3 money issues you need to get over. For ever.
Let’s talk about money. I’ve got 3 stories to tell you…
- The Large Check Paradox
- The Problem with “They can’t afford coaching…”
- Test The Yes
I recently got an email from a member of Project Kairos. She’s a coach and consultant and a former sales director.
She was feeling mixed emotions. You see, she’d just signed her first ever $30,000 client.
On the one hand, she was thrilled to have accomplished this within 12 months of setting up her coaching practice. She sent us a sweet note: There is no doubt at all that is down to Rich Litvin and the whole Project Kairos community. So a massive thank you to you all.
On the other hand, after a short period of excitement, she’d realized that she was full of fears. Would she be able to serve the client powerfully enough? And how on earth would she deliver over $30,000 of value?
Signing a 5-figure or 6-figure client is awesome. It’s a sign of the impact you’ve had as a coach and the trust that your clients have in you.
And it brings with it a “quality problem” that follows each time you sign someone who sends a bigger check…
1. The Large Check Paradox
If you wish to create more and more high-performing clients and to receive larger and larger checks, as time passes, you need to be ready for what comes next.
It’s a feeling.
And it’s intense.
Each time you receive a larger check than you’ve ever received, you’ll celebrate for about 3 minutes and then you’ll start to doubt yourself, you’ll feel like a fraud, and you’ll wonder whether you can really create the value that you promised…
It’s called The Large Check Paradox. And it has a counterintuitive solution. In fact, it’s not meant to be solved!
You see, if you wish to serve more and more extraordinary clients… And if you wish to make more and more of an impact… And if you wish to change the world, one client at a time… Then you’ll continue to be paid with bigger and bigger checks.
And there’s a price you’ll pay for that. You’ll continue to feel like an imposter for the rest of your life…
It’s worth it.
Get used to it.
2. The problem with “They can’t afford it…”
A coach wrote to me and said, “I wanted to make a proposal to a potential client but I was keenly aware of his difficult financial situation…”
Here’s the thing about making assumptions about people’s finances:
- I have a friend whose business was in difficult financial circumstances … until he sold his home and paid off his debts.
- I didn’t have the money to hire one of my former coaches. He charged $150K a year … It took me many months but one day I called him and said, I’m in.
- One of my clients told me recently that she’d read everything I ever wrote for 7 years … One day, she sent me a check for $15K and joined Project Kairos.
- One of the members of 4PC – my community of high level leaders – is a former SVP, who has transitioned into coaching. New to this career, it was the first time in her life she’d ever seen her bank account start to go down, instead of up. It was scary but when she was ready she invested in the next stage of her personal growth and professional development.
Almost no one has a budget for coaching. I’ve even had 3 separate millionaires tell me it was too expensive to work with me.
Don’t focus on other people’s finances. That’s their job.
Play the money game.
And make up your own rules. Here’s mine:
When I serve people powerfully enough, they’ll do whatever it takes to create the funds for coaching… And I’m in no rush.
3. Test The Yes
A coach wrote to me that she was sad because a potential client didn’t want to give her a yes on the spot.
I told her that I never want someone to sign on the spot.
When someone says, “I’m in.” I slow them down.
“Are you sure? This will require a significant investment – of your time, energy and commitment, as well as money. Is there anyone you need to check in with about this? Your spouse, your business partner, your CFO?
Let’s sleep on it. If you wake up tomorrow and you’re still a Hell Yes – and so am I – then we’ll make this happen.
And if you’re anything less than a Hell Yes, you’ll feel no sense of guilt or obligation. You’ll be a clear no, instead. And that’s perfect, too…”
It’s such a rare thing, to experience someone willing to walk away from your money, that it feels really good to people.
If they’re a no, they’ll never forget your graciousness…
And if they’re a yes, they’ll be a much more committed yes…
Extraordinary coaches ignore the traditional sales advice about handling objections and dealing with NOs. Instead, they test the YES.
PS. Join me at California Deep Dive this May. There are only 3 spots left. There are ten spots in total and the first 7 have already gone! Deep Dives have always sold out, so don’t miss this one.
PLUS, whenever you’re ready – here are 4 more ways you can drastically increase your income and impact as a world-class coach:
- Read my Coaching in Challenging Times Playbook
- Join me on How To Coach A Superhero: The 4PC edition. Watch me coach some of the top coaches on the planet, in order to become one…
- Apply to join the 4PC waitlist. We’re meeting in Curaçao and Italy in 2023. Alaska, Portugal and Iceland in the years ahead.
- Apply for 1:1 coaching with me in Q2 or Q3 2023. (Thinking Partnership, Protégé and Concierge Trusted Advisor)