Mentor Monthly™ Newsletter
Business Building for Professionals....
Coaches, Consultants, Speakers & Trainers

Issue #32: How to Raise Your Fees II

David Wood, PCC
SolutionBox™
Support Center
www.solutionbox.com

Contents

1. Announcements/Offers
2. 'How to Raise Your Fees (Part 2) - FEATURE'
3. About the 'Mentor Monthly™' Newsletter

1. Announcements/Offers

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Nowhere before now have I been able to find a school willing to release it's entire training curriculum at an affordable price. You had to sign up for their full training costing thousands of dollars.

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With this Deluxe Coaching Kit you can get a school's entire curriculum for a fraction of the cost of a standard training course – which so far I haven't found anywhere else.

I reviewed the kit myself, but also asked my good friend and new coach Luke MacDonald to review the materials in depth, to make sure new coaches would love this. He sent me this email:

"The mass of information covered in the manual was unbelievable! I enjoyed the audio cassettes and videos the most. All of this combined with the 12 months coaching support and marketing critique from Terri Levine equals a package that really is great value for money."
Luke MacDonald

You can read my full review of the Deluxe Coaching Kit and order your copy today here:

www.becomeacoach.com/coaching-kit.htm

Note: Terri fully guarantees this product and takes all the risk of your purchase. So I recommend you get it today, and check out every piece of the kit. If you don't love it, she'll refund your full pur'chase price.

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Free Download: Report on Coach Training and Certification

This report by David Wood and Daniel Midson-Short reveals the real story behind coach training and certification, answering these crucial questions:

1. Do you need to be certified at all?
2. How can you get a $300 coach training special
3. How to choose the perfect school for you
4. Who should you get certified by? ICF or IAC?
5. What if you already have related training?

Available now as a free download in pdf format at:

http://www.becomeacoach.com/freedownload.htm

(Comes as part of the free Coach Training Mini e-Course)

2. FEATURE: How to Raise Your Fees (Part 2)

(Continued from Part 1 earlier this month)

If you've been coaching for awhile, you may be asking yourself when and how to raise your prices. Many professionals are hesitant to do this - worrying they'll scare away new clients, and lost existing clients.

However raising fees is a natural, healthy progression as you gain experience and clients. And - it can make you more attractive!

Following our article earlier this month, here are some tips to help you with the process!

Have them PERCEIVE more value

All your credibility in the world is of no use if you don't share it with your clients - normally via your web site.

And, you need to educate your clients on the value you provide. They spent $3,000 on their last vacation, but they can't s'pend $3,000 on changing their life? It helps to remind them of this sometimes. Working with you is VALUABLE. Getting this fact alone can help you increase your fees.

Always collect testimonials from your clients. As you get more and more on your site - particularly one's showing specific, valuable results - you'll feel like charging more, and people will be willing to pay more.

Concrete results!

If you can help your clients produce concrete results - that people are willing to pay for - you can charge more.

For example, 'I feel better in my relationship' pales in comparison to 'you saved my marriage; my wife and I thank you from the bottom of our hearts'.

Consider this testimonial I received about three years into my coaching practice:

“In early 2000 I was an executive with a major insurance company. I asked David if he would discuss a business idea with me over coffee, and ended up hiring him as my business coach. After only two years and some great coaching, I flew to London and sold my creation to an international consulting company. Thanks for the support Dave!”

Would you increase your fees after something like that?

Be known as an expert

Stop trying to coach everyone on everything. If you become an expert in a specific area, and show people that, they'll be willing to pay more to use you, because you are THE expert. For example, I focus so much on supporting coaches - it's obvious that's what I do - so people are willing to pay more to work with me than they would with someone who merely dabbles in it.

How much of a price increase?

If you follow the above points - there's really no limit to how much you can increase your fees - for NEW clients.

I went from A$150pm, to $300, to $400, to $550pm, to $2,100 for 3 months, to $2800 for 3 months. (And I'm about to bump them up again).

It doesn't matter that your other clients are paying $10 - you can still charge $100 for new clients. It's about whether or not they are receiving value from you.

To set your new price, ask yourself: "How much do my BEST clients think I'm worth?"

Another interesting rule of thumb I've heard is: "You should lose approximately 20% of your clients due to price".

What about current clients?

Raising prices is easier with new clients - as they won't normally even know about it. Some coaches say never raise the fees for your old clients to reward them for loyalty, while others say it's fine and natural to increase fees for everyone.

If you raise your prices on existing clients by a big percentage, you may lose more clients than you want. I think 20% should be doable, particularly if you give them notice. e.g. "My fees are going up for new clients, but I'd like to give you three more months at the current rate before we increase your fees. How would that feel to you?"

* * *

I hope these tips help.

Enjoy!

3. About the 'Mentor Monthly' Newsletter

TO SUBSCRIBE, and for fr'ee information packs on coaching, visit: http://www.solutionbox.com/freedownload.htm.

Please forward this newsletter to anyone you feel might make a great coach!

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Web site: www.solutionbox.com

David Wood is a Professional Life Coach, and author of the powerful Free Download: '50 Life Coaching Questions to Take Control of Your Life and Help Your Clients'. He helps coaches, consultants, speakers and trainers to build their businesses via his popular ebook: "10 Super Coaches Share Their Secrets" and his audio ebook: "Getting Your First 50 Clients".

"David Wood is a personal and business coach, and an original founder of the International Coach Academy - a global coach training school"

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