“Who is going to pay you that much?”
Eight years ago, I was afraid to raise my prices.
It was 2009, I was standing in my kitchen making some (kick ass) spaghetti and telling my husband Scott, aka “The Silver Fox”, that I had decided to raise my 1:1 coaching rates from $175 and hour to $200 an hour.
I had already established a great business coaching individuals 1:1 and running group programs. But, I was booked to the max, and could not figure out how to increase my coaching income. My coaching practice hit multiple six figures, and yet, I knew that there had to be a way to grow my business even more, without adding more hours to my already crazy full day.
Scott was worried for me, “I don’t know. Will people even pay something like that for coaching?”
Needless to say, his doubt pissed me off. And it also prompted a coaching session with my own coach about worth and pricing.
Part of my problem at that time was pricing according to “money for minutes.” How much is an hour
worth? This pricing strategy is flawed and leads to exhaustion. Rather, “what’s the potential value my client will take away” is the key to authentic pricing. Pricing according to value—not just time is the secret sauce.
The bigger part of my problem was a lack of exposure to self-help entrepreneurs who were doing more than just individual coaching sessions. My tribe of role models at that time were the bomb dot com at individual and group coaching, writing amazing books, and some products, but no one at that time had streams of income that were scalable. (We’ve all grown up and that’s changed.)
“You can’t be what you can’t see.” Marian Wright Edelman
I had to assemble a “Board of Directors” that was beyond my usual watering holes. Research helped me discover new ways of doing things and entrepreneurs who were creating programs, communities and products that blew the doors of my creative mind WIDE OPEN.
Not only did I change how much I charged, I began creating products and services that felt much more creative and exciting to me. Fast forward to today, and I am proud of the business that I’ve created out of my home office. And, I no longer “consult” the Fox on my business pricing (LOL).
If you feel stuck, I challenge you to find a mentor or role model who is SLAYING IT, and study them. If they can do it, you can do it.
PS. I know we’re already over a week into 2017, but if you want some help setting your rockstar goals for your life and business, check out this free training.