For me, it boils down to this question – why do some coaches make more than others? I’m studying this right now, not only for myself, but also for coaches who seem to only get pro bono or trade clients. And for the coaches who continuously over-deliver, under-fill their business, place a low value on their services, and haven’t yet realized how the power of coaching grows when clients fully invest in themselves.  It can be different for you, if you really want it to be.

The Big Secret

The #1 reason why some coaches make more than others — they ask for it! That’s the big secret.

You’ve heard “the squeaky wheel gets the grease”. That applies here too. It’s not about being smarter – except for the fact that they are smart enough to ask. You don’t need more coaching skills and certifications. And it’s not about having more experience or being better at coaching and marketing. But you do have to believe in yourself enough to ask for more.

People who make a great living in coaching think strategically about money often enough to plan for it. They analyze their sales, and innovate ways to increase them. That doesn’t mean they are obsessed with the bottom line or less heartful than other coaches. In fact, some of the highest earning coaches are very spiritual in their approach to business, knowing that abundance means there’s enough for all.

What else do coaches who earn more know, that you can apply right now?

Be Willing to Do Things That Make You Squirm (Soon They Won’t)

You know this – wanting a thing does not make it happen for you. Between wanting and getting is the bridge of doing what it takes to get there. Are you willing to cross that bridge?

Try this…

1. Make a short list of the things you want most.
2. Now ask yourself: “Am I willing to do what it takes to get there?”
3. If not, cross it off your list! It’s not worth pining for something you aren’t truly motivated to go get.
4. Or, if you’re willing to coach yourself to a breakthrough, ask yourself these questions and shift to YES!

• Is there something that will amp up my motivation to get this thing I want?
• Do I have conflicting values or desires that are distracting me from getting this? How can I transform my thinking to align those values towards the same goal?

For example, maybe you have a value that says selling is unsavory, and yet you want coaching clients. Work with yourself to learn how to attract clients without selling in the traditional sense. Change your definition. People truly want what you have to offer, but first they must know it’s available. Selling and marketing are simply about connecting and informing people.

Value Yourself Highly

When I first started my coaching business, I spent years learning how to value myself intrinsically. I had to realize that valuing myself didn’t take anything away from anyone else. In fact, standing fully in my power makes me a better coach and more financially successful too!

Since then, I’ve seen that most people who pursue a coaching career don’t yet know their true value, and it gets in the way of earning a great living.

One of the easiest ways you can learn to value yourself is to value your time – put a high price on it. Do that now. Raise your fees. Own your worth. Then ask for the business. You’ll be amazed how it calls your clients to higher commitment. (And once your business is thriving, you can offer some of your time with scholarships, to give back.)

Make Connections with Influential People

When you value your time, you’ll also acknowledge that your services are highly valuable, and you’ll take your coaching business more seriously. Then, you are truly ready for the “big leagues”. Make connections with influential people in your industry and within your market. They are human beings too, and like you, they enjoy helping people succeed. Learn from them. Model what they do and then make it your way. Ask them to help you get in front of your target market.

Get Pinpointed Focus

And one more common denominator – coaches who make more are FOCUSED. They have the same distractions as you, but they have disciplined themselves to focus and stay focused.

• They make sure that they stand out in the crowd.
• They leverage their time and efforts by targeting one unique market.
• And they offer programs that they know that market will invest in right now.

Focus makes all the difference. The good news is, you can learn this. Pinpoint your focus and learn how to stand out in the Champion Your Ideal Coaching Market workshop.

What have you discovered about how to make more as a coach? Share more ways in the comments.

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No fee coaching does have its place (see the last paragraph). But if your goal is to earn a successful living by offering soul-satisfying coaching, it’s usually counter-productive to give it away, except in a sample session. Here is why:

#1 Damaging the co-creative relationship

Coaches often have the heart of altruistic caregivers. If you love to help others and are generous to a fault, being a coach will give you many opportunities to learn balance around giving. This strength, when overused, comes with a high price to your integrity and to your clients.

I’ve been there. I understand that heart-tugging reaction to come to their rescue, when a prospect says they can’t afford your services but they so clearly need help. It’s a RED FLAG.

Coaching at its best is a co-creative process. Coach and client are each creative, resourceful and whole individuals, equal in power and ability. Your role is to draw out of the client their own wisdom and solutions. It’s not your job to fix them or be their savior.

To be effective as a coach, it’s critical that you stay “right-sized”. Take care not to:

• Take responsibility for your clients.
• Do things for them that they should do (which includes investing in coaching).
• Overdeliver to prove your skill and worthiness.

