Setting the price for your coaching packages and programs has always been a bit of a problem.
There is this notion in the online space that you must over deliver. For many people that looks like severely under charging or charging ridiculous amounts of money that is impossible for your clients to pay. Neither of which are very appealing options.
We’re going to navigate the troubles of both undercharging and over delivering and figure out how much should I charge for coaching.
When we talk about undercharging you can’t ignore over delivering. They are part of the same conversation. In order to undercharge you have to over deliver, if you’re over delivering then you are undercharging as you can’t undercharge without over delivering.
I’ve seen people charge 100k dollars for a coaching program. Personally I've never bought a 100k coaching program so i can't tell you if that was worth it or not. However I know with where I am right now in my business that's not an investment I'm ready to make.
How do we serve our clients in a way that is really and truly going to make the most impact for them and is going to allow us to come to the coaching relationship in a very full cup way?
Here is the problem with under charging. It goes beyond you simply making less money. We think of it as, it'll be beneficial to them, its going to help them, etc. But there are things that most are not taking account of when it comes to undercharging.
In my opinion, it's actually a disservice to your clients if you're under charging. I’ve seen extreme cases of undercharging - some people charge $50 for a program that includes everything and the kitchen sink, when in actuality it needs to be 10x that amount.
Disservice because consider the scenario where you invest in a tripwire offer. Those really cheap offers that are on the back of opt ins sometimes and are $15 or so. So what if I'm asking you to do something that's going to cause a little bit of resistance from you. Or cause you some fear, or is something you're a little uncomfortable with. What do you think is going to happen?
The way you’re going to show up for that when you pay $15 for that piece of information vs you paying $500 for that piece of information is two very different situations. If you paid $15 you may say find an excuse like I don't have time. You may think that the information is complete BS and not even consider implementing it.
If you paid $500 to learn that information you’re going to be a little more cautious about whether you make that investment back and even more so about $5000. Undercharging is not always the best service to our clients because of this. How your clients are going to show up to that investment is going to be very different based on the price that they paid.
When we undercharge it also affects us as coaches. You may get some resentment, you may get some sense of it's not worth it. We may not be showing up with a full cup because we have nothing to pay our bills with and feel and fill up our cup.
Is that truly the best service for our clients?
If your answer is no and you do get some resentment then there is nothing wrong with you!
It’s not a fair and even energy exchange. Do not blame yourself, do not say you should be more selfless, or that you shouldn't worry about your own stuff.
The reality is we are humans, if we didn't worry about our stuff and if we didnt take care of ourselves we would not exist as a species. That resentment and that lack of wanting to give at the highest level and show up with a full cup is a natural evolutionary process because we are humans.
If something is not the best of service to our clients, if it's not the best of service to ourselves and therefore stops us from showing up for our clients at the highest service, why do we continue to play out the story that we should be charging less or that we need to be the most affordable?
You cannot buy into peoples excuses of why they can't afford your program.
There are legitimately people who aren’t going to be able to afford your program and there are always going to be. Remember the clients who charged $50 for a program that they should have been charging way more for? They still had people object to the price.
It's not really about the money, it never really is, it's about more than that. It's about how you're marketing, positioning and presenting it. Are you conveying the true value of your program? Are you owning the gifts of what you can do? That is the real problem
The problem is not the price, the problem is what’s underneath that
And If you think that the next certification or the next testimonial is going to be the thing that changes everything for you, you’re wrong.
This was me, I remember thinking that once i get a client that makes 6 figures then I'm going to be able to really promote that testimonial and be able to charge more money for my services. Then it turned into waiting for someone to get to $500k because $100K was too small - then 1 million.
The bar is always going to rise.
What I realized for myself was I was dancing around the issue and sweeping the real problem under the rug. My low self confidence.
Thinking that the confidence had to come from stuff outside of myself, when it was all about what was going on inside of myself, what was going on in my brain. What I was saying to myself, how I was showing up for myself.
