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.
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?
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.
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.
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.
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.
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?
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,
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.
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.
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.
And maybe it's so for simple. Maybe it's Hey, I'm going to, you know, add a full day session with me.
Maybe it's I'm going to add a event where everybody comes together. Maybe it's a simple is not adding anything to the program,
but providing a flexible or different payment pants, a payment plan so it makes it easier for people. Thio make those payments because they see the value.
You know, they just may be hesitant for financial or monetary reasons. Really think about what you could do,
and it's often just little tweaks that will make a huge impact. It could be. I'm gonna add some online modules,
or I'm going to record everything we do together and give it to them so that they have lifelong access.
Whatever it is, just think about how can I. I feel really good that my product is so valuable that it's a no brainer for folks so often times.
Instead of lowering your prices, it could be about increasing the impact. No. One of the last things that I really want to talk to you about when it comes to valuing your knowledge and experience and your expertise is that often people think that they have to have you know,
a 1,000,000 clients that have made game changing things are game changing results or have had game changing results in their business or their life.
Or maybe you feel like you need those big degrees to increase your prices or things like that. But there are honestly a few things that I recommend that really changed the game for me,
and that can really change the game for you. The first is increasing your knowledge. I was at a Brendan Broussard event like a year or two ago,
and he hear that he read a new book every week. And so I said, I'm gonna do that.
I am going to read a book every week. And on that journey I found audible and I realized,
Oh, my goodness, I can listen to a book every week and suddenly I'm listening to 1 to 2 books a week.
I'm listening to podcasts and listening to all these things that I started mainly for my own growth and development.
But something interesting started to happen. You know, I was able to use a ton of what I learned in those books and podcasts and all of that to teach my clients,
and I'd make my own adjustments often times and say, Hey, you know, I learned this, but I tweak it.
Thio have this included or I'll merge these two things. I learned from different books together, but I was always able to take knowledge that I gained through books through podcasts or things like that that we're able to help me support my clients on a much deeper level to help them get bigger results.
Now, I didn't just read. I implemented. So when I read about an exercise or a new strategy,
I did it myself, and this really helped me get the results for myself so that I knew it worked.
I was able to figure out, you know, Oh, this worked for me. But I had to tweak some things,
or if I were to do it again, I'd do this a little bit differently. And that created such value for my clients.
And in addition to, you know, reading and implementing. One of the third things I did was that I started teaching,
and so I would share what I learned in videos and different trainings and in incorporating it into my workshops.
And all of that reinforced what I knew. But also it positions me as more of an expert, and when you position yourself more and more is an expert,
you're able to charge more prices of higher prices. You know, not only do you feel more confident,
but other people feel more confident in hiring you because they're like, Wow, they really know their stuff and so they're willing to charge or to pay a bit more.
And it's not just about teaching it. The last thing I will really say that is huge is you work with your own clients or customers on what it is that you've learned and you help them get big results.
And then once they have those big results, you use the mess case studies and say, Hey, listen,
these are the results people get from working with me from listening to me from being a part of this program,
and all of that together helps you raise your prices. And even if you're not ready to reach your prices right now,
you can start reading. You can start taking courses. You can start listening to podcasts, attending seminars,
going to events, doing all these different things to grow your tool kit and increase your knowledge, which will help you position yourself as more of an expert and increase your prices.
Whether you want to do that today or down the wine. So I know I just shared a lot of content with you,
and this episode. And the truth is, there's so much more coming when this podcast officially launches. This is Episode zero.
I just wanted to give you a bit of a taste, So make sure you listen to this episode again,
Uh, and just pick one thing that really resonated with you. One thing that you can start doing that you can implement so that you can make some real traction in your business.
And once you've chosen that one thing, I want you to let me know what it is on instagram or in the reviews of this podcast.
Let me know how things go and I can't wait to hear from you. Now let me tell you a little bit about what's coming when the podcast officially launches,
I have the 1st 3 episodes already mapped out, and I'm super excited for them to drop Episode one.
I'm going to walk you through a kick butt. Marketing strategy like this is literally what I do for my own business.
It's what I teach others so that they can generate a consistent flow of leads, generate a consistent flow of clients,
generate a consistent flow of cash. It's that consistency piece so you'll want to subscribe to this channel so that you can listen to that Episode one as soon as it drops.
You know, an episode two I'm gonna walk you through Why? Most people waste tons of money when they start advertising.
I'll talk to you about my philosophy on ads so that you could be more effective and efficient should you start running ads.
And even if you have no desire to run ads or you don't plan on doing it anytime soon, this episode will really help you become more effective in your social media in networking when you go to events in any other traffic drivers or marketing things,
that you may 2 coming down the pipeline because it is as much as, um, I talk about ads very much about philosophy and what it really takes to build those relationships with potential clients.
So that's Episode two and then Episode three. I'm gonna share with you my number one game changer for scaling my business to six figures and then beyond.
This is something you should start doing now. It doesn't matter if you're just getting started or you've been in business five years.
This episode's gonna tell you my number one game changer, and that's just a taste of what's to come in this podcast.
Overall, the 1st 3 episodes are gonna drop all at once, and then you know and later episodes will continue to talk about.
Marketing will continue to talk about mindset habits, building a team branding. How do you position yourself as an expert and so much more so if you're looking to build,
to grow, to scale your business as a soul plane? Or I'd love for you to hit the subscribe button so that you can tune in each week and follow me when new episodes drop?
I'd also love for you to follow me on Instagram. You could do that at Nikki Nash Co. Or at Nikki Nash Show on,
And that all let you know officially when those three episodes are gonna be released and when they're gonna drop.
And if you have a business bestie or someone you really feel would get a ton of value from this podcast,
please share it with them and until next time I'm out. So thank you so much for enjoying today's episode.
I hope you've enjoyed it. I've hope you've had a lot of ah ha's and got some serious value out of it.
Please let me know what you think. Whether it's on Instagram or by leaving a review. I can't wait to release the 1st 3 episodes to you.
I hope you really enjoyed this little teaser and I will talk to you soon. Bye.