How to set your fees and when to increase them
Happy Almost Spring!
Well, it feels like it here in Portland, Oregon anyway!
Ever wonder how people decide how to set up their fees?
What to charge?
Claim their worth?
I did when I first started coaching. It was shocking to me how some people charged so little and other people were charging…ready…..100k for a YEAR!
It was a little overwhelming to me.
It made me question what could I bring to the table.
What made me different?
What set me apart?
Let me share part of this process with you.
My clients consider me rather bottom line, to the point, direct, sometimes-
dare I say, adamant about what is in their way.
Even if they can’t SEE IT themselves, or don’t want to see it.
Now, they hire me for this because they know they are the kind of people who respect that, even if it is hard sometimes to hear it….like:
let’s drop the story, put it on the shelf for awhile, we have talked about it every session, let’s focus on what you WANT, not what you want to hold onto.
Sometimes pointing out where someone is stuck can be painful.
Or, when I have them go over and over what they themselves bring to the table for THEIR clients. Hold them accountable to their own genius.
Or, when they re-write their copy to really have power and impact!
Or, when they are trying to convince themselves of something and actually can’t come up SOLID ACTION TO DEMONSTRATE they really want what ever it is.
But, the results then speak for themselves.
Clients are adding new preferred clients, adding new high paying clients, being asked to speak all over the Country, being recognized and hired because of great recommendations, building their own confidence, soaring, blowing THEMSELVES AWAY!! I could go on…..
OH, I love that!!!
Part of my process for charging what I do is recognize what the RESULTS are to my clients….even those who struggle a bit at first.
So, here’s how you could do figure out how to set your fees…..
How’s business going for you?
Is this the time to increase your fee?
There is nothing quite as challenging in the beginning of your business than to understand how to price your fees, your packages or programs.
When you work for yourself the only one to set your price is YOU.
And YOU are so hard on yourself that sometimes YOU waaayyyy undervalue your expertise.
Think about it, when you get a “job” working for Jimmy Joe Bob, he has a little JOB DESCRIPTION and a SALARY SCHEDULE.
If you match most of the quailifications for the job, and depending on your experience, boom, easy peasy, that’s how you get your salary.
Now, when you have your own biz, and you are designing your own packages, how are you supposed to figure it all out?
The first thing you MUST do is to get very clear on what you are offering.
It all starts with your Signature Program. This THE THING that will help set you apart from all of the other service providers, coaches, consultants etc.
What is in your Signature Program that will assist your clients in a system toward their success?
What are the clear benefits you have to offer?
For example, in my packages clients receive a combination of mindset and business structures. Getting clear on all the money story issues all the while working on how to design their sales/marketing funnel (could be through Facebook ads, teleclasses, free talks etc.) how to close the sale (with an 80+% close ratio), define their ideal client and target market and many other benefits.
Clients want to have a clear system for to run on. What is your clear, precise and defined SIGNATURE SYSTEM/PROGRAM?
What is the specific way you assist clients with their mindset (aka: BLIND SPOTS & fear)?
Once you clearly understand who you want to work with (ideal client), how you reach out to them (marketing funnel) what your exact plan is (signature system)then you are able to figure out how long you will be working with them.
Some clients are perfect for a 90 day program and others are perfect for a 6 month program.
The main question is, what is their desired life & biz transformation? This will assist you in knowing what would work best for them.
Now to the pricing….
You are not pricing by the hour. When you design your package and program it is based on the RESULTS. Getting into trading hours for dollars, even if the dollars or more, is so much like a job.
You can decide based on the results you are going to be working toward, do you want to:
a. Price per session
b. Price per month
c. Price per package (90 package or a 6 month package)
Pricing per package, I believe is the best plan. You will have more stable income, you will bring more of YOU to the work because you will be able to have an end goal.
What actual dollar amount is based first on your own comfort level, and then multiply this by at least 1.5. So if you believe a package would be worth $1500 for 90 days, then up it to $2250.
We always undervalue our services. This is extremely common in the service industry. We take for granted our expertise.
Another way to think of pricing is, how much have YOU invested in your own coaching for your business?
If you are not in a high level coaching program, and you are not totally committed to paying for expert input, it is hard to wrap your own head around charging a premium.
After you have at least 5 clients who have paid your package fee, then it is a sign to increase your rate.
Or if you are closing 80-90% of your DISCOVERY calls or sales proposals, then it is time to up your rate.
Do you know how to package your services?
Do you know your ideal client?
Do you know how to market to them?
Do you want to have time freedom all while making 5 figures every single month?
Do you need support and help?
Schedule a BOLD LIFE BIG PROFIT CALL with Mary. Together we will map out how to go from zero to 10k+ all while having the time freedom you desire.