The following is an excerpt of David’s interview in Top Coaching Techniques.
Ingrid: Should we even have a credit card?
David: You can have a credit card, but only if you can control your spending and pay it off every month. If not, you can rip up your card or freeze it in a block of ice so you can’t charge at the spur of the moment.
Ingrid: I know someone who has done that.
David: Only use it in a real emergency.
Ingrid: Do you have a credit card?
David: I have two, actually. I love my credit card for the frequent flyer miles. But, only have one if you are controlling your expenses and saving. Next, list everything that you spend money on. Next to it write, ‘Is this something I could easily cut with no pain, with some pain, or I would rather cut off my left leg?’ Then look at how much you would save each month if you slashed this expense.
The following is taken from David’s interview with Philip Cohen in 10 Super Coaches.
What advice would you give coaches about charging clients?
Often new coaches undervalue their services. I believe in charging clients what you are worth. However, when starting a coaching business, there are two reasons to have clients: to make money and to have someone who can help you expand your skills. I like the idea of having a set fee and being willing to reduce it for a period of time to make it easy for someone to become a client. As they work with you, they will see your value and be willing to pay more.
The following is taken from David’s interview with Michael O. Cooper in 10 Super Coaches.
What method did you find most effective in getting your initial clients?
I asked friends and colleagues at my employer to try it out. I didn’t have a structure to master the complimentary session then, so it often turned out that the client was uncoachable or just doing me a favor. I did attract a few clients this way, but with a structure, I would have spent less time working too hard for little return.
Did you coach your friends and colleagues? If so, what invitation did you use that worked best and felt good for you?
I have coached friends and I’ve had incredible experiences – both good and bad. My recommendation is to refer your friends to other coaches you trust. Even though I had a few positive experiences, the relationship changed in a way that I was not prepared to accept at times. I also did not establish sufficient boundaries when working with a few friend clients – they would call me at all hours for coaching – one even asked me to coach him through a situation at a party while he was intoxicated.
The following is taken from David’s interview with Ernest F. Oriente in 10 Super Coaches.
What advice would you give coaches about charging clients?
A couple of pieces, number one: my observation, pricing is in your mind in terms of what you’re comfortable with or not in terms of your fees, so there’s a hurdle for coaches to understand about what their value is that they bring to an organization.
Number two, it is important to raise fees on a consistent and regular basis, although I make the distinction that I still have clients from 1995 and 1996 that I have never increased their fees. I only increase the fees to the new clients who are coming in.
The following is taken from David’s interview with Ginger Cockerham in 10 Super Coaches.
How would you suggest coaches find their niche?
I think that the secret is in the connection. By showing up in as many arenas as possible, coaching and speaking about coaching and allowing your niche to develop, you will attract the people who are your ideal clients.
If you have been a player in an industry in a previous life, use your advocates and start with that community. Experiment in several communities by speaking, networking, and writing in journals or newsletters that they read. You have the opportunity for your ideal clients to show up, be attracted to you and create magic together.
The following is taken from David’s interview with Bob Davies in 10 Super Coaches.
What were the biggest doubts you had in your early months?
The only doubts I ever had was that it cost me money to actually coach clients. Each moment I spent coaching was time away from marketing my more profitable speaking business.
I continued to coach however, because of the impact and feedback from the clients and because of the long-term nature of the relationship. Also, the income was more secure than the unknown from the speaking engagements and a diversified source as well. I made a deal with myself, if I’m going to take clients, then here is the marketing I agree to do to compensate for the time away with coaching…