This is going to happen with degrees, certifications, testimonials, everything. When you are in the cycle of over delivering and under charging there are some mindset things we need to work out.
We need you to own your value, what your gifts are, what you truly want to be here for, and what you’re here to do. Realize that by doing that, choosing to work on your confidence, you can choose to really turn this around. Then you can have much better service.
As a product of me not undercharging, really owning my gifts and owning what I do, I can show up with a full cup and serve my clients. I can show up more confidently to sales calls and marketing. It's like a positive uphill trajectory that becomes possible when we do the internal work on ourselves.
When I started my first coaching business and as I climbed the corporate ladder I was asked to oversee three hospitals in the area. So I had my side coaching business, a 16 month old at home, and I was pregnant. I had my baby prematurely that very same week I was asked about the hospitals.
That was a struggle.
My daughter was born at 2 lbs, in the ICU for 68 days, and comes home on breathing machines. Luckily I was a nurse so I was able to take care of her at home instead of staying in the hospital for an additional 3 months. The entire time I was wondering how I was going to make this work.
I leaned 100% into my coaching business, all hands on deck, all in.
So I’d be pumping and at the same time I was building my website, or lead generation on social media. I share this for a few reasons, first of all no matter what you’re going through you can do this. Secondly I was able to completely sell out my coaching practice because I did go all in.
I reached 15k months, had a full practice, all one on one.
I was over delivering so much. I would meet my clients every single week. I would review any and all of their copy. There were clients where I would literally make the websites for them.
On top of coaching and strategy and mindset, I was doing everything for them. It was so much pressure for me, as I was trying to be this saving grace for not only my business but for their business. It became very strange.
I wasn't confident in many things, but one thing I was confident about was that if you worked with me I would do everything in my power to get you results, and that's still the case. I will show up for you 110%, that’s always been my motto. However I was wondering why they weren't able to see it. When I say I'm gonna show up for you, I mean it.
I was over delivering so much, like writing copy, building websites, etc.
I don't do this anymore. I was doing all these other things and it was like I had 15 other business. It was just too much.
I was so confident in my ability to make sales in other people's business that I started making offers where I provided a money back guarantee. You’ll make your investment back because I know I can help you do that. People were going crazy for them and they were being sold out.
What I learned in all this was that although I thought I was doing what was in the most service by doing everything for my clients, I actually wasn't helping them as much as I thought I was because it was causing codependency. It meant they had to stay on and I needed to keep doing their copy. They needed me to stay on top of things for them.
Am I over delivering so much that I'm not giving them a chance to step up to their personal responsibility and create independence?
Ultimately that is our goal as a coach, or consultant. Isn't it more powerful and valuable if you did consulting that you trained their team so that they are independent and can go off on their way? You can come in, deliver on that and then leave.
As my children started to become more independent I realized that there is a lot of value I'm not able to give my clients because I'm trying to do everything for them. And I’m trying to control things in their business whereas instead I need to be focused on empowering them instead.
That completely changed my mindset about over-delivery and instead I Went to this mindset about where instead the best service I Can give is to empower them. Instead of overdelivering my mission became to empower them.
That also made everything feel much lighter because I didn't feel responsible for all of these businesses. It helped me to remember that this is the most beautiful gift I can give them because they’re gonna be able to turn around and make that happen for themselves moving forward.
Once we get past the barrier that is under charging and over delivering we can really start to increase the income that the business brings in. Another way to increase the income without sacrificing all our time is switching to a group coaching format.
Imagine service to all your clients in one hour instead of 8 hours. What would that do for you? What could you do with that extra time? Group coaching programs aren’t a walk in the park though. Launching in particular is a bit different than your one on one counterpart. I want to ensure that your own group program launches without a hitch, so I’ve compiled a checklist to do just that. Get the Ultimate Group Coaching Launch Checklist Here.
Ready to build a sustainable, thriving business that will deliver consistent recurring revenue and help people all over the world while you work less?
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