One thing I was told early on when I was a coach was that I needed to charge high fees and attract “high fee clients”. All I seemingly had to do to become a successful coach was to change my mindset and beliefs around charging high amounts and I would attract people who were willing to pay me a lot of money for my coaching.
However, when I first started out, I began charging relatively lower fees because I just wanted to get experience. I was testing out the waters and I increased my fees slowly. After some advice from a mentor, I increased my fees significantly and tried to follow the high-fee model. However, I noticed that whilst I was speaking to a lot of people, relatively few of them were signing up – and those that did worked with me for less time.
I knew I needed a coach, so when I hired Steve Chandler in 2014, I assumed he would be teaching me some missing information about how to sell more high fee packages and programs. But to my surprise, he took a different approach. He encouraged me to fill my practice first.
He said something I will never forget:
“If you’re a coach with high fees but have no clients, then you’re not really a coach.”
That really landed for me.
So I stopped increasing my fees and simply did everything that I could to fill my coaching practice, sometimes even reducing my fees.
When I work with coaches now who want to grow their coaching income and notice their practices are not full yet, I often suggest they reduce their fees and fill their practices first, just like Steve told me.
Usually to their surprise, they end up making more money with lower fees because they have far more clients and they get a lot more experience while building up their skill set of coaching. They also become more confident about selling their services and the value they are offering.
Listen to this clip from the course I did with Mark Howard to hear me talk more about this:
With love and appreciation,
Coach and Author of Sweet Sharing – Rediscovering the REAL You
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