Most coaches I meet don’t charge enough. And when I say enough I mean enough to live on, create commitment that are meaningful, and be aligned with the depth of work they are offering their clients.
And most often the reason why is that they think they need to do something in order to raise their rates. They’re wrong. And here’s a list of the top 10 things you don’t need to worry about.
1. Become a better coach — Yes you should always try to be a better coach. But becoming a better coach is an endless game. If you’re very new to coaching then charge less and get some experience, but if you’ve been at this a few months to a few years, have worked with a good coach and gotten some training you can probably still raise your rates.
There’s no magic ability to cash connection in the coaching business. YES better coaches sometimes make more money, so work on getting better and ALSO raise your rates. If you want to become ‘good enough’ you’ll never get there.
2. Change your packages or offerings — Back when I charged $1000 a month my packages and offerings were more complex than they are now. Over the years they’ve gotten simpler and simpler. If you want to shift what you’re offering because you’ve changed or it feels aligned GREAT, but this isn’t needed to raise your rates. In fact it’s probably better to charge more for something you’ve gotten good at doing than charge more for something you haven’t worked the kinks out of yet.
3. Sign more inspiring clients — I don’t really even know what this means anymore though at one time thought this was THE answer to becoming a better coach. The truth is being inspired by my clients is on me not on them. Yes it looks good on your website if you coached a king or presidential candidate, but it does NOT make you a better coach. It may make you a more well connected one, but not much else.
Some of your current clients might struggle to pay more. Some of them could pay more right now. Some of them may not even be able to ‘afford’ what you’re currently charging. New clients or more inspiring clients change nothing. If you want to raise your rates do it, the clients you serve will likely change. But clients do NOT make the coach or the higher rates.