5 Reasons Most Coaches are Broke
(and what to do instead)
5 Reasons Most Coaches are Broke
(and what to do instead)
Coaching is one of the most transformative services on the planet.
So, why the heck are so many coaches making less than $20,000/year?
It’s a cycle of poverty for coaches (and healers, and consultants, and trainers) that not only hurts them, but it hurts the entire transformational industry. People don’t take coaching seriously as a business, or a profession. This means that fewer people respect coaches, and seek them out – which hurts coaches and their potential clients.
There are 5 reasons most coaches are broke, and transforming these will allow you to elevate your business for the world to see. (Hint: This works for healers, consultants, and trainers too!)
Here are the 5 reasons:
1. You’re 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:
1. Coaching is valuable.
2. It will solve whatever problems they have.
3. You’re the best person to coach 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. You’re 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. For example, 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 their life, like a car payment. If your services cost 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 their own upcoming breakthroughs, they 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. You’re uncomfortable with marketing and sales.
Let’s face it – 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, really?), you’ll want to back off when you need to move forward most. Instead, you’ll want to take the advocate approach and encourage the transformation of your potential client.
It’s easier to do this 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 is much easier to talk about. In turn, your marketing and sales will take much less effort – yay!
4. You have an uninspiring brand.
Most coaches and healers believe their work will sell itself if they’re good enough.
Here’s an interesting story: A study was conducted in which participants were split into two groups and asked how much they thought a pair of gold earrings would cost. Group 1 was told that the earrings came from Target, a large discount store. Group 2 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 Tiffany’s group gave them almost 10 times the value that the Target group gave them. 10X.
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. You experience 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 transformational entrepreneurs.
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: 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 people for peanuts 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.
Join the High-Ticket Offer Challenge, where you’ll get step-by-step guidance to walk away with a new High-Ticket Offer you can sell for thousands of dollars! (Did I mention this training is also FREE?)