Hey and welcome to issue 001 of a new section in my Substack called Coachprenuership™️ where I write about the ideas, strategies and stories behind how I built my low-six figure coaching business that might help you build your own.
Enjoy!
Last year in 2023 I more than doubled my revenue in my tiny kicking coaching business. And, I did it by working less than 15 hours a week while finding out how to charge more money, more effectively.
Today I’m going to discuss how I charged more and got over some of the queasiness of asking for more money.
The biggest problem in being a Coachpreneur is that they are queasy when it comes to charging money for their time/expertise.
Inevitably in a conversation a prospective client will ask “OK great, so how much is your training,” And, if you’re like me, for many years I would answer with, “Well, it kinda, sorta, maybe, kinda depends on what you’re looking for…,” And, instead of a clear cut answer, I dithered.
Dithering = losing business.
In six-figure engagements like admissions consultants for Ivies might charge, yes - some kicking back and forth on services and fees is usually common. But, when you are a private coach charging for on-field sessions, 98% of parents don’t want it complicated.
They want to know:
(1) How much?
(2) When/where?
That’s about it.
So, recently I’ve dropped trying to be a private coach selling to parents as a consulting firm might sell to their clients and have switched to being much clearer, and upfront with price, services and value.
“So, how much does training typically run?”
“Sure I do a minimum level of semi-private training with a 100% money back guarantee starting at $2,100 for 7 sessions with weekly and monthly check-ins on your player’s progress in addition to any questions you may have along the way. Most families use this for recruiting advise.”
Then, I stop talking.
Dan Kennedy once wrote the key to sales was learning how to “state your fee and then shut up”
I also like the idea of a “minimum level of training” or engagement.
I got it from Rich Webster’s course How To Work Less which I highly recommend.
It’s an easy way to suss out which prospective clients are serious and which ones are not. As someone who sells their time for money, and who is providing for a family with two small kids, knowing I have a client locked in for the long term also helps alleviate some of the cashflow ups and down businesses can bring.
Action Steps
So, here are your parting action steps if you find you’re struggling with charging more:
Step 1: What are you selling, exactly?
Get clear on exactly what you are selling. “I sell on-field training and development training for high school kickers who are seeking to play in college, particularly high academic ones” The more specific, the better.
Step 2: What is your fee?
Get clear on a rate that makes you at least 20% uncomfortable with asking someone to pay it. Odds are that it’s not that outrageous of an ask. If you are in the business of coaching people’s kids, and they believe your expertise is key in their child’s happiness and growth, they will enjoy paying that rate.
On the rare occasion that someone balks at your rate, you just say “OK, I really appreciate that feedback, you know, I’m trying to still build my business. Would you be open to having a conversation on what you think would need to be included in a fee like that to justify paying it?”
“Those who can’t discuss money don’t make it” - Blair Enns
You will shock yourself 80% of them time when people gladly pay the rate you ask.
Step 3: Set A Minimum Level of Training
When you are first starting out, you may need to hustle to find clients. But, no business is usually better than bad business. Create your own version of a minimum level of training policy.
Telling a prospective client that you have a specific company policy that you only take on X amount of families paying Y dollars for Z services will help you sift through who the more serious and dedicated clients are going to be.
“I only take on 10-12 families a year to train with a 6 month minimum training engagement of X dollars for Y services. As a coach who is selling time for dollars, I just only have so much time and try to only reserve training for more serious clients.”
For whatever reason, framing something like this as a “policy” makes the statement more digestible to potential clients than if you just conveyed it as an opinion.
That’s all for now, thanks for stopping by!
Brendan
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