Thomas Leonard, credited with being the “father” of modern coaching, said: “Do not want more for your clients than they do for themselves.” Sage advice. Each time you correct this, you’ll help maintain a healthy power balance between you and your clients, and you’ll both thrive.

# 2 Fear and desperation are poor decision makers

When making decisions, it’s always best to choose from your highest good, rather than from fear or scarcity. So if a potential clients says “I can’t afford your coaching” or asks you to barter, and you’re tempted to shift your fee structure for them, ask yourself:

“Am I ….?

• Coming from a place of LACK. (I’m not enough… I don’t have enough…)
• Running away from something. (The feeling of being a fraud, client-lessness.)
• Off balance. (Contracted or inflated.)
• Reacting rather than responding.
• Diminishing my sense of self value.
• Giving away my personal power to get love, approval or recognition.

You do know what’s best for you. Take the time to look closely at what’s motivating your impulsive actions before you take them.

# 3 Clients reap less from coaching when they don’t invest enough

When clients pay out of their own pockets for coaching, they invest more. It’s true. Think about it. Most of us, when we buy something that’s a bit of a stretch for us, will value that thing more highly and treat it with more respect. We’ll “show up” more fully, take it more seriously, get all the gift that we can from it. Whereas, if we don’t invest much monetarily, then we’re not as emotionally or mentally invested either.

When your clients pay your full fee (and you’ve set your fees by valuing yourself highly) you’ll find they progress more, do deeper work with you and value the results more highly.

#4 Free coaching won’t feel real

If you’re wanting to coach for free or barter because you just want to feel yourself coaching, the experience may be misleading. When you position yourself as a professional, value your services highly and pay yourself well, coaching feels better and more real.

# 5 Few clients will shift from free to fee

If you’re hoping that a client will pay you later if you give them free coaching now, the odds are against it. It’s better for you to stand fully in your power, stick to your full fee, and improve your ability to enroll clients. Sometimes it’s just a matter of meeting more prospects and setting up enrolling processes, such as a freebie that leads prospects to a consult where you can connect and “close“. You can do it!

If you do…

If you decide that it’s in your integrity to barter, be certain that you really want what they’re bartering. Otherwise, you might feel resentful or come off inauthentic, which might undermine their sense of value.

Once you have a coaching business that meets your financial needs, it can be perfectly appropriate to occasionally give a client a “scholarship”. When you hear “I can’t afford it” but you really feel you’re an ideal fit and are consciously deciding to reduce your fee, try this approach. Ask the client what fee amount would be a stretch but doable, and invite them to pay that amount.

Volunteering is Cool!

Volunteering your coaching to non-profits is a wonderful way to give back to community. When this is your conscious goal these red flags don’t necessarily apply. In this post, I’m not addressing volunteerism, but rather the impulse to give away coaching because your prospect says they can’t afford your fees.

SHARE YOUR COMMENTS ONLINE AT: Free or Barter Coaching – Should You Do It?

We’ve been studying Barbara Stanny’s book Secrets of Six Figure Women. (Don’t let the title fool you, this book is equally relevant to men.) Here are some of the big ideas we’ve drawn from the book that are key for all coaches heading towards six figures.

Seven Guidelines to Become a Six Figure Coach

1. Choose work that allows you to realize your full self.
   You were called to be a coach. But isn’t it sometimes true that you don’t fully trust that you have what it takes to be successful at coaching? Maybe you doubt your coaching skills or forget all the experience and knowledge that you’re bringing to the table. To realize your full self in your work, you’ll need to believe you’re in the right place at the right time.
2. Do what you’re afraid to do.
   Focus intensely on the highest payoff actions and don’t sweat the rest.
   It’s easy to get caught up in daily minutiae and then feel disappointed in your progress. Opt for the next action you take to be one that makes you squirm a bit, over the one that doesn’t challenge you, and you’ll see much better results.
3. Shift from being a hard-driven high earner to the smarter habits of a successful high earner.
   Being an entrepreneur isn’t meant to bring you to your knees and burn you out. Plan your work and work your plan. Set boundaries around your business. Be certain your well beings comes before your business by balancing your ambition with good sense and body wisdom.
4. Appreciate abundance in all its forms.
   You cannot attract more of what you want until you feel the blessing of what you already have. Celebrate your coaching clients and the progress you’ve already made in your business. Realize how privileged you are that you can be an entrepreneur and do meaningful work in the world.
5. Go where there is the potential to make a sustainable income.
   Choose an accessible and narrow market as your coaching focus. One that is motivated to invest in themselves. Make sure you are speaking to their pain points and top goals rather than “selling” what you want to coach around. Tailor make your coaching programs to serve your market. You’ll be seen as their go-to person — as an essential rather than a luxury service.
6. Put a high price tag on your coaching. Highly value your time.
   You only have 24 hours each day. Be conscious of what you dedicate your precious time and energy to. If it helps you to value it for what it’s worth, think of your time as money. Notice how much you are investing and set yourself up for a high return. Recognize that if you value your time and services, your target market will too.
7. Let go of the past and what isn’t working.
   If you’re struggling in the stuck place, it’s time to let go of the ledge. Release your resistance and take a leap. Have the courage to stop doing what has not brought you consistent positive results and try something new, even if you don’t know how. If you set intention and see the outcome you want, the how-tos will show up.

