Raising your rates is never just about asking for more money.
It’s all about moving to the next level of your business, and being future-focused, rather than falling back on the past to define who you are and what you charge.
The mindset is this: The past only serves to define who you were, not who you are becoming.
Here are 7 ways to raise your coaching rates AND support you in owning your worth as an empowered, feminine leader of your coaching business:
1. Focus Your Rates On Your New, Ideal Client
Raising your rates is the perfect opportunity to redefine who you’re working with. One of the big shifts women in my money group coaching program make comes from asking, ‘Who would you most love to be coaching?’
Higher-end clients are easier to work with (they’re motivated and tend to have a no-excuses spirit), are incredibly soulful (they’re willing to do the inner work that makes them joyful to coach), investing in coaching makes sense to them, they refer their friends and colleagues (giving you more ideal clients) and they up-level your brand as a boutique coach who does amazing work.
What do you need to believe about yourself to start working with higher end clients?
2. Lead With Value, Not With ‘Features’
Trying to ‘sell coaching’ is extremely difficult and turns the beautiful, transformational work you do into a commodity. Instead, focus on how coaching together will move your client closer to achieving their big goals and how it will create both tangible results and positive emotions for them.
3. Offer Payment Options
Changing your payment options is an easy way to increase your fees AND increase your cash flow at the same time. Here’s how: For years we’ve offered our coaching packages with the client’s choice of the full pay option or a payment plan.
The payment plan always adds up to more than the full pay option by 10-15%. And for goodness sake, don’t feel guilty about this! Some clients love paying in full and taking advantage of a savings, while others appreciate making payments that may be easier on their budget. Thanks to me valuing full pay, we experience 65% of our clients taking advantage of our full pay option, which creates loyal, committed clients and fabulous cash flow in my coaching business.
4. Quote with Confidence
You can quickly vanish any nervousness about quoting your new fee by practicing saying it first, out loud, to yourself 100 times over the next day or two. By the time you say it to a client it will feel as easy and natural as asking to, ‘please pass the salt’.
5. Let Go Of Guilt & Resist the Urge to Justify Your New Rates
You’re not a terrible person for wanting to make amazing money in your coaching business! Six and seven figure women in coaching are compassionate, caring women who think of their clients’ best interests, but caving in to guilt doesn’t serve them OR you.
As a coach you are seen as a leader, always looking at the future of what’s possible for your clients. When you charge more, you’re asking them to up their game and step into their highest level possible.
And if you’re feeling the urge to justify it’s a sign there is more money belief work for you to do about worth and value. Tony Robbins doesn’t apologize or justify charging $10k for a 5 day workshop (trust me, I’ve paid the fees to attend his workshops and the vibe is all about owning your worth).
6. Difficult Or Freebie Clients? Free Yourself From Them By Raising Your Rates
Every coach has at some point experienced having clients who won’t take action, stay stuck in their story, leap from excuse to excuse, or who are excessively demanding.
As a coach, your energy is one of your prime assets and it’s up to you to protect and nurture it. You literally can’t afford to tolerate clients who are not up to the level you want to be coaching. Difficult or demanding clients are often a sign that you’re charging too little (but you knew that already).
Raising your coaching rates will free you to work with lovely, awesome and amazing clients who remind you daily of why you love being a coach!
7. Master Your Money Beliefs About Sales, Money Conversations & Making More
Your money beliefs are the emotional triggers that determine your confidence talking about money and making an offer in an enrolling conversation, whether you’re marketing in-person, on the phone or online.
Think of your money beliefs as the gateway that allows you to make more and feel awesome about yourself and the work you do…versus creating unwanted money blocks. They can cause either result which is why learning how to quickly and effectively press reset on your money beliefs is one of the most valuable skills you can master for both increasing your income and up-leveling your self-worth.
Note: If you love step by step training on how to BE a coach and create a lucrative coaching business, be sure to join my Facebook Group: The Tribe of Courageous Coaches. The Tribe is our fast-growing community specifically for women in coaching who are ready to own their worth, and create their own economy.
The Tribe of Courageous Coaches is where you get my very best free content on all things coaching: coach training, pricing, money mindset, coaching business best practices, and so much more. Click here to request access now.
