5 Reasons Most Coaches are Broke
(and what to do instead)
Coaching is one of the most transformative services on the planet. So why are so many coaches making less than $30,000/year?
Coaches and energy healers often struggle financially. That not only hurts them, but it hurts the entire transformational industry.
People don’t take coaching or energy healing seriously as a business, or a profession. This means that fewer people respect you, and seek you out. That means they lose out on what you can provide!
There are 5 reasons most coaches are broke, and transforming these will allow you to transform your business, and the world. (Hint: this works for energy healers, consultants, trainers and experts too!)
Here are the 5 reasons:
1. Selling coaching, not results
People who haven’t experienced coaching or healing services don’t really understand them. When you try to convince someone that coaching is a valuable service, you have to make three sales, not just one.
You have to convince them
- That coaching is valuable
- That it will solve whatever problem(s) they have
- That you’re the person to help them
That’s a lot of selling! Since most transformational entrepreneurs aren’t comfortable with sales, they end up not getting many clients this way.
Instead, if you have a High-Ticket Offer that has a specific result attached, you can charge far more, and it’s much easier to sell.
2. Selling by the hour or month, not a High-Ticket Offer
It’s common to sell coaching by the month, or sometimes by the session. Healers, especially energy healers, often sell by the session. Both of these methods continue the cycle of poverty!
It’s nearly impossible for a potential client to evaluate what a ‘month of coaching’ is worth. Your potential client will evaluate it based on other expenses in her life, like a car payment. If you’re more per month than her car payment ($300-400), you’ll seem expensive. But that amount is peanuts for coaching services.
Also, since the client often can’t see the breakthroughs that may be coming, they will tend to leave after a month or a few months, even though there’s more possibility in store for them.
Instead, you need a High-Ticket Offer that is constructed and positioned in the right way, so you can charge thousands of dollars, and deliver the transformation that will really make a difference.
Want some help with that?
Join my High-Ticket Offer Challenge, where you’ll get 5 days of step-by-step guidance and create a High-Ticket Offer that you can sell for thousands of dollars. (And it’s FREE!)
3. Discomfort with marketing and sales
Let’s face it – you went into this to help people. Most coaches and healers don’t understand marketing, and particularly don’t understand marketing for transformational services.
It’s the curse of knowledge. Your knowledge of your work is so vast, it’s easy to assume that others can see and understand what you do.
With this knowledge gap between you and your potential clients, it can feel like you’re not communicating during your marketing and sales efforts. (And Covid is just making everything harder!)
If you don’t like feeling pushy (and who does?) you’ll want to back off when you most need to move forward in order to transform lives.
Instead, you’ll want to take the approach of being an advocate for the transformation of your potential client.
One way that it’s easier to do this is when you have a Signature System, which is a particular type of High-Ticket Offer with a specific result. When you’re selling a ‘system’ instead of selling ‘yourself’ it takes the pressure off, and it’s much easier to talk about.
4. An uninspiring brand
Most coaches and healers believe that the work will sell itself if they’re just good enough.
Here’s an interesting story: a study was done in which participants were asked how much they thought a pair of gold earrings would cost. One group was told that the earrings came from Target, a large discount store. The other group was told that the earrings were from Tiffany’s, a world-renowned jeweler.
The difference between what the groups thought the earrings were worth? The Target group thought they were worth $68. The ‘Tiffany’s’ group gave them almost 10 times the value that the ‘Target’ group gave them. That’s the value of a brand!
If you have a brand that is uninspiring, or looks ‘low rent’ – you won’t be able to charge what you, and your work, deserve.
5. Money confusion about helping vs. business
Pricing and charging, while there are strategic ways to talk about them, still remain big emotional issues for most coaches and energy healers.
You wouldn’t have gone into this business unless you wanted to help people transform their lives. So how can you feel good about charging them, especially charging them thousands of dollars, when what you really want to do is help?
One way to look at it is this: the client’s investment in the process or system creates a commitment to take action.
Since transformational work doesn’t work without commitment on the part of the client, charging high-ticket is one way to create that commitment. It’s been proven over and over again that coaching people for free doesn’t achieve the results that you or the client will want. (Coaching or doing healing work for people for next-to-nothing doesn’t work, either.)
So, how much should you charge? Glad you asked!
It’s time to end the cycle of poverty for coaches, healers, and other transformational entrepreneurs.