There’s always a point in a coach’s career and business when it’s time to raise their rates.
You’ve been hustling for a while and taking on a few clients.
You have your systems down, and now you’re kind of thinking that your services are worth more than you’re charging.
It can be a scary transition, but let me tell you this…
…you’re allowed to charge WHATEVER you feel like your services are worth.
You are worthy of money just because you are.
When it’s time to make this jump, the MOST common concern is that clients won’t pay the new rates.
Realize there are people at every pricing tier.
This means there are people who will only pay $15-$30 for online education, and there are people willing to spend $30,000.
You WILL find clients at every price point, but it comes down to your belief system and your energy.
“Those who think they can’t and those who think they can are both usually right.”
If you don’t believe you will find people at the new rates, you won’t.
If you expect pushback on your pricing, that’s what you will receive.
People, your business, even your Instagram followers are just responding to YOUR energy.
It’s time to adopt a mindset of worthiness and receiving.
You are Worthy of Money
Did you know that there are clients that actually won’t hire you because your prices are TOO LOW?
If they’re used to paying a certain price range, your lower-priced services may come across as “discounted”, “cheap”, or less valuable, even if they are not.
Let me tell you a story about one of my clients.
She is an influencer and speaker, and a company requested her to come to speak at their event.
After corresponding back and forth, she gave them her prices and at the time it was under $10,000.
That company then came back to her with a whole different tone.
They stated they don’t work with speakers that charge less than $10,000.
She was viewed as less credible, less accomplished, and less suitable for the event all because she charged lower rates, even though THEY reached out to HER first!
This client has always wanted to charge more in the $10,000 range but feared that people wouldn’t pay.
Ironically, she ended up losing out on her highest paying gig at that point in time because she undervalued herself.
This is one of the exact reasons why my coaching program, The Path to 6 Figures, focuses heavily on mindset in the first few modules.
There’s an immediate association with quality when it comes to price
Take a leather bag for instance.
A real leather bag at a small shop may cost $100-$150, but a real leather bag at Louis Vuitton costs more like $1,500-$2,000.
They’re made from the exact same material, but you automatically assume that the Louis is higher quality and more valuable because of the price.
The same concept works in the coaching world.
Always fall back on the “Happy Price” rule, when it comes to pricing your coaching services.
Choose the price that’s going to make you happy and excited to receive the money.
Don’t choose a price based on what you think you should be charging.
And don’t choose one that everyone else is charging.
Charge what YOU are going to be happy with as it comes into your bank account.
Then, take that number and increase it a little bit.
Get out of your comfort zone and experience what it would be like to work with a different tier of clients.
The more you do this, the easier it will get and the more you can charge.
Money mindset is probably the most important element of being a successful coach.
Ignore Beliefs about Money that Don’t Serve You
We are raised to have certain ideas about money that simply don’t serve us.
We’re taught:
- We have to work hard to earn money
- We have to hold on tight to what we bring in
- We must always save for a rainy day
- We’re only allowed to earn what our parents, friends, or spouses make
You are worth much more than these idea.
Once you break the barrier of what you “get to have,” and begin to see money as a birthright, new doors will open to you that you didn’t know existed.
When it comes to money, we are taught to correlate it with greed, gluttony, and evil.
There is Nothing Righteous About Being Poor
Almost everything in our lives requires money, and in all reality, there’s nothing righteous about being poor.
Money is simply a resource.
It’s neutral in its natural state, and it only holds energy that we give it.
You are worthy of money just because you are.
Worthiness of Money is the Same as Worthiness of Breathing
We wake up every day EXPECTING to be able to breathe and to feel the warmth of the sun on our skin.
Yet, we don’t feel guilt or shame for this expectation.
We’re not entitled because we expect to be able to intake oxygen and function so, why should our expectation about charging more money be any different?
Why shouldn’t we wake up every day expecting to have enough money in our accounts to support our lifestyles and endeavors?
So, raise your coaching rates and stop allowing your mindset from blocking your money.