I clearly remember my first paying client. After 2 months of coaching, I received a check in the mail for something that I would have done without pay. So, why would I now make the shift to getting paid for something I’ve been doing for years?
Money Changes Things
You cannot be successful as a coach if you let money get in the way. Money helps your clients appreciate the value of what they are receiving in their coaching sessions with you. More than this though, it helps you to know that you are truly being valued. Money has to become part of the partnership with you and your clients. Then the question is, how do you make money as a coach?
1. You have to believe that you should make money as a coach.
2. You have to have a sense of the value of coaching. Coaching has tremendous value in the lives of your clients. Have you seen this to be true?
3. You have to understand your value as a person and as a coach. Money is simply an exchange of energy. What is that value of that for you as a person and as a coach?
4. You have to be willing to look at your coaching as a business and not just a hobby. Coaching can be your hobby, but businesses exist to make money. For you and for your business, how long will you be able to coach if you do not create a financially sustainable model? Coaching is not an expensive industry to get into, there is still a cost associated with being a coach. What will your business model look like so you can continue to help people?
Coaches Challenge
You might be tempted to push back with objections such as “I would charge clients if I had clients to charge”. But here are some questions you should ask yourself to challenge that:
– Do you have a business plan?
– Are you confident in your pricing model?
– Do you know/and are you confident in the ask for your clients?
– Do your prospects experience value from your very first conversation? Even before they consider becoming a coaching client.
– What percentage of your prospects are converting?
– How many prospects are you speaking to each week?
Key Takeaway
The finances don’t drive everything else in your business. But the finances of your business will shape the quality and diligence that you are bringing forth as a coach. Increasing your rates ensures that you will keep your edge sharp as a coach and that you will continue to bring a high level of value to each and every coaching conversation with clients and prospects.
Members in our applied learning community, Coach’s Edge, are experiencing greater success in their coaching relationships and practices because they are beginning to take their businesses more seriously. What will it look like for your and your business to begin to treat your business like a business? What tweaks can you make in your business plan or pricing model that would keep your edge sharp, increase your value to your clients and drive your business forward?
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