191: Low Pricing Could Kill Your Coaching Business

In this episode I’m going to give some tough love to those of you that are charging low prices because you figure you’re a relatively new coach and that’s what you should do until you have more experience. Find the full transcript of this episode at prosperouscoach.com/191The reality about charging low prices at the start of your business is that it could stop your business from getting off the ground. It can even be a form of self-sabotage.I get it. There’s fear of rejection. There’s not believing that you’re worth it. Usually that’s an unconscious belief that’s driving your actions. I’ve been there too.But I’ve learned a strange secret and that’s this … the sooner you ask for higher prices the sooner you’ll get them. And you must earn well to survive in your business.Think of it this way you’ve already done your apprenticeship in your coach training program. It’s time to graduate to being a business owner and pricing for profit.Profit isn’t a bad word. It’s net income. It’s the wages you give yourself minus expenses. If you aren’t profitable, your business can’t survive much less thrive.Sounds ridiculously simple doesn’t it? It’s true. And what’s more is that the sooner you charge more for your coaching services and get it the quicker those worries about rejection and not being worthy will melt away. So you help yourself to cross that threshold sooner.Look … you KNOW what’s too low. You know when you’re shorting yourself.It’s a smart strategy to have an introductory rate for your first 5 clients. But don’t make it too low or you start to build expectation within yourself and the marketplace that you’re not up to the task.And women coaches … hear this … I rarely see men charging low prices as a new coach. You have the control to boost your earning power in your own coaching business.And let me assure you … you charging prices that will sustain you will not hurt anyone. In fact, when your clients invest in themselves with your coaching they win too because they have given a big YES to themselves.So, let’s look at one dynamic and smart action you could take to immediately shift your approach and stop sabotaging your success with too low pricing.Stop Charging By the Coaching SessionRaise your hand if you’ve ever priced your coaching by the session or by the hour.You’re not alone in that. I raised my hand too. I used to only sell coaching by the session in packages. That kept me spending more than I earned.Now the only time I charge by the session is for my one off 90-minute Strategy Session. It’s where a coach can hire my expertise to help them choose a smart target audience and coaching niche that leverages their experience and talents.Let me demonstrate why this is strategic on my part …Read the better way to pricing here. Rhonda Hess helps new coaches leverage their zone of genius into a profitable coaching niche and launch with confidence. For VIP step-by-step support apply for Rhonda's VIP Coaching Business Breakthrough Program here and she'll be in touch to invite you a discovery call. Or if you're stuck on your coaching niche, grab a Nail Your Niche Strategy Session with Rhonda here.