You’ve probably heard the advice “don’t undercharge” more times than you can count.
While this advice comes from a good place, it’s time to challenge the cookie-cutter approach of pricing services.
Let’s face it, as a coach, you often undervalue your work and undercharge your clients. This not only hurts our own businesses but also the market as a whole. But “just raising your prices” isn’t necessarily the solution.
Instead, you need to focus on creating value for your clients.
Charging less than what something is worth is where value is created. When you offer incredible value, your clients will see the benefits of working with you and will be more likely to invest in your services.
Of course, you need to make sure that you’re still making a profit and not sacrificing your own well-being. But finding ways to add real value to your clients, or to add leverage for yourself, is key.
Starting out with a price that creates massive value allows you to take the cost off the table, which allows you to get a better picture of why (or why not) people are actually hiring you. If you’re offering incredible value but still not getting clients, then you may need to re-evaluate your niche, offer, and positioning.
Once you’ve found your sweet spot and have a consistent demand for your services, that’s when you can start thinking about raising your rates. There are two possible indicators that it’s time to do so: you’re booked out or you see a way to provide even more value / lower costs for yourself.
The takeaway here is that pricing is a complex topic that requires you to think beyond just raising your rates.
You need to focus on creating value for your clients and finding ways to widen the gap between what you charge and the results you deliver. This will not only benefit your businesses but also the market as a whole.
So focus on creating value, charging what you’re worth, and making a difference in the lives of your clients. Together, we can change the game and revolutionize the coaching industry.