Keep butting your head against the ‘glass income ceiling’ and find it impossible to get paid what you’re worth?
Guess what?
The ‘glass ceiling’ is just a myth.
Rather, I believe that it’s the things we are doing (and/or NOT doing) that makes it difficult for us to get paid what we’re worth.
Here are 3 reasons.
Recognise any?
1. You charge by the hour
Charging by the hour can and will devalue and undermine your ability to get paid what you’re worth.
- As a prospective client enquires about your services – typically the first question they ask is “What do you charge?” If you respond by stating your hourly rate before you’ve even had a chance to find out what their needs are OR you haven’t had the opportunity to showcase your expertise, the benefits you offer, and why you are the best person to support him/her – you’ve probably just lost the sale. Do you want to be seen as a commodity as a prospective client bases his/her choice to hire you on your hourly rate compared to other similar coaches/consultants? Of course not!
- Sadly, many coaches/consultants and service based Solopreneurs will tend to lower their hourly rate as one way to make themselves more competitive. Do you really want to get stuck in a pricing war? Or be perceived as a commodity and not a specialist/expert in your field? Lowering your prices can also open you up to the possibility of attracting the wrong kind of client – one who doesn’t see this as an investment in themselves, and who can often end up being demanding and challenging. Do you really want to work with this type of client? I hope not!
What should you do instead?
Start designing packages and programs that include more than just your time.
Remember: You DON’T get paid for the hour! You get paid for the value you bring to the hour. Clients are investing in your expertise, your wisdom, experience and know-how to get them to their goal in a faster, more effective way.
2. You don’t make an offer
The thought of having a ‘S-A-L-E-S’ conversation can often send a heart-centered coach into a panic. She would hate to think that any prospective client would perceive her to be pushy and/or ‘salesly’.
So what happens?
She avoids even the slightest hint of being ‘pushy and salesy’ by not making an offer at all – hoping the prospect will just enroll themselves into her programs.
Or, she speaks so quickly about her programs that it ends up confusing her prospect, with the opportunity to gain a new client, lost.
Sound familiar?
Remember: Providing more information about your programs is NOT being salesy.
In fact, I believe that by explaining how you can support them through their struggles so they can finally achieve the dreams and goals they desire – you are holding a special space open for him/her to step into.
3. You cave in to discounting
Ever had a situation where you’ve told a prospective client about your services, including the price, and they’ve responded with:
“I like what you’ve been telling me and I’d love to work with you. BUT I’ve been ringing around and your price is quite a lot more than other people are charging. If you give me a discount and reduce it to $XXX – then YES, I’m ready to go!”
To which you say “Ok, that’s fine.”
[Be honest! I know this used to happen to me decades ago when I was just starting my career coaching practice].
Guess what?
You’ve just undermined and undervalued your services. And, you’ve not only negatively impacted your bank account but also your self-worth account, as you’ve just strengthened your self-belief that: “The only way I can get a prospect to say ‘Yes’ is to lower my fees”.
Ask Yourself: Do you really want to work with a client who doesn’t REALLY value your expertise and will only work with you if you reduce your fee? Often what will happen in these situations is that the client ends up being demanding and expecting way more of your time and expertise than they paid for – and then some.
Next time that happens, NEVER reduce the fee you’ve stated and cave into discounting as a way to sign up a client. State your fee and confirm the reason why you can support them and the benefits they can expect, and leave it at that.
Do you recognise any (or all) of these 3 things? What action steps will you take to stop undermining and undervaluing your services? Go ahead and let me know. It’s always good to hear from you!
