Why coaches have a hard time raising their prices.
One of my favorite clients, Sue, has done a lot of work around raising her prices lately.
When she came to me, she’d had her same fees for well over a DECADE.
And they weren’t really that high to begin with.
She helps people deal with grief and loss.
She was struggling to make ends meet, even though she had regular clients and an active practice.
How to put a price on your coaching.
There are many ways you could decide to price your coaching.
For my client, we calculated how much time and money had gone into her becoming the expert that she is today.
We also looked carefully at the transformative value and service she’d given to her past clients.
She had changed the nature of sorrow, grief and loss which had changed the quality of their lives.
Current and past clients RAVED about how she’s changed their lives.
The prices she was charging when she came to me where not fair to her.
They did not reflect the time and money investment she’d made in cultivating and becoming the expert she is today.
They did not reflect the value she was bringing to her clients.
Money is what we’ve decided as humans to use to exchange value.
I love thinking of money as a gift of thanks for great service and value provided.
Why helpers feel like they “should” keep their prices low.
Sometimes people who are in coaching or other “helping” professions want to keep their prices affordable.
There are different reasons for this like:
- They want to reach more people with their work.
- They feel guilty or unkind charging for their work.
- They feel like they’ll be misjudged or criticized for being “greedy” if they raise their prices.
One of the main reasons Sue had kept her prices the same for decades was the fear of criticism and rejection.
We worked on her beliefs about her work and the value it provided.
She decided to raise her prices.
A few people got upset.
Sue was ready for it.
Sue didn’t make their reaction mean anything about her morality or her kindness.
A few clients went away.
The majority stayed.
New clients signed up at the higher investment.
Sue is now easily able to pay all her bills while taking better care of herself and doing volunteer work that fills her soul.
Set prices that feel good to you. And then raise them a little because they’re probably too low. This is what I find with most women coaches, healers and consultants.