2001 | Preview
Secrets of the $100,000+ a year
Ever wonder how the coaches who earn $100,000 - $500,000 per year have
been able to generate this level of sustainable revenue?
We were wondering as well, so we found several coaches earning in this
range to share some of their story and secrets with you. That's
one of the great things about the coaching community -- coaches are
universally willing to share what they know help their colleagues out.
We've included one profile -- of MCC Coach Robert Alderman --
in this July Preview
Issue. (We run one preview issue at the beginning of the month
where we present the topic we're compiling content for, and then at
mid-month, we release the best of what's come in related to that
topic.) So, if you're a coach who earns $100,000+ per year,
and you're willing to share one of the ways that you got your practice
to this level, please just email us your story -- using the following
stories as a guide -- by July 14, 2001, and we'll do our best to include
them in the July 2001 Full Issue of the Coaching Scoop! Please email me
firstname.lastname@example.org with your
100K+ Coach Robert Alderman
coaching fees run $1000-$2500 per month per client, for three 30-minute
by Robert Alderman
The fact is, 99% of coaches are undercharging for their services and I used to be an example of that. In fact when I started coaching my fees were
$150 per month for four
30-minute sessions. My coach encouraged me to raise my fees to
$250 per month and lower the call frequency to three times a month. I did it but I did not buy into it. Two weeks later I called every client and rescinded the price increase. WHY did I rescind? Because I did not believe in my value as a coach.
Move the clock ahead five years and instead of $150.00 a month my fees range from $1,000 to $2,500 a month. What changed?
First, I began to believe in the value of what my coaching was creating in the lives of my clients.
Secondly, I developed or internalized the concept of, "perception of value." During the enrollment process I create the "perception of value" to the client about the value of
"Frank, let me ask you this. What outcome are you looking forward to if you and I decide to work together. What is the one thing you really would value from this relationship?
Frank responds, " I want to take my company from $400 million to $1 billion."
OK Frank, I get it, then let me ask you this, " if you and I could devise and implement some strategies to help you feel you were on your way to reaching that goal, what
would it be worth to you?"
His answer was "priceless."
The perception of value was created. How can the client now tell me that my coaching is overpriced?
They just said it was priceless. (Please read this carefully. I never made a guarantee about results. I said FEEL you were on your way.)
"Well Robert, how much is your coaching?" "Let me tell you this Frank, it is way less than priceless. For me to partner with you and strategize on your issues the fee is $15,000 for six months." (of course in advance)
If you think about this for a minute you can see that by comparison my fee is petty cash. OK, so you don't have a lot of clients in this category but the concept is identical. Create the "perception of
value" and raise your fees.
Get the client to tell you that what you could provide would be PRICELESS.
Believe in yourself and believe in the value you bring to the client.
Pricing is in YOUR head, NOT the clients. I seriously doubt that
there is not a coach reading this that cannot raise their fees tomorrow morning.
If anyone would like to discuss their pricing strategy email me
at email@example.com or
email Thomas Leonard
that you would like a PRICING TeleClass and I will teach all of you
who are CoachVille members, for free, the secrets to pricing your practice double what it is today.
BY the way, as time has evolved, my coaching has created other profit centers.
My coaching practice is 27% of my income.
Product sales 15%
Everyone of my profit centers is created by my coaching relationships.
Suffice to say these numbers are close to $1,000,000 a year.
Thanks, Thomas, for opening the door for me to coaching.
Master Certified Coach
Certified Professional Behavioral and Values Analyst
Sponsor of This
Issue is Mike Jay's training series.
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