When you’re starting out as a new coach, the issue of determining what to charge for your coaching services may cause you great stress or hesitation. In some cases, you may even decide to coach people for free. While some pro bono work can be a good thing for your business and your desire to give back, you need to be careful of selling yourself short.
In fact, there are several reasons that new coaches may be struggling to charge appropriately for their services. The first is the coach’s kind-hearted, well-meaning nature. Many coaches are givers. After all, helping people is one of the main reasons people are drawn to this profession. Perhaps they are used to providing free advice and support to friends, family, or colleagues because it’s simply who they are as a person. However, as time progresses it can be difficult to break this cycle as these same individuals continue to reach out for assistance. The inclination can be to respond immediately and continue on as that constant source of support, free of charge. However, this does a disservice not only to you as the coach, but to your paying clients as well. In these instances, it may be best to tell the individual that the next time they are in need of assistance, you will need to charge them in accordance with your standard policy.
Another common fear is that people won’t pay for services. This can lead to charging very little or well below what your services are actually worth. Especially when you are first starting out, it can be challenging to see the value in what you have to offer. It’s easy to feel threatened by the knowledge and presence of more experienced coaches. Some new coaches even experience the “impostor syndrome,” or feeling like they are a fraud. After all, you don’t have as much experience as a seasoned coach, and you may start to believe you couldn’t possibly charge a similar fee. In actuality though, it is the coach’s authenticity and their ability to garner real client results that truly matters, not experience. Clients hire coaches because they want to solve their problems. They need help in getting from Point A to Point B. If that journey is achieved, that’s all that matters.
Another troublesome hurdle to overcome is that many coaches do not have a background in sales. While it’s not imperative, having the ability to define a price, communicate your value, and successfully sell your services is priceless. However, like many other skills, selling can be learned. Adopting these skills can make the process much easier and less daunting. This is also where having a coach of your own can really come in handy. Having someone in your corner who can provide support and wisdom when it comes to creating offers, prices, and crafting a sales pitch is invaluable.
Overcoming these hesitations is made much easier with time, the ability and willingness to learn, and the support of a coach. While it may seem scary at first, holding your ground and placing a firm value on your services is the best thing you can do to set yourself up for success in the coaching business.
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