SHARE YOUR COMMENTS ONLINE AT: Secrets of Six Figure Coaches

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You may think that lower fees will get more coaching clients. They don’t. In fact, lower fees create a perception of lower value. Remember all that you’re bringing to the table and use the Integrity Approach to set smart coaching fees. Take into account both business and intuitive sensibilities, to set fees that support your financial goals and attract more invested clients as well.

There are two parts to the Integrity Approach: Do the Math and Listen for the Number. Use them together for a balanced perspective.

Do the Math

Take a “snapshot” of the relationship between the time you invest in your business and the income your business pays you. Time breaks down into billable and non-billable hours.

Billable time = time spent for which fees are paid.
Non-billable time = time spent for which no fees are paid, including:

• Marketing (unless your marketing pays you)
• Business development (your training, planning and innovation)
• Free coaching sessions (sample sessions or consults)
• Managing client records, billing & administration
• Travel for work

Use this step-by-step guide to determine your minimum hourly rate and monthly coaching retainer. I’ve provided an example.

STEP ONE: Calculate your gross revenue target by adding together your desired income and your estimated expenses.

Desired pre-tax income: $75,000 + Estimated business expense: $15,000
= Gross revenue target: $90,000

STEP TWO: Decide how many clients you can handle and estimate the non-billable hours. If you’re not certain how many non-billable hours you’ll spend on your business, estimate based on what you know now. As you gain more knowledge, re-calculate. Over time, you’ll become more efficient at both attracting and managing clients.

Number of clients: 15
Billable hours per week: 15
Non-billable hours per week: 25

STEP THREE: Calculate the billable hours per year, allowing for vacation time.

15 hours x 48 weeks = 720

STEP FOUR: Calculate your minimum hourly rate by dividing your gross revenue target by total billable hours. As you add in other coaching revenue streams, such as workshops, teleclasses, or group coaching, your minimum hourly rate gives you the baseline for what you will charge for those services as well.

$90,000 divided by 720 = $125/hr

STEP FIVE: Calculate your minimum monthly coaching retainer by multiplying your minimum hourly rate by the number of billable hours per month per client.  (To make this easy, I’ve based the amount of monthly time on three one-hour coaching sessions plus one additional client contact hour = 4 hours per month.)

$125 x 4 hours per month = $500/mo

Sound high? It’s not. This exercise can be eye opening the first time through. You might realize that you need to:

• Raise your monthly retainer for 1:1 coaching, which should be at a premium.
• Add lower-cost services, such as group coaching, that still cover your minimum hourly rate.

You may want fewer clients, shorter or more sessions. Do the math for your preferences now.

Listen for the Number

Doing the math has given you a practical understanding of how your coaching fee relates to your income goal, costs of doing business, and time with clients. Now check in with your intuition.

• Let go of assumptions about what your clients will pay. You do not know.
• Clear your mind of any attachment to outcome.
• Release any fears or concerns.
• Trust that you are enough and that your services are valuable.
• Then, ask yourself this question, and listen for the number that comes to you:

For my highest good, what is the best monthly retainer fee for my coaching?

What is the number you heard first? Hold that amount lightly as if you’re holding a butterfly in the palm of your hand. Will that number give you the income you desire?

Set your fees from a place of prosperity, leading with belief in the high value of your services. Then stick with those fees until it’s time to raise them. This will serve you and your clients.

SHARE YOUR COMMENTS ONLINE AT: Set Coaching Fees Using the Integrity Approach

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Some wise person said: “How we do anything is how we do everything.”

It’s true. And I say:
How we think about anything is how we experience everything.

When you set your coaching fees and tell prospects about them, give yourself the advantage of a powerful mindset as a solid foundation for your success.

Integrate these Four Power Concepts together to charge what you’re worth.

1. You’re in the Right Place at the Right Time

You were called to this, or you decided it was the most meaningful work you could do at this time in your life. Whenever you have anxiety about your business, stop and remember that. Trust it. When you’re on your deathbed, you won’t be thanking yourself for all the times you played it safe or forsook your dreams.

