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This is How New Coaches Set Their Fees

Posted by Julia Stewart

Professional Coach Setting fees

You've decided to become a coach. Congratulations!

You're getting coach training. Smart! According to research by the ICF, nearly all successful coaches are well trained in their profession and most are certified. Trained and experienced coaches also make more money.

But at every step along the way to becoming a professional coach and launching a successful business, new questions arise. None is more important, or more intimidating, than setting your fees.

Are you stumped on setting your fees? Help is on the way! Read on...

The first thing to realize is that you will set and reset your fees many times during the course of your coaching career. So you need to get comfortable and confident with it.

Most coaches are confronted by Imposter Syndrome each time they raise their fees. They ask, "Am I worth it? Will my clients all quit? Will I make less money if I am over-priced?" First, no matter how much you charge, you will always be worth more than your fee. The "Am I worth it?" question, along with all the other doubts related to imposter syndrome, are products of your brain's negativity bias. We all tend to focus on the negative when we are stressed, uncertain, or feel vulnerable. That's one more reason why working with your own coach is so valuable. Second, your clients won't quit, if you handle setting and raising your fees well.In fact, you may wind up with even more clients!

One of the secrets of setting your fees is to find the fee that attracts the clients you want. Here's a quick story that demonstrates one effective approach to setting fees:

I was lucky. The Founder of the Coaching Profession, Thomas Leonard, helped me set my fees, 20 years ago, when I was a brand-new coach. Here's how...

My dilemma was that coaching paid more than the profession I was transitioning out of and I had a hard time justifying the higher pay to myself. I was a new coach and the clients for my first business were likely to become my first coaching clients. Previously, I had been a dancer and college professor who became a personal trainer while I transitioned into my next career. I lived in New York City where the going rate for personal trainers was $60 per hour. Life coaching starts around $100 per contact hour (business and executive coaching pay much more). How could I attract the same clients and get them to pay more for a new service?

Thomas said, "Why not just charge them the same to start and raise rates later?" Then my coach helped me flesh this out into a real strategy. I offered each of my personal training clients a free month of coaching (three half-hour sessions per month) to see if they liked it. Several of them took me up on it. The ones who wanted to continue, I charged $60 per half hour, or $180 per month. Since personal training clients usually paid me $240 for four one-hour sessions, the monthly fee for coaching was less for them, but I was making $120 per contact hour, a respectable starting rate for life coaching AND I used this strategy to attract my first coaching clients. It worked!

I found other clever strategies to raise rates over the next few years to build a solid living with coaching.

This approach may work for you, or if your situation is different, it may not. What I can guarantee is that getting expert advice and/or working with your own coach, will make setting and raising your fees a lot less stressful and attracting clients will get easier for you.

Would you like expert advice on setting your fees?

After coaching and training coaches for twenty years and working with literally thousands of coaches, I am an expert. Do you have questions for me about setting your fees? Would you like some valuable answers to those questions? What if you could attend a live Coaching Clinic and by the end of that webinar you could confidently announce your new coaching fee? How much more money will you make when you have set your fees with confidence and grace? How much more will you enjoy your coaching business? How many more clients will you help reach their goals and their full potential?

A smart fee structure creates a virtuous cycle for all.

Join me for the upcoming Coaching Clinic: How to Set and Reset Your Coaching Fees on Monday, July 12th, 3-3:30 PM Eastern/New York Time. It's FREE to current members of the Certified Positive Psychology Coach and Certified Neuroscience Coach programs. If you JOIN one of those programs by July 12th, you'll get it free too, PLUS you'll save an additional $500 by joining before tuition goes UP. That's $550 saved. Gee, you really are a smart coach! ;-)

If you aren't a member, no worries. You can still join this career-changing clinic for just $50USD. You'll still learn how to raise your fees in a way that is attractive to clients. It will help you make more money and coach more clients. PLUS everyone who registers for this clinic will get EARLY access to the new and improved version of our most-popular free eBook: Life Coach Salary

 

Ready to set your fees with confidence and attract more clients?

 

Register for Coaching Clinic: How to Set Your Fees

 

Topics: webinar, coaching success, ICF, life coach salary, Thomas Leonard, Certified Positive Psychology Coach, Life Coaching, new coaches, certified neuroscience coach

The Real Reason You Don't Have Enough Coaching Clients

Posted by Julia Stewart

Coaching clients - waiting by the phone by Glenn Harper.jpg

There may be millions of blog posts on how to get coaching clients, but some new coaches still need more...

Most "experts" at client attraction ignore the true underlying reasons coaches don't always have as many clients as they want. I'm going to address that here.

If you want more coaching clients than you have, most likely it's not because of your inability to coach, market, sell, or run a business, although, sometimes those are factors.

