Are you terror-stricken when you have to talk about fees?
Most of us have some sort of "money saboteur," and it can be a tough one. But no matter how we've learned to manage our money fears, they all seem to surface the moment we decide to become entrepreneurs.
When coaches can no longer avoid addressing this topic, some sell themselves short. We underprice (and therefore undervalue) ourselves, and it's no wonder we end up feeling rotten as a result.
What's worse: this underpricing is short-sighted: month after month, coaches who underprice under-earn. Not only can this make it difficult to sustain a living, but darned if it doesn't also communicate a deflated sense of worth to our prospects and clients! And when prospects and clients don't think your services are quite as transformational as your website makes them seem, this only compounds the problem.
Here are a few things you can do to avoid this common pitfall (or dig yourself out, if you're already there):
- Remember just how powerful coaching is - don't forget how coaching can not only transform one's life but one's being
- Know what you're worth - do some market research to find out what the going rate is in your area, given your credentials and experience as well as the kinds of packages and programs you offer
- Name your fee - get in front of a mirror and practice saying "My fee is $xxx per month"
Practice until it feels comfortable - you'll need to be able to state your fee without stammering or flinching. Two tips to help you settle on a good fee:
- If you find yourself repeatedly choking to get the number out, you may need to consider lowering your fee
- If you can state the rate comfortably, but something doesn't feel right about it, you probably need to raise it by $50 and try again
Now you're ready to tell other people what you charge. When you get to this point, state your rate confidently and then BE SILENT. Resist the urge to justify, explain, apologize or haggle. This is your fee; stand by it.
Before you know it, you'll not only feel more confident determining a fair rate, but you'll find yourself adept at communicating the true value of your services!
To paraphrase my former mentor:
"If you don't have 1 out of 5 prospects
objecting to your rate, you're charging too little. If more than that are put off by
your fee, it's likely too high."
- Steve Mitten, CPCC, MCC
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