Every Time I Raise My Fees I Feel Like a Fraud
A client who is a great coach asked me a question. Do I really need to fill my practice to raise my fees?
If you are new to coaching, I highly recommend filling your practice first because from that place it is far easier to raise your fees, when you do not ‘need’ a client. (I know far too many new coaches with high fees and no clients. And as we say in the book, a coach with no clients is not a coach!)
And there’s no single answer to this question. Several times over the past few years I have raised my fees because inspiration struck, I decided to play a bigger game or I simply wanted to.
What I found interesting is that almost every time I raised my fees I felt like a fraud. No one is going to pay me that… Until the first person does. And then I have the very same next thought every time, Well, that was just a fluke. No one else is going to pay that… Until they do. And only then do I begin to own my new fee. (Until the next time I choose to raise it, of course…)
The clue that my fee is too low has always been that too many people pay it without questioning it. The clue that my fee is too high has always been that too many people question it without paying it!
Over time, I have discovered that my fee has become a filter to weed out clients who are not truly committed to their vision, personal growth, professional development or their business. And for clients who are ready to invest I always let them know that coaching with me will cost a lot more than money. They will need to invest their time, energy, focus and commitment. And if they are ready to invest all that, well then we have the beginning of a Hell Yeah coaching agreement.
What is your biggest challenge around coaching fees?
PLUS… Whenever you’re ready, here are 5 programs that will help you increase your income and impact, as a world-class coach in the coming months:
- Join Transition Excellence, my 6 month, self-paced training for high performing leaders transitioning into coaching. You’ll learn the skills, mindsets and strategies needed to create powerful, profitable coaching practices. Plus, you will join our private member only community. And, TE is ICF Accredited.
- We’ve opened the doors to Project Kairos 2.0. This is the most in-depth way to get my support on creating clients – for an entire year. You’ll massively increase your professional confidence. You’ll learn world-class skills for enrolling and coaching highly successful clients. You will 10X your impact, your income and your inner peace. So you can do the same for your clients.
- Join the 4PC Accelerator, a high pressure environment where you can be challenged and supported by the members of 4PC. We’ll help you develop your own community and become known as the expert in your field. You’ll find it hard not to grow, surrounded by the most talented, driven leaders I know…
- Money. Money. Money is an immersion training to help you coach clients to live a Prosperous Life, as you live yours. In this new training you will understand how to master the game of money, help your clients handle their limiting beliefs around money, and become financially fearless.
- My favorite program over the past two years is back. In How to Coach a Superhero I’ll be mentoring and coaching 5 highly successful coaches. I’m going to teach you how to coach extraordinary top performers. At the very same time, I’ll be teaching you how to do high-level group coaching.