What! A Raise? Yes, a raise!
It doesn’t matter if you are a brand-new coach, or you’ve been in business a few years, actually supporting yourself. Eventually there comes a time, sooner or later, when you need to raise your prices.
Here’s where many coaches stall and get stuck. If you are new, you often don’t feel confident enough to announce a price increase. Your biggest fear is that the client or two you’ve landed will get offended and drop your services.
But guess what? Even more experienced coaches who ought to know better suffer from these same two problems. They work themselves into the ground for the most modest fees, terrified that they will lose a major client if they hike their prices.
Women traditionally have more problems speaking up and asking for what they are worth. Many because they know it’s a sad fact that a majority of clients will accept a price increase from a male service provider, but react with annoyance towards a female.
On top of that, perhaps you’ve made one or more of the mistakes new coaches often make. You are left feeling that now you’re stuck with the consequences.
No worries…here are the common pricing mistakes and what you can do about them.
Offering an introductory “special” at seriously discounted rates
Correction:
Put a limit on the number of units at that price
Put a time limit (ending date) to the special
Offering a creative service that is subjective (e.g. creating a graphic; writing an article)
Correction:
Specify the number of revisions
Prevent scope creep by setting other conditions too
Being apologetic or tentative about a price increase
Correction:
Stand firm on your fees and/or prices – they are non-negotiable
Negotiate terms, never price
Omitting to track your time
Correction:
Track your time, be clear on exactly how much money you are losing per hour
Knowing exactly what you are making will help you feel happy and justified in raising your rates! Maybe it is time for a raise.
Comment below and let me know some of the mistakes you’ve made during your journey and how you recovered.
To your success,
If you are a new coach and you’re ready to build a successful coaching business, connect with me for a FREE Clarity Call. During this call, I will help you get clear on how to go after your dreams of entrepreneurship and avoid the frustration and overwhelm in the process.
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