How to Discuss Rates with Confidence and Ease
Now to the one who works, his wages are not counted as a gift but as his due. Romans 4:4 (ESV)
Is it hard for you to ask a client for a certain amount of money for your services? Does the topic of money make your mouth dry and your hands sweat? Do you dread that point in a conversation when someone says, “So what do you charge?”
You’re not alone. Most of us have difficulty talking about money—especially when it comes to quoting prices for our work. But if you’re going to be successful in your coaching business, you have to get over it.
Here are four steps you can take to help you.
Practice. The first rule for declaring your prices with confidence is to practice saying it. Talk to yourself in the shower or front of a mirror. Tell your dog or cat what your rates are. While practicing say, “I charge $XXX.00 per hour.”
The more you say your rates out loud (not in your head), the more natural it will be for you.
Smile. Even if you’re on the phone or writing an email, smile when you say your rates. Your tone of voice changes when you smile (as does the “tone” of your typing) and that tone can convey confidence and authority, not to mention professionalism.
Avoid being wishy-washy. Listen to yourself as you speak to potential clients. Do you say things like, “Well, normally I charge…” or “Actually, my rates are…” or “Do you think that $XX.00 will work for you?”
These (and others like them) are all wishy-washy ways of talking that do not instill confidence in your client, and worse, they make you sound like you don’t believe in yourself.
Rather than squeaking out a timid, “Um, I charge, like $1,000 per month,” straighten your back, smile, and say, “My rate for VIP coaching is $1,000 per month. What credit card would you like to use?”
Be quiet. When we’re anxious or feeling scared, we tend to talk. We need to fill the silence with something, anything, to abstain from sitting there awkwardly and ponder what the other individual is considering.
But guess what? He or she is similarly as awkward with the quiet, and mentally, the person who talks initially is off guard. So when you’re talking price, avoid the urge to fill the silence (mainly because you’re most likely to try to justify your pricing) and let your potential client take time to respond.
Will speaking with confidence always land you a new client?
No. But being able to share your pricing in a clear voice will help potential clients know that you’re confident in your skills, and consequently, that you are the right coach for them.
Should you trade time for dollars? It all depends on where you are in your coaching business and how much time you really have to dedicate to providing services by the hour. Those new to coaching would benefit from having more one-on-one coaching sessions starting out. This helps them get familiar with their coaching flow. A combination of both is advisable.
It is true that trading hour for dollars will burn you out quickly and it places a ceiling on how much money you can make in your business. You don’t want to limit your possibilities to make great money to sow into the Kingdom and care for your family. Leveraging your knowledge by offering workshops, providing group coaching, online courses, etc is the wisest way to bring in revenue while increasing your freedom and flexibility factor. When you leverage, there is no ceiling.