57: Coach, Is It Time To Give Yourself A Raise?

This episode is the 5th in the series called Money Mastery.  Find the full transcript at prosperouscoach.com/57.The last episode called Are You Turning Away Coaching Clients with Your Pricing explained a more strategic approach to pricing than charging by the session or a package of sessions. I highly recommend that you listen to that.In this episode, I’ll focus in on the mindset and simple mechanics of how to give yourself a raise, no matter what approach you’re using to charge right now.Shift Your Money MindsetIf you’re a new coach chances are you’re not thrilled with your income yet. And there may be conflicting ideas in your head about taking money for coaching.First there’s the idea “Well, I’m a new coach so I shouldn’t charge much.”But totally at odds with that is the desire “I want to be financially successful at this.”And then, there’s this other idea that can come with the helping professions “Money isn’t that important to me.”It’s like mental whiplash.So first … compassion. I feel ya, because as a new coach I was thinking those same things. One of the coaches in my Facebook group said it so clearly:“As someone new to the field you desire to earn a good wage but setting fees is like the taboo topic. It is uncomfortable. You feel your skill set and knowledge is worth it but fear your lack of experience being newly in the field doesn’t warrant it.”Exactly. Thank you for that Jenny.Most new coaches charge fees that will keep them earning below the poverty level. The strange thing is that if you applied for a job you’d never say ‘yes’ to the rates you’re paying yourself!You deserve to earn more. Period. And deciding to own your worth is all you need to do. Rather than thinking that you should charge as a newbie, own your life and work experience. Charge to sustain yourself.Be a good boss and pay yourself well. Everyone wins. You, your family, your clients – everyone!Let’s take a more pragmatic and dispassionate look at this.Do the MathThink from the get go like a business owner and do the math.What I mean by doing the math is to actually figure out what you want to earn and then play with the number of clients and fees per client you’ll need to earn that much.Now to demonstrate this I’m going to keep things simple. In the last episode I suggested there’s a much better way to price than by the session or a package of sessions.  And I stand by that. But to make doing the math easier to understand I’m going to talk about pricing by the single session.Let’s say you want to earn $100,000 annually and you’re charging $100 per one-hour session. To earn $100K, you’ll need to have 1000 paid client hours each year.Read the rest of how to do the math here.