The Price Of Your Services
When you are new and insecure in your business and still don’t have enough confidence, you may have moments where you underestimate yourself. A client comes to you and asks the price of your sessions, and you are embarrassed to name your price even though it's already quite reasonable for the service you're offering. The potential client declines your offer, and you can’t seem to understand why.
What exactly has happened here? Lack of confidence. It's all about how you see yourself and your expertise. Imagine that you approach any other client and name a price, perhaps even too high by your standards. If, in that situation, you really see yourself as an expert in coaching and your attitude shows it, the person across the table will feel much more comfortable giving you their trust, money, time, goals, fears and dreams; they will be willing to pay more for your services.
The first client did not believe in you since you didn’t believe in yourself, either. What prevents coaches from charging their clients as much as their service is really worth?
Our coaches from Erickson Coaching International have seen many amazing and capable individuals who, without even being aware of it, named prices based on fear and doubt, out of limiting beliefs typical of those of a new business. They should have focused on their business strategy instead.
Without enough confidence, the way we think about money and its value will make them plunge, will lower our prices, or will keep them stable. This will make the original vision of our business fall apart. Why does that happen? Simply, our activities are guided by our beliefs. It would be good for us to recognize what the beliefs are that prevent our business from developing.
How do I set prices for my services?
- Appreciate your expertise.
The prices of your services should be based on your results, expertise, knowledge, as well as the help you have already provided to your previous clients.
- Pay attention to your competition.
Pay attention to your competition in the market and try to adjust your prices accordingly. If the services you provide are better, it is only logical that they are more expensive.
- Adjust the quality-price ratio.
The market takes into account supply and demand in the process of setting prices, and you should also take the quality of your services into account. Your target group constantly looks for the best value on the market (in terms of quality-price ratio), not the cheapest service.
- Determine the costs of your coaching education.
One of the key points in setting prices for your coaching services is making sure that it covers the cost of coaching education and certification. It is necessary for you to know how much money you have invested in your professional development so that you are able to profit from your services.
- Always keep profitability in mind.
If you want to be in the business of coaching long-term and make a living, you need to pay attention to your finances. Focus on every single detail while making your financial plan, plan your expenses and think about whether you can profit long-term from the price you have set.