It was early 2010 and I had just put the deposit down on my first coaching certification. To say I was excited would be an understatement.
I thought about a career in teaching, but when I found coaching – well, that's when I knew I needed to do an about face in my career.
What I didn't realize was that my first coaching certification was just that – my first one and that within the next two years I'd move on to take on two additional certifications.
At some point I realized that I'd reached my coaching certification limit and discovered that I didn't need more certifications to justify my ability as a coach and began to focus on turning my knowledge and skills into profit.
So as I began to focus more on profitability vs. justifying myself as a coach and started looking at how I could charge more for my coaching services, I was given one piece of advice from my coach…
“Jeannie, you're undercharging for your coaching services, you need to charge what your worth”.
I automatically dismissed her advice and thought to myself,“Yes, one day I'll raise my rates when I've been coaching long enough to justify it”.
For years I didn't raise my rates.
And yet I wondered why I was working so hard, not making a lot of money, yet creating outstanding results for my clients.
Then one day it happened – a client showed me her rates and I realized that she was charging nearly 2x the amount I was charging for my own coaching programs.
It hit me like a ton of bricks, why wasn't I charging that amount OR even more?
In that moment I realized several things:
- I was undervaluing myself
- I hadn't listened to my first coach
- I had an issue around money, value and worth
- I didn't connect the dots between my knowledge, experience and being a coaching
- I dismissed all the training, work experience and didn't see their worth
From that moment on I decided to have a REAL conversation with myself about my worth and began to look at the value I could bring to my clients.
Taking it one step further, I decided to look at how I could position myself differently and did one powerful exercise that allowed me to charge what I'm worth.
Here's what I did…
- I made a list of all of my trainings, certifications, mentorship, education + the amount I invested for each. This allowed me to see exactly how much money I'd invested in myself to get to that point.
- I made a list of my years of experience in relevant roles. For example, when I wrote down that I had over 25 years of corporate sales experience and managed a sales team of 10 people, I began to see the relevance in how it helped me teach sales to my clients and in my coaching business)
- I stepped into the value of the transformation I provide for others – and in doing so, owned my worth.
Not everyone has this issue, but I do know that many of my private clients and mastermind members have had to overcome this challenge as well.
If you're sitting there thinking that you're not charging enough, it's time to look at valuing your knowledge, training, experience and ability to get results.
So tell me – are you charging enough? Do you think you have room for improvement? Where can you make a change in your pricing to properly reflect your value? Go ahead, feel free to share thoughts and comments below.
PS: If you're struggling to grow your coaching or service based business and need support with how to achieve six figures and beyond, let's set up a Discovery Call to determine what you need to shift in order to reach your revenue goals. Click here to complete the Chat Request Form and we'll be in touch to set up a complimentary Discovery Call.