valuable lessons about pricing, value perception, and self-worth. Here’s my journey and insights on how coaches can confidently charge what they’re worth.
Understanding Your Value
The first step in charging what you’re worth is understanding your value. Early on, I underpriced my services, seeing my work as merely providing guidance. However, witnessing client successes—such as turning around a struggling business or taking a successful business to an entirely new level of success—made me realize the profound impact of my coaching. This recognition was crucial in understanding that my services were worth more than I initially thought.
Overcoming the Fear of Pricing
Fear of rejection often prevents setting higher prices. I vividly recall my anxiety over a fee increase to $60,000 a year or $5,500 a month, fearing client backlash. However, when I confidently communicated my value, most clients understood and appreciated it, with few objections. This taught me that confidence in pricing stems from confidence in your value. When you believe in your worth, clients are more likely to accept it.
By the way, it doesn’t hurt to be able to demonstrate a strong and clear ROI attached to working with you BEFORE a business owner hires you. Our platform allows our coaches to graphically show the return on investment compared to the projected Revenue, Gross Profit, and Net Profit improvement.
Positioning Yourself as a Business Growth Expert
Expertise justifies higher fees. Early in my career, I was a generalist, hoping to attract more clients, but this diluted my value. Specializing in revenue and profit growth positioned me as an authority. By focusing on the most important objectives of today’s business owners, I became the go-to coach, allowing me to command higher fees for my specialized knowledge and experience. That expert positioning was enhanced by my ability to demonstrate the aforementioned ROI attached to working with me BEFORE the business owner paid me a cent.
Creating a High-Value, High-ROI Coaching Program
Creating a high-value, high-ROI coaching program helped me charge what I’m truly worth. Instead of focusing on the general benefits of having a coach, I offered a comprehensive Revenue and Profit Growth program with one-on-one sessions, group workshops, videos and workbooks, and ongoing support. This demonstrated the full spectrum of value I provided, making clients more willing to invest in higher-priced packages. It also ensured longer-term commitments, leading to better outcomes and more sustainable revenue.
Investing in Your Development
I have mentioned this in previous blog posts, but it bears repeating. Investing in your development is crucial. Expanding my skills through courses, workshops, and certifications justified increasing my fees. Continuous learning enhances coaching capabilities and boosts confidence in charging higher rates. For instance, after learning a new strategy for helping clients get their desired outcome, I updated my marketing to attract higher-paying clients. Clients are willing to pay a premium for coaches who invest in their growth.
Communicating Value Effectively
Communicating value effectively is crucial. Early on, I struggled to articulate the benefits clearly. Clients need to understand what they’re getting and why it’s worth the price. Focusing on action-taking and the related outcomes, I shared success stories and testimonials to showcase tangible results. Coaching should be an investment for the business owner, not an expense. You should be able to communicate that your coaching has a clear and strong ROI attached to it. This shift built trust in my prospects in the results I could help them obtain and justified my pricing; as clients saw the value in investing in my services.
Charging what you’re worth as a business coach is about embracing your value, overcoming fears, and positioning yourself as a business growth expert. It involves creating a high-value, high-ROI coaching program, investing in your development, and communicating your value effectively. My journey was filled with self-doubt and learning experiences, shaping my understanding of value and self-worth. For fellow coaches, I hope my experiences inspire you to recognize and embrace your value. Remember, charging what you’re worth reflects the profound impact your coaching can have. Don’t be afraid to own it.
Scott Lippitt has over 25 years of experience in marketing and advertising for some of the biggest brands in the US, such as Progressive Insurance, Black & Decker, Hallmark, Hershey’s, Arby’s, Dunkin’ Donuts, Old Spice.
Fifteen years ago, he and his wife Pam got tired of turning millionaires into billionaires (or at the bare minimum, multi-millionaires)… ‘they weren’t that grateful nor were they that generous!” So, they turned their attention from helping Wall Street to helping Main Street.
Now, Scott Lippitt works with small business owners to help them double and even triple their profit while spending little to no additional monies on marketing to do so. He also offers a program that provides advisors, consultants, and coaches with the tools, training, and support to generate a consistent flow of qualified leads and predictably convert those leads into high-paying clients ($440-$1,180 per hour!) To learn more or to contact Scott, go to www.businessgrowthology.com or email info@businessresultants.com.