One of the great things about having your own life coaching business is that you get to decide your pay for life coach activities. Unfortunately this doesn’t work out as well as it sounds for most coaches because they want to be nice and help people. Here are 5 things you can do to increase your pay for life coach work, and perhaps even pass along to your clients even if they are not in the life coaching business.
1st Way to Increase Your Pay for Life Coach Products and Services: Charge more. Sounds a bit sacrilegious to many coaches, I know. But you don’t help people get rich by being poor, and you don’t help people who are poor by being poor yourself. You have to transform the money side of your life coaching business instead of helping them. So don’t be afraid to charge for what your time is worth. Most coaches can increase their fees by 20 to 50%. And let’s face it; to some extent the more you charge people, the more they value your products and services.
2nd Way to Increase Your Pay for Life Coach Products and Services: Set up payment programs. Instead of having people pay the entire amount up from, allow them to make payments over 3 months. It’s easy to do, and that way your life coaching business will be able to reach people who might not otherwise be able to get your help.
3rd Way to Increase Your Pay for Life Coach Products and Services: Add more value. You can add bonuses, offer better programs, and create new products. Think of ways your life coaching business can make a difference for others.
4th Way to Increase Your Pay for Life Coach Products and Services: Create exclusivity. When something is exclusive, it is perceived as more valuable. My grandfather used to put a ‘sold’ sign on one of the cash registers he had for sale. Inevitably someone would come into the store and want to buy that one. I’m not advocating to do that in your life coaching business, but if you only have 20 spots open people value it more. And if they’re one of the few, they feel special too.
5th Way to Increase Your Pay for Life Coach Products and Services: Create a ‘Platinum Level’ or more expensive options. There will always be that 10% of your life coaching business that comes from people who want to buy the most expensive thing. Just make sure you add more value when you do it. Really do everything you can to take care of these clients.
Really the basis behind all these ways to increase your pay for life coach products and services is to value what you provide, and give your best. Especially in a life coaching business, you want to be constantly striving for ways to improve to make a greater difference in the lives of your clients.
Colette Seymann
JTS Advisors Designated Accountability Coach
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