And maybe fear plays a role, but it may not be stopping you as much as this:

You don't have all the clients you want, because you're not addicted to getting clients.

You read that right.

A colleague of mine once told me she was tired of being a coach, because she didn't like doing all the things you have to do to get clients.

I asked her what she was doing to get clients. She said, "Nothing."

We both chuckled, but it's a deadly habit. Coaches don't reach out to potential clients and those people don't get the coaching they need.

Thomas Leonard called it, "I intend, therefore the phone will ring." Ouch.

Why don't coaches reach out more? Because they're not getting enough dopamine.

Yes, dopamine. It's the "reward" neurotransmitter. Everytime your brain produces it, you light up, giggle, and have fun.

Facebook, Google, Instagram, Fitbit, your phone; all have been cleverly designed to trigger shots of dopamine that get you hooked on them, which is why so many of us are glued to our devices. We are addicted.

In the case of Fitbit, the addiction may be a healthy one...

If you became as addicted to attracting clients as you are to your phone, you'd have a full coaching practice by now.

If you spent more intensely engaged effort of getting clients as you do at Candy Crush, you'd have a full practice, plus a waiting list by now. You need to swap out your Candy Crush addiction for Client Attraction Addiction.

How can you foster this Client Attraction Addiction?

  • Turn attracting clients into a fun game.
  • Make it the number one project in your life.
  • Invite your coaching colleagues to a friendly competition.
  • Create rewards for every step in the right direction.
  • Stop using social media and whatever else you're already addicted to and replace it with client attraction addiction (CAD).
  • Everytime you're tempted to reach for your addictive substance, take a step toward more clients, instead.
  • Surround yourself with positive people who acknowledge you whenever you have a win or even a solid try.
  • Share your good fortune with people who pat you on the back.
  • Avoid sharing with people who ignore your success, only point out problems, or just say, "That's nice."
  • Build positivity into the process.
  • Focus first on actions that are fun.
  • Continue actions that are both fun and effective.
  • Keep up the momentum.
  • Celebrate every win.
  • Create fabulous outcomes for your clients.
  • Let your clients become your ambassadors.
  • Keep going...

Looking for a way to make client attraction a fun game? Join Coach 100 Business Success. We'll give you the tools. Develop your CAD and fill that practice!

Fill Your Coaching Business with Coach 100

 

Topics: Coach 100, coaching success, new coaches, how to get coaching clients, client attraction, new clients

New Coaches: Which of These Entrepreneur Types Should You Be?

Posted by Julia Stewart

Coaches are often confused when first designing their businesses - and sometimes they feel guilty too! Maybe they think they're spending too little time with the kids, or bringing in too little money. Or maybe the house isn't as clean as it used to be, or key members of family aren't fully on board.

Relax: you're normal!

This infographic from My Corporation will help you see how you compare with other small business owners:

What Kind of Entrepreneur Should You Be?

 

New to the business of coaching, but want to attract clients quickly? Coach 100 has been helping coaches fill their coaching practices for a decade:

Download Your Free Coach 100 eBook

Topics: business coach, life coach, Coaching, become a coach, Coaches, Coach 100, coaching clients, coaching businesses, new coaches

What's Standing Between You and a Full Coaching Practice?

Posted by Julia Stewart

Whether you're a brand new coach or a veteran, one of the most painful experiences is to have too few coaching clients.

If that's you, read on...

What's standing between you and a full coaching practice

 

 

 

 

 

 

 

 

 

 

What’s the #1 thing stopping you from filling your coaching practice?

I’m a new coach

- SOLUTION: Time; stick with it

I’m shy, unsure

- SOLUTION: Experience creates confidence; so get to work ;-)

I don’t feel like a real coach, yet (credibility to self and others)

- SOLUTION: Start coaching, now and you’ll immediately BE a real coach!

I don’t know who/how to invite

- SOLUTION: You may need training to get started and enough practice that you'll learn everything you need

I’m too busy with something else

- SOLUTION: Commitment; stop kidding yourself! Do you really want this?

I hate to market

- SOLUTION: You need to shift perspective, because all human communication is marketing

I have a fear of rejection

- SOLUTION: Either feel the fear and do it anyway, or work with a coach or psychotherapist to get over your fear once and for all. For many people, doing the feared activity over and over reduces or eliminates the fear.

What's standing between you and a full coaching priactice?

Whatever your reason for not having the coaching business you really want, Coach 100 can help you get it.

Learn about the Coach 100 Program, by reading the free ebook. Coach 100 Basic is specially priced for a limited time.

 

Coach 100 eBook

Get the free Coach 100 eBook here.

Topics: coaching business, Coach 100, coaching clients, getting clients, new coaches

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