I see so many life coaches wanting to make a difference, but who end up undercharging.
Do any of these apply to you?
- You’re feeling stressed about not having enough money?
- You give your coaching away for free
- You’re feeling stressed about not having enough money?
- You regret what you’ve charged in the past, or feel some shame around it, knowing it isn’t enough
- You don’t feel confident about charging more
- You keep wishing you were financially secure, but don’t know how to get there
- You have a big dream to help people and make a big impact with your coaching, but feel guilty about linking that to making more money.
If so, you are not alone!
And if you are passionate about life coaching but it’s not bringing in the kind of income you expected, then I’m sure you know in your heart that where you are right now isn’t really cutting it.
And if you want to move out of under-earning and step into charging what you’re worth without all the drama, then I’m going to share with you one of the keys to making this happen as a life coach.
So, if you have a gap between where you are and where you want to be with money and wealth, then this will open you up to a whole new world of possibility.
It will help you get so much more ease and joy as you run your business, making all of the money you desire.
I meet with coaches daily who want to find a reliable way to earn more income from the important work they do, and it breaks my heart that they are stuck behind an invisible barrier of free or low-price coaching.
But here’s why you’re not earning enough:
It’s actually REALLY simple.
And it’s that you’re undercharging for your coaching.
If you’re doing everything you can get to get clients to pay you for an hour of work or a few sessions in a package, that’s the slow boat that never gets you to a financially viable business.
It’s a common misconception that charging as little as possible is an effective strategy for attracting new clients.
This has the unfortunate side effect of repelling clients who are looking for someone to provide a complete solution to an urgent problem or need.
The secret to breaking free from under-earning as a life coach.
If you want to make a positive difference in the lives of your clients and you haven’t yet got to the income level you want, you’re about to learn a critical strategy that allows you to work less, earn more and make a bigger difference.
This isn’t actually going to be about your wealth consciousness, akashic records, thought work or the law of attraction.
This is actually something very practical.
The strategy is this:
Offer a High-End Package that delivers a big result that solves an urgent problem, concern, pain point or challenge that your client has.
Doing this immediately moves you from chasing low-paying clients or accepting “whatever you can get” to being highly attractive to clients who are really motivated and value the transformation you offer.
These clients will pay anywhere from $2,000 to $10,000 (or more) for valuable results.
The best thing about this is that you only have to work with a small number of clients to make a great income.
Focus on VALUE not $ per hour.
Offering high-end packages helps you get out of the trading-time-for-dollars-model which means your income is always attached to how much time you spend coaching.
And in our desire to build a coaching business that is flexible and free as well as highly transformational, this just doesn’t work.
So that’s why when you shift to offering a high-end package clients actually invest in the value you provide rather than buying a chunk of your time.
This ONE change in your business – shifting from free sessions and hourly rates to high-end packages – changes EVERYTHING.
But don’t be deterred by the term “High-End”, this just refers to the level of service and value you will offer with your coaching, and that doesn’t necessarily mean more time with you or over-delivery, instead it talks to substance and meaning.
Don’t fall into the trap of believing it is snobby or elitist, and it aims to leave the people that need you behind.
It also doesn’t mean that it’s only for those life coaches who have plenty of experience and a great reputation.
Because the truth is, you can get started with offering a high-end life coaching package straight out of the gate.
And it is the best way to overcome under-earning and fast track your success as a life coach.
Premium Packages are all about providing your clients with big results and a deep level of transformation.
And when you do that, you are well paid for your experience and knowledge.
Here’s how I define a high-end life coaching package –
It is a coaching experience in either a group or private setting that delivers a highly desirable result or transformation in the most effective way possible.
High-End Life Coaching Packages = Amazing Transformation for your clients + generous compensation for you.
Notice there is a benefit on both sides and it is equally weighted, it is a win/win.
It is not an opportunistic strategy to pull money from your clients in an unfair exchange.
Instead, it’s the easiest way for your life coaching business to take off, and at the same time, and opportunity for you to serve at the highest level – all from a place of integrity and generosity.
It’s an opportunity to create a business that makes more money while doing what you love.
Look, here’s the idea behind High-End Packages.
You design a result for your client to achieve working with you in either a group or private setting in the $2,000 to $10,000 range, or even more.
However, it’s not just about raising your prices.
It’s about creating packages that deliver a deep level of transformation for your clients. Not just a stop-gap solution, but a significant result or outcome.
It’s my intention in sharing this concept with you that you learn from my own experience and that of what I’ve shared with my clients.
And in order to share this with you even more, I want to tell you about the 3 big secrets behind high-end packages that are the reason they work so well.
1. There Is Always Demand For A Premium Option
There are examples of premium offerings everywhere and proof that higher-level investments are desirable for a portion of the market, and in fact these people are the best candidates for coaching as they are open to growth, positive and determined to succeed.
They value themselves and their time and most likely will not expect you to do anything different.
2. You Can Grow Your Business With Fewer Clients Than You Think
Part of delivering on high-end packages at first is creating intimate groups or coach a small volume of one on one clients so you have capacity to serve and deliver at a high level as well as undertake the marketing you need to attract people into your world, each and every day.
3. High-End Packaged Are Easier To Sell
The way we connect with potential high-end package coaching clients isn’t necessarily the same way you go for the “onesies” and “twosies” and instead you need to get connected and go a little deeper with video and webinar marketing that leads to a call.
And because the result you offer is clear, specific and significant, they will be so eager to invest in the transformation, and getting them to a yes will be a joy.
And because they are investing more, there will actually be a deeper level of commitment on their behalf.
So, I want you to know that this can absolutely work for you too.
And how fast offering High-End Packages can build your income quickly.
Here are 3 options to earn $100K a year by offering a high-end package:
10 clients at $10,000 each. This way you only need one new client a month
33 clients at $3,000 each
If a $3K package feels like too much of a stretch you may want to dip your toes in the water at $2K and go from there.
When you compare this kind of revenue with single sessions at $100 an hour, the results are pretty different.
You need 100 hourly sessions booked to get to $10K a month, imagine!
When my client Talya came to me, she was pretty much doing this in her therapy business.
And she was feeling so burned out, and when I showed her what was possible with her own $3K then $5K high-end packages, she was absolutely blown away.
So, if you’re a life coach listening to this, I know you can do this.
You can take the leap and get started.
So that you can earn the income you desire and have a much deeper impact.
And if you want to get more package and pricing Inspo, make sure you download my free Pricing Guide for life coaches at victoriagibson.com/pricing-guide