Still charging by the hour? Stop!
That is, you charge a client by the hour for every hour they hire you?
While this is a common income model for coaches, consultants, trainers and speakers, charging by the hour has limited growth potential, especially if you base most of (if not your entire) business model on generating income this way.
There are only so many hours in the working week and working extremely long hours is unhealthy, both physically and mentally. And charging by the hour typically involves working with clients one-to-one, which again has limited income growth potential.
There IS a way you can increase your income that won’t require you to work ridiculously long hours, and that will allow you to increase the amount of people you work with at the same time.
By creating packages and programs that can be offered either to individuals or groups of people.
Still not convinced?
Here are 3 reasons why you should create packages and programs so that you can experience exponential income growth to a 6-figure (or more) business.
1. Showcase the value and expertise you offer
Ever been in a situation where you’re justifying your hourly rate to a prospect comparing your services to a competitor that has nowhere near your experience or talent? Yet, here you are validating your hourly rate!
It’s important to remember that you don’t get paid for the hour. You get paid for the value you bring to the hour through your experience and expertise.
Unfortunately, charging by the hour will make it extremely difficult for a prospect to focus on value, benefits and outcomes you offer as they often will get fixated on the hourly rate.
Coach’s tip: Instead of charging by the hour, showcase your promise of value by creating packages and programs that include more than just your time. Make sure each of your packages and programs has a powerful results-driven title. And, ensure you include the benefits and outcomes your prospect will gain through investing in you.
2. Harness the one-to-many income model
There are only so many hours in a working week and cramming your schedule full of appointments as the only way to increase your level of income is unwise.
When starting off in business, it’s often a coach’s dream to be so busy with a schedule full of clients. However in my own personal experience (and what I’ve seen with dozens of my clients) they are often significantly under-charging for the amazing services they offer and are stuck at an income level they just can’t break through because there are physically no more hours in the day.
So, looking at the following examples, which would you prefer?
Coach’s Tip: Create packages and programs that involve more than just your time and that you can offer to a group rather than just individually. Other elements can include step-by-step processes, done-for-you templates, worksheets, audios etc. The list is endless and really depends on the services and support you provide your clients. Don’t be afraid to repurpose your material so that you’re not re-creating the wheel with each program and package.
3. Offer high-end packages
Now that you have a number of programs and packages that can be offered to a group of participants, there may be some prospects that just don’t want to work in a group environment.
Should you turn them away? Absolutely not.
Coach’s Tip: Create a few VIP (Very Important People) Programs, which can be offered to individual clients, however at a premium investment level. Working with you one-on-one means that they will get much more access to you, your wisdom and your expertise and therefore should be willing to pay for it.
HAVE YOUR SAY!
So what do you think? Will you be offering packages to clients rather than just the one-to-one hourly coaching sessions? I certainly encourage you to do this, especially if you want to break through to 6-figures or more in your business.
To your success and brilliance!