How To Price Your Packages & Feel AMAZING About Your Value!

I remember spinning my wheels. I was trying to figure out how much to charge for my coaching package and after an extensive amount of time Googling, overthinking, and stressing out about it - I still didn't have a clear answer. After supporting...

#000: I remember spinning my wheels. I was trying to figure out how much to charge for my coaching package and after an extensive amount of time Googling, overthinking, and stressing out about it - I still didn't have a clear answer.

After supporting thousands of entrepreneurs in building their business, I have so much more insight and clarity around charging for services.

In this episode, I'll share my philosophy on pricing, advice I give my clients around pricing their services, and how you can increase the value you provide your clients even if you're new to the business.

You ready?

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Transcript

If you've ever struggled with pricing your products or services as a coach, consultant, creative, or solopreneurs than this episode is for you.

"If you can't fly, then run. If you can't run, then walk. If you can't walk, then crawl. But by all means, keep moving forward.” Martin Luther King Jr.

I taught a workshop the other day called "How to build a six figure coaching and consulting business", and one of the attendees asked me how she could charge higher rates for what she does when she's new to this. She hasn't been making a large salary in corporate and doesn't have a list of tons of people who are knocking at her door asking to work with her. She had a whole list of reasons as to why she couldn't charge more. And maybe you're there. Maybe you feel like you want to make more money and be more valuable to your clients. But you're not there yet. And I want to share with you today some of the things that I shared with her and with the rest of the class and the audience during this workshop to address that feeling of, Can I really charge more?

01:48

Can I really charge what I think I'm worth or what I want to be making in this business? And before I get into things on how you can increase your prices or how do you set prices in the first place, I want you to take a moment and think about what you're currently charging for your offerings. And if you're just getting started, I want you to think about what price came to your head, what price would you love to charge? Ask yourself - What really really makes you feel like I feel good about what I am putting out into the world and what I'm charging?

And if you happen to be somewhere where you can write or take notes. I want you to write down that price, and also list out all of your thoughts and feelings and emotions about it.

Write it all down. I've had times where I set a price and I literally was expecting people to say no and they said, “Sure, I'll pay in full.”

I've had times where I felt so low and so like I don't know if I can charge as much as I want. And so I cut my prices or it gave super special deals. And then people said yes and even, In fact, I would have paid more. So you know, whatever it is that you're feeling or you're going through when it comes to pricing, I just want you to get it out of your head and onto a piece of paper and whether you can do that right now or you have to do it a little bit later.

03:36

Just get it out and let's go to work. You know, the first thing I like to tell people about pricing is that in this experts or this knowledge sharing industry, is that there is a huge range of prices. You know, you have creatives who are charging by the project.

You have coaches who are charging anywhere from, you know, $1,000 to 1 $100,000 for 90 days. You have consultants that are charging hourly at various different prices, or network marketers who are building online courses about how to become successful network marketers and are charging anywhere from $100 to $10,000 to get that sort of coaching and support from them.

The reason why I want to share this with you is because there's such a huge ranges of prices and offerings, and there's always going to be someone who charges more than you. There's always going to be someone that charges less than you, so let's not stress out about it.

04:36

And let's focus on something else. When I have people think about what they want to charge and where what they wanna do, what their pricing, whether it's they want to charge more or something like that, I always have them think about whether it's a product or service.

04:43

04:51

What is the impact that their gaining for or gunning for with their ideal audience or client? You know, said another way, I have them think about what result do you help people get? You know, you could have somebody that's looking to lose those last 50 pounds or make a $1,000,000 or land that Ted talk or fall madly in love and meet their future partner.

You could be helping people have better skin or, better hair, or I feel more confident in their own skin or just feel like they're fully living their life.

05:18

05:23

And it doesn't really matter what it is that you're doing. I mean, of course it matters in this world, but in terms of coming up with your pricing, it doesn't matter what it is that you're in, what industry or and what matters is the impact that you're looking to have with people.

What's that result? And what I taught the class is to really think about. How can you be pricing be a fraction of the value that you're providing other people?

05:45

05:51

How can you make it to that? When somebody invests with you or into one of your products or services or programs, they're getting five or 10 x what it is that they paid for. You know, you may have somebody who is really looking to lose those last 50 lbs.

And they realized that, you know, if they work with you, they can save 20 grand when it comes to food and medical bills and gym memberships and other expenses that come up and then you may go.

Okay, well, they're saving 20 grand. I can easily charge $2,000 or $4,000 for my service is.

But I don't want you to forget about the impact that you can have on people that may not have a monetary. Maybe you're helping somebody live their life of longer so that they can spend time with their grandkids Maybe you're helping people get really healthy and fit and more mobile so that they can chase their newborn.

Well, I guess they're newborns aren't really running my best friend just had a newborn, but you know, chase their kids around when they're no longer newborns and in your arms. Or maybe it's just being able to carry them in your arms and really support them throughout the day.

There are tons of things that you could be helping people do that are priceless. And you can even just put a big price on those priceless things and say Wow, okay, you know, this is really priceless. But even if I put a $100,000 price tag on it, I can charge you $10,000 or 20,000 dollars for what it is that I'm doing now, regardless of how high are seemingly low or comparatively low,

07:26

07:36

you're pricing is you want to make sure that you're delivering so much more value such bigger results, and that you feel really good about your pricing.

07:36

07:47

So the first thing I have people do is to really think about what's that level of impact that I'm having and am I confident that the value that they're getting is more then what I'm charging.

07:47

08:02

And ideally, it's five to 10X more then what they're getting. So that's the first piece Now. Another way to look at it is let's say that you already know that you want to raise your prices to $5000 you wanna have this $5000 program.

But in your mind you're going, Oh, I don't know if anybody's gonna pay that. And instead of really thinking,

Oh, my goodness, nobody's going to buy it What am I gonna d'oh? You can start thinking,

How can I make this program a no brainer for my ideal audience? You know, instead of saying, Oh, they won't pay for it, say what I need to do in this program to make it worth $5000.

08:25