What’s the bottom line of your business looking like? Have you checked your numbers recently? Are you bringing in as much as you expected (or want!) each month?
Pricing can become the bane of a coach’s business. Countless people fall into this common trap (even in other service-related businesses): they low ball their pricing in order to get clients, then they start to resent their clients because they KNOW they should charge more but don’t want to lose clients by raising their prices.
If you fall into this scenario, then it’s time to reflect on WHY you continue to lowball your prices. You are likely fighting against a stubborn money block that needs to come down so you can charge what you’re worth without feeling guilty.
What is a Money Block?
A money block is an innate belief you have about money. Very often our ideas about money and wealth are formed when we are children so it’s helpful to look back and remember what the prevailing attitude about money was in your home. Journaling your thoughts and memories can also help you realize patterns of how you view money to how your parents, siblings, or grandparents viewed money.
Don’t feel badly about these money blocks; nearly everybody has them and has to work through them to some extent. The key is taking action to destroy these blocks so you can naturally attract more money into your business.
Action Steps for Manifesting More Money
Don’t be fooled by the word “manifesting”; there’s no magic wand or a “if you build it, they will come” lesson. Manifesting simply means acknowledging how much you would like to earn, putting that thought foremost in your mind, then taking action steps to reach that goal.
Feel free to use your imagination and create your own personalized action steps; the key is taking one action step a day.
- Raise your rates. First, raise your rates on your website for all new prospects to see. Make sure your marketing plan is in continuous motion so you’re always getting a new crop of prospects. Secondly, give your current clients enough notice about you raising your rates. Some will stay with you and some will leave, that’s just nature, but so long as your rates are competitive with other coaches in your niche, you’re doing the right thing.
- Make an exclusive offer to your email list, offering value instead of discounts. If you constantly offer discounts to your packages, people won’t value your services. Instead, offer a coaching package or group coaching plus something in addition, such as a special report, checklist, chapter(s) from your eBook, or an audio class.
- Keep networking, both online and offline. Don’t limit yourself to just one or the other because you never know where your next client will come from. Find local networking groups the same way you would find Facebook groups that match your niche.
- Create lower-priced offers for those who can’t afford one-on-one coaching. Don’t ever let someone’s excuse of “I can’t afford it” push you away from developing a relationship. For those not ready to make the leap, consider offering group coaching or create another resource that can help them for a lesser cost. This is not a discount; this is simply a less expensive, less personal option.
Want to Dig Deeper into Your Money Blocks?
Our newest planner is all about Busting Your Money Blocks and it comes complete with exercises you can work through on your own to discover what your money blocks are and how to overcome them. Once you understand the source of the block, you can do so much more to conquer those blocks and live the life of your dreams! Get the planner here