“I’m a bit torn on the price to be honest Arnold, when calculated back, the hourly rate is super high.
These rates are the highest I’ve seen in any profession. I do see the value for both parties, the price just took me back.”
I’d just raised my rates and my prospective client was freaking out.
Knowing when to raise your fees is one of the most crucial, ongoing decisions you’ll face in your coaching career.
Get it right and you’ll be thriving.
Get it wrong and you’ll be lucky to survive.
Unfortunately, most coaches have little idea or strategy for pricing effectively.
Even the thought of increasing your rates can feel scary and leave you in limbo.
Today, I’m sharing my insights so raising your fees can feel more uplifting than unsettling.
Let’s dive in.
Why is it so unsettling to raise fees?
Pricing is like walking a tight rope.
On one hand, you want to be competitive to attract and retain clients.
On the other, you want to ensure your rates reflect the quality, expertise and value your service and client experience deserves.
This internal conflict creates tension which makes the prospect of increasing your fees feel daunting.
The secret is to find your “sweet spot.”
Why does it matter?
Pricing isn’t purely about income – it’s a statement about what you bring to the table and the perceived value your client anticipates from working with you.
Undervaluing your services can lead to burnout, resentment, and a feeling of being unappreciated.
Overpricing may spook potential clients away.
Finding the right balance, ensures both your professional sustainability and client satisfaction.
Copycat pricing isn’t the answer
Before you jump in and mirror your competitors pricing or stick to industry standards, take a step back.
It’s good to be informed, but not at the expense of the unique value you bring to market.
Competitor based pricing fails because it doesn’t consider individual circumstances, unique skills and personal operating costs.
When blindly applied it can lead you in a merry cycle of undervaluing your services and overworking yourself.
I call this “persistence in subsistence” and it’s vital to break the chain.
8 tell tale signs you’re due for a rise
Instead of mimicking others, be yourself.
#1 You’re Ready to Grow:
Growth often requires investing more into your business, and this investment should be reflected in your pricing.
If you’re taking steps to upskill, expand your client base, or invest in your business infrastructure, these are signs that you’re ready to grow and, in turn, could indicate it’s time to increase your rates.
#2 When You’re Helping Others to Grow:
As a coach, your main objective is to facilitate growth in others.
If you’re consistently helping clients achieve their goals and make significant strides in their personal or professional lives, it’s a testament to the effectiveness of your coaching.
This outcome-based evidence is a strong justification for increasing your fees.
#3 When You’re Able to Own Your Skills:
Confidence in your skills and abilities is crucial.
Once you’re able to fully own your skills, not just theoretically but practically, and see how they influence your clients positively, it might be time to reflect this confidence in your pricing.
#4 When Your Skills are in Demand:
Demand is a significant indicator of value. If you’re frequently booked, have a waiting list, or clients are referring others to you, it’s a sign that your skills are in high demand.
This is an optimal time to consider raising your rates, as it reflects the market’s valuation of your services.
#5 When You Know Your True Value:
Recognizing your true value goes beyond understanding your skills—it’s about understanding the unique transformation you provide to your clients.
When you fully grasp this, it’s a signal that you should reassess your fees to align with this profound impact.
#6 When Others Trust Your Worth:
Clients are willing to invest in your services when they trust in the value they’ll receive.
When you have built a reputation and your clients demonstrate their trust through testimonials, referrals, or simply by sticking around, it’s a good indication you can command higher fees.
#7 When You’re Achieving Your Goals:
If you’re hitting your professional and business goals, it’s a sign that your business model, including your pricing, is working.
But if these goals include growth or expansion, it might be time to raise your fees to align with your new objectives.
#8 When Others are Achieving Their Goals:
As a coach, your success is inherently tied to your clients’ success.
If your clients are consistently achieving their goals with your help, it’s a strong indication of the value you’re providing.
This level of value can and should be reflected in your pricing.
Here are 4 questions to consider
- Is my pricing reflecting my unique value proposition?
- Do I regularly review my pricing strategy
- Where am I over-delivering and under-pricing
- Do I systematically evaluate client satisfaction
By looking for these signs and integrating them into your pricing strategy, you’re ensuring a holistic approach to raising your fees – one that is based on growth, value, and successful outcomes for both you and your clients.
That sounds like a win-win.
This weeks’ action step
Have you raised your prices yet?
Try saying out loud a rate that’s slightly higher than what you’d like to charge.
Repeat it ten times daily for a month.
This exercise helps you become comfortable and confident with your new rate.
The more familiar you are with it, the easier it becomes to convey it confidently to your clients.
By consistently imagining and practicing this new level of energy, you’re not only mentally preparing for the transition but also manifesting your worth.
P.S. Oh and if you’re wondering how my prospective client turned out?
“I’d consider: with option to keep renewing every quarter: Good Low risk option and if it works, you have a continued customer: ( I have quartered your annual offering)
It’s been nearly two years now and not only are we’re still working together, I’ve coached and run various workshops for his executive team.