At some point in your coaching career, you are going to have a conversation with yourself about raising your fees. You know the value of an effective coach. You understand the amount of time and money you have invested to learn and grow as an ICF credentialed coach. And yet, you are still charging the same price you did when you started.
Is this you?
It was me. Until December of 2022.
After eight years –– the last three holding an ICF Professional Certified Coach (PCC) credential –– I sent an email to current and past clients notifying them of my new coaching fees to begin January 1, 2023.
For a few days I mulled over the message, but within seconds of clicking the send button I felt instant alignment. Yes. This is good. This is right.
So, What Took So Long?
I told myself many limiting things:
- I will lose my current clients.
- Nobody will pay higher prices with the cost of inflation making it difficult for some to simply meet basic needs.
- People who do not value coaching will judge me and scoff at my fees.
Do any of those sound familiar?
To add to the dilemma, some of my clients and I have been together long term, some for five to eight years. I wanted to honor their loyalty by keeping the original prices in place. I felt like I was doing them a financial favor.
I also struggled knowing coaches who were not ICF credentialed, and quite frankly who I did not find very effective, were charging four- or five-times higher rates than me.
So, why wasn’t I charging more? Take your pick of the limitations.
With candid encouragement of a friend and professional researcher who shared the current rates of coaches like me, I decided to entertain the idea of raising my coaching fees.
What feels like an affordable service I believe in, yet still generates a livable income for my family? After eight years of experience, what is the true value of the service I provide?
I settled on a price.
After I sent the email declaring my “New Coaching Fees,” I quickly agreed with myself that these were locked in for one year, and I would raise them again next year.
That is how I instantly stepped into owning my value as a professional coach.
Why You Should Increase Your Coaching Prices
1) Increase the Value of your Coaching Business
The more income you bring in, the more opportunities you will have to enhance and expand your services. Want to pay for that customer relationship management (CRM) system you’ve been eyeballing? You can. Want to pay for the virtual assistant? You can. Want to hire a top-end coach yourself to impact your clients even more? You can! When you raise your prices!
2) More Clients — Your Ideal Clients — Will Take You Seriously
My ideal clients are high performers. They are articulate and sharp. They are educated and creative, and professional people who see a higher price tag and think, “That’s higher quality.” They want to invest in themselves with a professional service, and I want to provide them with one.
When you raise your price, more of your ideal potential clients will see you are confident in your work. For those who drop off at your bottom dollar? That’s OK. You are demonstrating how to level up.
3) Play the Long Game and Save Time
You could double your prices and work half the amount of time to maintain your income. You could double your prices and work the same number of hours. Either way, you will find yourself with more time or more money. Both are important assets to increasing the value and effectiveness of your business.
- Choose a rate that feels aligned to best serve you and your ideal clients. Is it an hourly change? A coaching package?
- Set a date for the new rates to take place. I made it easy, January 1, 2023.
- Notify people. I sent an email. You could post fees on your website, put the changes in your newsletter or social media posts, and send an email directly to current and old clients as well.
- Take a deep breath and remember the reason(s) you are an entrepreneur.
My First Client with New Fees
The very next day after I sent out the email, I received an inquiry on my website from an executive director in a large corporation in my state who ran across something I wrote on LinkedIn and decided to “finally get a coach.”
We had no similar acquaintances. Was it luck? I don’t know, but I do know the next day during a 30-minute call to see if we were a good fit, I shared my prices with confidence, and she accepted without batting an eye.
When you take your place in the world, it will answer you back.
Raise your fees, Coach. It’s time.