2. Your Clients are Waiting For You

Your ideal clients are waiting for you. All you need to do is consistently and persistently let your niche market know about your coaching services and other valuable offers. If they don’t know about you they can’t hire you — and they will be missing a great opportunity.

3. You are One of a Kind

You are an original, unique, irreplaceable, indispensable human being. Remember this. Your brilliance makes this world a better place. Shine it! Share it! Otherwise, how will you live a purposeful life?

4. Pricing is a Business Decision

You are priceless. Your services and products, however, must be priced for you to make a fabulous income as a life coach. Decide how you price your products and services based on your business goals, your niche market, and your integrity. You will make the best business decision if you show up worthy — understanding your intrinsic value. And guess what? Unworthiness is NOT attractive.

Step Up To the Honor

Coaching is an honor. Receive that honor by showing up worthy; otherwise the honor is lost on you.

What does it feel like to show up worthy of the honor of coaching?

100% present
Authentic
In integrity
Detached from outcome
Fully in your personal power

What does it look like to show up worthy of the honor of coaching?

Value your time in everything you say and do.
Price your coaching services by stepping into your power.
Never compromise – your fees, your values – not anything!

Never sell yourself short. Otherwise, your clients will sell you short too, and what’s equally a shame is they may sell themselves short as well.

Realizing your self worth is a lifetime practice. Start now. Use your coaching business as the territory for this lesson. Put your focus on it. Then, watch how it dramatically changes your results!

SHARE YOUR COMMENTS ONLINE AT: Coaching Success – Charge What You’re Worth

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Fear about asking for coaching fees stems from learned beliefs about money and self worth that don’t serve us (or anyone else) even though they hold sway over decisions that involve money and how we value our time. As a coach and business owner, this is a grand opportunity to shift those outmoded beliefs and habits. And, charging what you’re worth allows your ideal clients to invest in your coaching services and to value themselves more highly.

If you want to increase your coaching income, start by learning how to have powerful and effective “money conversations” and begin dissolving scarcity issues related to money for good!

Use these three tips to go from fumbling to finessing the money conversation with coaching clients.

#1 Take the pressure off

We are so good at pressuring ourselves. It’s as if every day we climb into a pressure cooker and turn up the heat. No wonder sometimes we sweat over even the smallest things. When you give a sample session or consult to a prospect and you feel ATTACHED TO OUTCOME, you’ve cranked that heat so high that there’s no way to breathe! And then the “what if” tapes start playing: “What if this client doesn’t hire me? What if they think my fee is too high? What if I can’t make a living at this?”

You’re not a roast, so climb out of that pressure cooker! Life is good. All is well. Bless your coaching prospects and feel blessed, no matter what happens. That is prosperity thinking.

Trust that you will attract your ideal coaching clients, no matter what the outcome is of this particular experience. When you manage your mind prosperity flows and you will easily attract coaching clients.

#2 Flip your money mindset

When scarcity thoughts like these are running through your mind while you talk to prospects…

I’m not a good enough coach yet to charge very much.

What if they say no? I’d better lower my fee.

I’ve been coaching for free for so long — how can I charge for it now?

I doubt that they can afford my coaching.

… the result is those prospects feel uncomfortable with you, and they don’t even know why. They’re more likely to question your fees, feel they are too high, or not grasp the true value of your coaching.

Instead show up certain of your value. Stand firm in your fees. Trust that your prospect can afford your coaching. Let them make the best choice for themselves. You’ll be amazed at the difference in the response you’ll get from prospects and you’ll feel better too.

#3 Have the Money Conversation first.

This improved my ability to enroll clients from a 50/50 potential to 100%! I used to hold back telling my coaching fees until asked. Not only was the money conversation last but I failed to directly ask for the business. I was giving my time away in sample coaching sessions without setting them up for success. I wasn’t valuing my time.

Tell prospects your fees before you give your time away in a sample session or consult. This improves your prospects’ opinion of you in five ways:
1. They see that you value your time and so they will too.
2. They perceive you as a professional coach rather than an amateur.
3. They see that you value your services and they will too.
4. They feel that you being straight with them, which engenders trust.
5. They understand that you want them to make the best decision for themselves.

With the money conversation out front, the coaching is free to be magical. And it’s easy to finish enrolling with three powerful questions:
What are you taking away from our session?
Can you see how quickly and easily you’d achieve your goals if we had several dynamic conversations each month?
What questions do you have before we get started in our coaching relationship?

If before the consult, your potential client says they can’t or won’t afford your fees, then you can mutually decide not to waste time or you can coach them to make the investment in themselves (if there is an opening for it).

Take the next ninety days and apply these tips to your money conversations. Watch how you feel more powerful and more clients hire you!

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