One question I am often asked by the coaches I work with, like really really often, is…
“How much should I charge?”
This question comes from brand new coaches just starting their coach training at the Co-Active Training Institute. It comes from seasoned coaches as well, and it comes from those who are beginning to hit their stride in business.
In my book Evolve Your Coaching Business, I cover this ground in a very basic way because there really is no “right answer” that works for everyone. Instead, I have guidelines I use to help coaches arrive at the answer to their money question.
Most often, these guidelines are rooted in mindset and honoring of values. Once those are established, we look at the stage of business and the marketing reach they currently have. After that are the expectations of their niche and the business model they have chosen.
So you can see there is not a simple answer to this question!
In honor of Valentine’s Day and what is often thought of as the month of love, I am going to write a series on your relationship with money. I have found that when you get clear on this relationship, all the other questions about pricing, spending, saving, and investing your money will be easier to navigate.
What is your relationship with money?
If you are like most of us, you will find it is much like your relationship with people. You probably have some good relationships, some that are even great, and perhaps there are one or two that are not happy-making at all.
Your relationship with money is much the same.
It depends. Money touches everything, every single thing you do.
So spending some time considering your relationship with it is worthwhile wouldn’t you say? I hope you will join this conversation and come to know your relationship with money so you can make it what you want.
Because, though there are many areas of life that money touches, each and every area has a common denominator – YOU!
So let’s start by looking at you and your money values.
Being able to identify your money values is one of the easiest ways to see what is important, what is not and to have one of the most solid guides I know of.
Values are simply what you care about most:
- What brings you joy?
- What has your heart open wide?
- What has you on the edge of your seat willing to do something risky?
- What brings you alive?
To make this really specific, I want to look at the money values you have as a coach in business. Often, the values you honor as a coach who loves to help people are different from the ones that will help guide you in your business.
You might have some, like integrity, that work for both your coaching and running a business, but I want you to take a look just at your business for a minute.
- What are your top 3 values when it comes to running a business?
- For your marketing and sales activities?
When I asked myself this question the other day, I found two that came to mind right away.
- I have a value for Right Compensation – the exchange of what I offer for the money people pay me.
- The next one is Residual Income. I love creating valuable experiences and outcomes for people that don’t require my presence.
- The third one I am calling No Coach Left Behind. I have a high value for any coach who wants to be trained to have access to that training no matter their financial circumstances. This is why I support Coaching For Everyone. I also believe these coaches should have access to business training, which is why I have created free and very low-cost options in my coach community.
When I string these three values together, my current business model makes sense to me. I am very happy with my work and my relationship with money feels solid as well.
I encourage you to try this out for yourself using the simple exercise below. When you give your relationship with money a little love, I promise you it will love you back!
This takes some open time to get to the heart of the matter, so I suggest setting aside at least an hour.
- Think about your values in other areas of your life. What are the ones that are most important right now? Why? Take some time to look at what is making you happy in your life right now and what values are fueling that experience.
- Now, look at your coaching. What values are you honoring that make you happy as a coach?
- Now, look specifically at your coaching business. What are the values you are honoring that make running a business joyful? What values would you like to honor? Values you may never have considered but when you ask yourself the question, these rise to the surface.
Now experiment by putting one or two of these values into action as you consider your pricing of services, paying for help and support, saving for those things you know will make your business more enjoyable, and investing in yourself and this business that you love.
I would love to know what you discover!
I have a handy dandy exercise that is a part of my Evolve Your Coaching Business online training course — it helps coaches identify their marketing values. If you would like a complimentary copy of that exercise, I am offering it in February to everyone who joins my free community of coaches: the Soul Driven Success Public Network.