Sixteen months ago, I was staring into my computer screen with bloodshot eyes ready to give up. Between serving my clients, generating leads and managing my business, I was burnt out. That voice in my head started saying, “Just give up and go back to your corporate job.”
Taking a step back, I was in search of the “one thing” that would allow me to keep my doors open. Not charging enough for my services was the glaring issue. Some clients were only paying $75 dollars per session. While comical now, at the time I struggled valuing the services provided to my clients.
The industry saying is, “Take your rates and double it.” The way coaches are currently undervaluing themselves, most coaches need to increase their rates 3-7 times.
With my back against the wall, I decided to increase my fees by five times. It transformed my business. For that to occur, three shifts had to be made in how I was operating in my business.
Here are the three same shifts I see my clients needing to make as well:
1. Start believing
Coaches who don’t believe in their market and people willing to pay them what they’re worth, attract broke clients. Coaches that believe people are willing to pay for high ticket programs, start attracting clients willing to make big investments in their future.
The biggest struggle coaches have is believing in their own marketplace. The result is that they attract people that aren’t willing to invest in themselves. Without believing people will pay for their services, those people will never come into their lives.
“It was better to focus on the good and what we had than to focus on what we had lost and were losing.” – Paul McManus
2. Leveling up their network
Jim Rohn said, “You’re the average of the five people you spend the most time with.” The same goes for a coaching business. Who are the five clients you spend the most time with? Who are the five leads you are spending the most time with?
When telling coaches to raise their rates, I usually hear, “I know that I am undercharging for my work but no one will pay me what I’m worth.” The truth is that they are just spending time with the wrong people. A prosperous business is directly correlated with the people the coach is networking with. Most coaches aren’t spending enough time with the right people.
Often, coaches are waiting for permission to level up their network. That with enough hard work, someone will invite them into the club where the next tier of clients are waiting. That is never going to happen.
The coach needs to make the first move for those relationships to ever grow. Doing so will give them the opportunity to flourish and potentially result in long term working relationships. Which will allow the coaches to take their business to new levels—along with their rates.
3. Changing the sales conversation
It is ingrained in coaches to help fix the problems for others. Unfortunately, fixing problems rarely equates to getting paid what they’re worth. Prospects wanting to resolve their problems want it done quickly and at a bargain rate. They want the coach in and out so they can focus on more important things—like creating their vision.
Coaches need to spend more time focusing on the vision of the prospect instead of the problem. More questions should be asked to get a better understanding of what the client is seeking for their lives. The coach needs so to show how the program will help make that prospect’s vision a reality.
“Your life is controlled by what you focus on.” – Tony Robbins
The result will be the prospect viewing the coach’s services as an investment. When investing, the prospect won’t want to buy something cheap. They will want to get the best product because they are working on making their vision a reality.
These are the three shift coaches need to make to start getting paid what we’re worth. With the extra cash flow, coaches can start leveraging that money to free up their most important asset—time. They can spend more time prospecting high quality leads, create more momentum to continue to grow and build the business they set out to create when first starting.
If you are a coach, which shifts do you need to make in your business? Leave your thoughts below!
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