What’s the bottom line of your business looking like? Have you checked your numbers recently? Are you bringing in as much as you expected (or want!) each month?
Pricing can become the bane of a coach’s business. Countless people fall into this common trap (even in other service-related businesses): they low ball their coaching rates in order to get clients, then they start to resent their clients because they KNOW they should charge more but don’t want to lose clients by raising their prices.
If you fall into this scenario, then it’s time to reflect on WHY you continue to lowball your prices. You are likely fighting against a stubborn money block that needs to come down so you can charge what you’re worth without feeling guilty.
What is a Money Block?
A money block is an innate belief you have about money. Very often our ideas about money and wealth are formed when we are children so it’s helpful to look back and remember what the prevailing attitude about money was in your home. Journaling your thoughts and memories can also help you realize patterns of how you view money to how your parents, siblings, or grandparents viewed money.
Don’t feel badly about these money blocks; nearly everybody has them at some point in their life. The key is taking action to destroy these blocks so you can naturally attract more money into your business.
Action Steps for Manifesting More Money
Don’t be fooled by the word “manifesting”; it’s all about the law of divine compensation (Marianne Williamson wrote a book about it). Manifesting simply means acknowledging how much you would like to earn, putting that thought foremost in your mind, then taking action steps to reach our desired outcome.
Feel free to use your imagination and create your own personalized action steps; the key is taking one action step at a time.
- Get comfortable with owning your worth. Most coaches start out with low rates in order to get clients. Been there. Done that. If you know you provide quality coaching and bring value to your clients that they can not get anywhere else, own it and believe it. You’re worth it.
- Raise your rates especially if you know it’s the right thing to do. First, make up your mind to raise your rates. Then replace your old rates with the new rates where ever your rates are posted. Make sure your marketing plan is in continuous motion so you’re always getting a new crop of prospects. Secondly, give your current clients enough notice about you raising your rates. Make sure the time frame is something you’re comfortable with. Some will stay with you and some will leave, that’s just nature, but so long as your rates are competitive with other coaches in your niche, you’re doing the right thing.
- Make an exclusive offer to your tribe, offering value instead of discounts. If you constantly offer discounts to your packages, people won’t value your services. Instead, offer a coaching package or group coaching and if you have something extra they may value offer that (it could be a book you published as an expert in your niche.
- Keep networking, both online and offline. Don’t limit yourself to just one or the other because you never know where your next client will come from. Find local networking groups the same way you would find Facebook and LinkedIn groups that match your niche.
- Create lower-priced offers for those who can’t afford one-on-one coaching. Don’t ever let someone’s excuse of “I can’t afford it” push you away from developing a relationship. For those not ready to make the leap, consider offering group coaching or create another resource that can help them for a lesser cost. This is not a discount; this is simply a less expensive, less personal option.
Rejuvenate Your Mind and Your Business with My Latest Workshop, Mindset Reset
If you’re in a funk with your business and wondering why you’re working so hard when people are not buying, it’s time for a Mindset Reset. This is my newest 4-lesson home study workshop where we will take action to ditch everything and everyone that brings you down; count your blessings every day; learn to love the real you and let her shine, and give your business a makeover so you can fall in love with it all over again. Each lesson contains an Action Plan to encourage forward momentum and you work on your own schedule. Sign up here to get 25 time saving tools and be the first to get access when it’s released.
As a Soul’opreneur, my soul’s journey is to inspire others to be the best leader they can be for themselves, their team, and their business. My mission is to guide leaders to take full responsibility for their life and overall well-being.