Reason #2: Coaching Rates are Too Low

Last time I discussed the salary parity illusion.  In short, coaches must get real about the sacrifices required to create full-time practices.

This blog is about what our clients pay us once we make those sacrifices.  Frankly, many coaches do not charge adequately for coaching.

I believe there are Five Coaching Rate Misconceptions that feed this cut-rate phenomenon:

1. Charge less . . . Get more.

The misconception that “charging less produces more clients for me”.  Oh, this may be true from time to time, but when you charge half of what your competitors charge it requires twice as many clients to make the same income. If you are lucky you may eventually obtain the income you desire, but at the price of complete personal and professional exhaustion.

2. Well I am a rookie after all.

The misconception that charging less is best because heck “I am new at this.”  If I am rushed to the Emergency Room with a broken leg I am not charged less if a doctor of 2 years versus a doctor of 20 years attends to my injury.  In fact, I believe new coaches have the advantage of a fresh and enthusiastic perspective on what is possible for the client.

3. I need more practice.

The misconception that “once I reach a particular number of coaching hours, then suddenly, poof, I will feel like a master coach and charge accordingly”.  To be honest, I hope I never feel like a master coach because that’s when hubris sets in and I no longer serve my clients to the best of my abilities.

4. Just get clients in the door.

The misconception that “I can always charge clients more after they see my value”.  Sure rates can go up over time.  But imagine if your gym membership doubled within six months, what would you do?  Switch gyms.  Plus if these clients refer you to others, how can you charge these new clients a substantially higher amount without word getting out that your rates are all over the map?

5. I do not deserve that rate.

The misconception that “I am not a good coach worthy of a higher rate”.   This is the most powerful of the five reasons.  We must talk the talk and walk the walk of a coaching lifestyle.  And unlike many other lifestyles this one is a choice.  We must embrace the experimental ethic that reminds us always that coaches live and breathe what we preach.  How can your clients feel they deserve to reach their goals if you do not feel the same about yours?  Hire your own coach and get to the bottom of this catastrophic belief.

Successful coaches charge higher rates because we realize coaching is about so much more than asking clever questions.

We add value when we bring to bear all of our life experiences.  We add value when we ground our method in the science of well-being.  We add value when we stop trying to impress our clients because of our own insecure egos and instead offer ideas and suggestions that are bold yet consistently aligned with the client’s interests.  We add value when we compassionately suggest a new perspective on a challenge without the fear that our clients may just say, “No, that’s not helpful at all.”

If we are properly trained, use innovative coaching tools, and have a coaching program, then we are priceless.  So stop charging too little.  Find out what the going rate is in your community and make that your benchmark.  Do not allow the five misconceptions to prevent you from creating the coaching career you want.

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If you have any questions about coaching please feel free to contact me at scott@kineticcoaching.co, and remember I always offer a complimentary 30-45 minute session to prospective clients to determine if we want to work together.