Do You Ever Wonder if You’re Charging the Right Fees?

You were a new external coach.  You just finished your training and you couldn’t wait to start coaching real clients.

You’re first thought was around how to get those clients.  Marketing.  OK, you got busy.  Logo, website, business cards.  Check, check, check. You were ready to go.

Remember “Follow your passion and the money will follow.”  Why wasn’t that working for you?  Maybe you should try the “Law of Attraction” or something else?

You didn’t want to be salesy. You quoted hourly fees that potential clients compared to their salary.  Neither of you think about what it cost you to be a coach.  That hourly fee is not your salary.  More on this in a minute.

So you tried setting your fees different ways.  Charging what other coaches charged.  Charging what you think the person you’re talking to could afford or would actually pay you.  You dreaded hearing “What do you charge?”   Sadly, your potential client senses this.

Is there another way to become the coach you dreamed of being?  The answer to this question is ‘Yes”. The correct option will also help you reach your coaching goals no matter how long you’ve been a coach.   The least you’ll get is confirmation that you’re doing everything right… which is also a good thing.

What Works for Solo Professionals?

 Promise to keep reading, because I’m going to ask you to look at being a solo coach differently. Ready:  Coaches are self-employed people.

Start with What You Need to Charge.  Here’s Why!

Don’t you start with the end in mind for your clients?  Let’s say you want to have and help enough clients to pay you enough to cover your salary, your business expenses, and taxes, etc. For many coaches this is the real end they have in mind.  How about you?

Why “YOUR SALARY” Comes First

As a coach, you tend to be heart centered and choose coaching because you want to help others. If so, starting with what you need to pay yourself a salary may feel uncomfortable.  But just consider it for a minute anyway please.

Starting with the end in mind answering the “What Should I Charge?” question is the 1st logical question to ask and answer. Put your own oxygen mask on first before you try to help anyone else.

In this case, your oxygen mask includes knowing what your business expenses are. Some examples are:

  • Paying your salary
  • Paying the taxes you’re liable for
  • Paying for your insurance
  • Providing some kind of savings plan
  • Include covering sick days, vacations, holidays, personal days, etc.
  • Paying for your own continuing education and training
  • Paying for the technology you need
  • Providing office supplies, print cartridges, etc.
  • Providing Internet access, cell phone, etc.
  • Providing upgrades and maintenance for technologies you use

Are you interested in the simplest way to use the Cost Plus method for setting your fees? Do you want to be a better employer for yourself?  Helping Coaches really learn how to be a good employer, so you can make a living providing value for your clients, is what Business Skills for Coaches is all about.  Just go to the Business Skills for Coaches website and pick a time that works for you for a complimentary Business Skills for Coaches Discovery Session.

Learn more to earn more,

Barb

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