Warning: Today's blog post is a bit of a rant.
By now, you may have seen a ton of ads about finding high-paying clients. In itself, there's nothing wrong with that.
But I've seen my competitors talk about how even if you're a new coach, you should be charging $1k / month or more.
I've seen that and have wondered...
“Have these people ever worked with new and struggling coaches? Ever?"
I find it absolutely ridiculous.
In my experience, coaches who have not yet had a paying client are so excited to actually get a paying client that the thought of charging $1k / mo for coaching is so far out of their realm of possibilities that it causes a complete disconnect.
And, unfortunately, it does a complete disservice to new and struggling coaches because it doesn't actually answer the question of...
"How much should I charge for my coaching?"
Which is a question I get a lot.
My belief is that pricing is based on several factors...
Here's what I suggest if you're struggling with this question...
If you've never had a paying client, charge whatever feels comfortable for you for the first three clients.
You're going to be so excited to have paying clients (and probably a bit freaked out) that charging what's comfortable will allow you to focus on the client and not worry that you're not giving tremendous value.
One caveat: Don't do what I did and charge something too low. (and NEVER coach for free)
I charged $50 per month (4 one-hour sessions) to my first client. Let's just say that she didn't value the coaching and I began to feel resentful.
Now, after those 3 clients when you've had a chance to get some coaching legs under you, then it's time to charge something slightly less comfortable.
Go just outside your comfy zone. You should feel slightly uncomfortable when stating the investment for your coaching to your prospective client.
Not so far outside your comfort zone that you stutter and stumble and feel crazy for asking that price.
And then... this is key... rinse and repeat.
Create a system where you are increasing your pricing on a regular basis. My recommendation is every 4th client but do whatever works for you.
The important thing is to make it a system so you don't really have to think about it anymore.
Why do I recommend this?
Because you are going to get better and better the longer you coach.
And raising your prices makes you raise your game.
Charging something that is slightly uncomfortable takes you out of your comfy zone, which will automatically step up your game as a coach.
To sum up:
With love & joy,
P.S. Is there someone in your life who could benefit from reading this post? Why not share this with them?
Selena Tramayne, Ph.D. is the founder of The Tramayne Group, which provides programs and coaching services to benefit new and emerging coaches. She developed the Coaching Genius System and provides one-on-one and group coaching through The Coaches Accelerator, a streamlined process to help coaches go from zero to six figures fast. When not working in and on her business, she can be found hiking, mountain biking, and going on bliss walks near her home in Albuquerque, New Mexico.
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