Raise Your Rates with Confidence_May18
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>> In this lecture, we are going to talk about
how to raise your rates with confidence.
Take a moment to think about
what you're charging for your services now.
Are you charging $100 a month?
$200? $500?
Are you comfortable with the amount you're charging?
Or does it seem like you are not charging enough
to cover all your expenses?
It might even seem like you are charging too much.
Now, I want you to think about the goal
you set for yourself when you started this program.
If your goal was to make six figures
as an Integrative Nutrition Health Coach
or even just to replace your current income
through health coaching,
you can't do that charging $100 or $200 a month.
There just aren't enough hours in the day
or the week to privately coach that many people.
Also, consider that not all of your hours are billable.
Even if you did sign on enough clients
to meet your financial goals,
you'd be spending time outside of coaching
on administrative tasks, sending session notes,
and checking in with clients.
So not all of your work-week
will be spent actively coaching.
With that in mind, think about
how much you'd need to charge
in order to meet your financial goals.
Would you have to charge $300 a month?
$500? More?
In this module, we have included a handout
to help you get clear on your rates.
And we encourage you to post
what you discover in the Facebook group for feedback.
Now you might be thinking,
"Okay, I know I need to raise my rates
but how do I do that?"
That's a great question.
Let's talk about some of the practical steps
to raising your rates.
Then some of the internal ways you could increase
your confidence around asking for more money.
One, decide on your new rate.
Use the worksheet included in this module
to help you settle on a new rate
that works for you and your financial goals.
Two, update this everywhere.
While we don't recommend putting prices
on your websites or brochures,
make sure you update your program packages
with this new rate.
So that when you're talking to new potential clients,
you offer your services at the new rate
instead of mistakenly giving them your old rate.
Three, ask for it.
Once you've raised your rates,
it's time to get comfortable asking for it.
Next time, you're meeting with a potential client
and they ask you about the cost of your services,
tell them about your new rate.
You don't need to tell them that it's new
or that you've recently raised your rates.
You don't even need to explain yourself
and tell this perspective client
why you priced your services the way you did.
Simply state your new rate with confidence.
Now what if you don't feel confident asking for more money?
Maybe you realized you need to be charging a lot more
for your health coaching services
but you're not comfortable asking
for that much money in exchange for your time.
Don't worry.
That's not uncommon.
And we will walk you through
how to reframe raising your rates,
so you can do it with confidence.
One, understand your value.
As a Health Coach,
you are not just giving someone information,
nor are you simply "coaching" them.
You're changing their life.
For some of your clients, you may be giving them
a new lease on life.
Take some time to look at your past client's success stories
and the value you have given people in your life
as a Health Coach.
These success stories will help remind you
of the true value of your coaching, which is priceless.
Two, remember that your time is limited.
You can only offer so much at a time.
If you are not charging enough for your services
then you are likely doing some kind of work
to support yourself financially.
This takes away from the time
you could be spending coaching others.
Why not make your living doing what you love
and making the difference?
Even if you don't desire a fulltime coaching practice,
charging less for your services
will still require you to coach more clients.
This will eat up more of your time
in order to reach your income goals.
Three, charging more allows you to help more people.
I know some of you are probably like,
"That doesn't make sense.
Wouldn't charging more mean that less people
would be able to afford my services?"
While it may seem that way,
charging more for your services allows you the time
and financial freedom to be able to offer your services
for less to people who really can't afford a Health Coach.
To give you an idea of what this might look like,
think about how much free time
you have now to offer your services for free.
If you're like many Health Coaches,
you may be working a fulltime job to support yourself
and your family while health coaching on the side.
This leaves a very little extra time
to give back to your community
through free lectures and workshops.
Or by taking on pro bono clients.
However, if you were charging enough
as a Health Coach to cover your expenses
and pay your bills, you would free up time
so you could offer your services for free or at low cost,
to those who need it.
Four, your ideal clients will pay you what you're worth.
We've talked before about how your ideal clients
are not only the embodiment of your target market.
They are also willing, able,
and ready to pay for your coaching services.
If someone is debating with you on price
and they aren't moving past the money objection,
they probably aren't ready to work with you.
Let them go and move on to someone who is ready
and able to work with you.
Five, increase the value.
Sometimes, the easiest way to justify
increasing our pricing is to offer more, right?
Except that usually ends up with us answering text messages
all hours of the day and night from clients
in order to provide the most value possible.
And this is very draining and far from ideal.
Instead, find ways that you can add value
to the coaching relationship
that don't cost you a lot of extra time or money.
Perhaps, you can work out a discount for them
at a local natural food store
or at a chiropractor's office.
Maybe you could offer them a copy of your online program
as part of their coaching package.
Maybe you could offer more flexibility
with scheduling and cancellations.
Or if you practice another modality,
you could offer bonus sessions
as part of your private coaching.
Get creative.
There are endless possibilities for adding more value
to your private coaching.
Use these reframes when you're preparing
to offer someone your services at your new
and improved rate and see what happens.
Lastly, I'm sure some of you are wondering,
"How do I find clients willing to pay me my new rate?"
That's another great question.
Think about where you might find people
who fit your ideal client profile
and who would have the financial means
to invest in working with a Health Coach.
Would they be working corporate jobs?
Would they be executives?
Would they be at gyms or health food stores?
Take some time to think about
who would be able to afford your services
and would be willing to pay you for health coaching.
Make a list of the places
where these people might spend their time.
List out two.
The magazines, newspapers and online publications
they might be reading.
Write these down on paper
so you can refer back to them as these are the places
you'll want to focus your marketing moving forward.
There will always be people
who want to work with you for free or at a low cost.
But you want to focus your time and marketing
on those who are going to be able to afford your prices.
To recap, we talked about
how and why it's important to raise your rates
in order to make a sustainable living as a Health Coach.
Then we talked about practical steps
you can take to increase your rates
as well as internal perspective shifts
you can make to feel more confident
and comfortable asking for your new rate.
Finally, we talked about how to find the people
who are willing to pay full price for your services.
Remember to check out the "Raise your rates"
worksheet included in this module
to pinpoint the ideal price for your services.
See you in the next lecture.