Why is money so hard to talk about? Picture this scenario:
You’re a coach. You’ve got your audience, your programs, you may even have a signature system in place. You’ve worked out your price points and you can discuss your client’s upcoming transformation with ease and confidence…
And then the conversation comes to price. Suddenly your confidence evaporates like a morning mist. Your tongue becomes paralyzed and the conversation descends into awkwardness.
Or, maybe it’s more subtle than that. Perhaps your confidence simply falters slightly. Your tone becomes uncertain, almost apologetic. Even if it’s not glaringly obvious, there’s a good chance your client is picking up on the shift subconsciously. Suddenly THEIR confidence in you begins to falter, and they start to lean precariously toward “no.”
Why does this happen? Why does the very mention of money turn a fantastic discovery call into an awkward disaster? There are three primary reasons why you may be having difficulty talking about money:
You don’t feel you’re charging the right price.
If you secretly worry that you’re under pricing yourself, or worse, you know that you’re under pricing yourself in the hopes that it will attract more clients, you’re fighting a losing battle.
You over-explain or unnecessarily justify the price.
The opposite can be true as well. If you’re not confident in your pricing, you can start worrying that you’re charging too much, which leads to over-explaining and apologizing for the price.
You don’t have enough clients saying yes.
This can be a toxic belief because it makes you think that you’re prices are too high (they aren’t), which means you compensate by under pricing yourself – a race to the bottom that no one wins.
No matter what the reason, it’s vital to remember that you’re not doing your client any favours by under pricing your work. Bargain basement prices don’t promote confidence in either you or what you can do, and you’re far more likely to get a no than if you price your work fairly and for profit.
So how do you talk about money more easily? Here are three steps to increasing your confidence when discussing the cost of your work:
1. Ask yourself, “What’s the cost to my client of not working with me?”
The prospect has an issue they believe you can solve. What will it mean for them physically, emotionally even financially if they don’t resolve it?
2. Price for profitability.
People place little value on low-cost solutions. If your services are priced too low, not only will you need a lot more clients to make ends meet, but it will be much harder to even get those clients in the first place.
3. Accept that you cannot work for free.
If people place little value on low-cost options, they place none on free ones. Without the investment of money from the client, there’s no investment of time or effort either, essentially sabotaging any possible transformation before you even begin to work with them. Not charging is not helping anyone, least of all you.
Talking confidently about money really comes down to a solid foundation: Understanding the value of what you do, pricing for profitability and then projecting that confidence into your discovery calls and client interactions.
Does this sound like you? Do you want to learn more about how to talk about money with confidence? By all means reach out. Here are 4 different ways I can help you grow your coaching business:
1. Grab a free copy of my ebook, “Set Your Sales on Fire: Seven Steps to Yes!”
Discover the roadmap that’s generated millions in sales over the last seven years, used by both myself and my clients to create powerful, highly converting sales calls!
2. Join the Sales On Fire Community and connect with coaches who are scaling too.
Be a part of my Facebook community, where smart coaches learn to attract more clients and increase their impact and profits!
3. Apply for a free 30 minute “Clients and Cash Strategy Session.”
Join me as we map out a quick three-step action plan to get your business moving in the right direction. You’ll leave the call with clarity, confidence and the tools you need to take your business to the next level. Reach out to me here email@example.com with “Strategy” in the subject line and I’ll send you details.
4. Work with me directly.
If you’d like to work with me to help you get from “Where is my next client coming from?” to predictable high paying clients, simply reach out firstname.lastname@example.org with “Private” in the subject line. Tell me a little about your business and what you’d like to work on together, and I’ll get you all the details!