fees

2. FEATURE: Pricing and Negotiating Fees

One of the most difficult parts of coaching is figuring out what your clients are willing to pay. Most coaches think that their fee is a reflection of what they are worth but that is not the whole picture. Sure, your credentials play a part in your fee but not entirely. From the moment your client starts to communicate with you, whether in person, over the phone or through your website, they are getting a perception of your value as a coach. You can build a perception of value by adding things such as a money-back guarantee. Also, adding actual results in testimonials from your clients is an easy way to build value but only do so with their permission. 

I have had many questions from coaches about listing their fees on their website. Only include your fees if your desire is to screen your potential clients. If you are a new coach who is still building a practice, you probably don’t want to do this. Getting clients to coach is a top priority for a new coach so it’s best to remain flexible and negotiate after the free introductory session. 

The most important part of negotiating a fee is to get a commitment from your potential client. Before moving into the cost of your coaching, be sure to get their commitment to move forward with their goal. Once they make the commitment, they basically have said yes to your fee!

Here are some ideas:

• Are you willing to commit to this?

• Are you ready to commit to having these things in your life and doing what it takes?

Once they make the commitment, now you are ready to discuss your fees. Always present the discounted 3 month or 6 month option to your client first. Then you have the power to easily negotiate if needed. Remember, they have made the commitment so now they are ready to move forward and achieve their dreams. If they do have objections to the 3 month option, here are some great options:

• I do have a payment plan, but it is more money.

• You can always negotiate a one month trial only if they agree to move forward with the 3 months at the end.

• Try a 6 month option which is like paying for 5 months and getting a month free.

• You can run specials that are limited to the first “X” people who sign up for 3 months.

Part of negotiating your fees is offering discounts to friends and family but this can prove to be very uncomfortable. Some coaches are very successful at coaching friends and family and some have another coach as a referral partner where they trade friends and family referrals. If you choose to coach friends and family, it can be difficult to come up with a fee that you feel comfortable with. I have had quite a bit of success asking my friends what fee THEY feel is fair and going with that.

Don’t forget that the more your client pays you the more seriously they are going to take the coaching. There is no need to justify your fees. So be sure to increase your fees as you gain experience. Follow the saying, “you get what you pay for”. Your clients certainly know that.

***

Action

1. Write a fees script offering 3 month or 6 month terms. Memorize and practice it. 

2. Write an “objection eliminator” or fee negotiation script. Memorize and practice it.

These two scripts will give you confidence and make discussing your fees second nature or at least more comfortable.

3. Add value to your site. Look at other websites and see how they add value. Post how you will add value to your site at the BLOG

***

This article came from an audio from Explode Your Practice. If you are looking for ways to get more clients right now, visit:

http://www.ExplodeYourPractice.com
 

Enjoy!

P.S. Got a comment on this article? Please add it to the BLOG