Abundance
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Beth Buelow, PCC,
2019 Board Education and Training Chair
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We teach people how to treat us.
What are you teaching your clients about how to treat you? Do your
prices and packaging reflect the level of professionalism you want to
project?
When I first started coaching 10 years ago, I was like many new
coaches: I charged only as much as I felt I could justify given my
training and experience. That's appropriate and not unusual. I bumped
along and made a little here and there, but it didn't feel like a
real business. Then came my first meeting with my business coach. He
looked over the revenue spreadsheet I shared, and upon seeing that
one client was only paying $15 per session, he asked, "Um, is
there a zero missing here?"
Unfortunately, there wasn't.
A lot has changed since those early days, including my view on what I
offer and charge clients. Here are six of the most important lessons
I've learned that I'd like to pass along to you:
1. A
confused mind always says no. Keep your offerings
simple. Going back to my initial coaching packages in 2009, I had no
less than five options for a prospective client to choose from. Five!
What looked like generosity was actually scarcity: I wanted to be
sure anyone could see themselves in one of those five choices. I was
afraid to lose someone because of pricing. Now, I only have one
coaching program model and one consulting/coaching hybrid model. It's
easy to explain and makes it easy for clients to decide.
2. Ask
for what you want. When we come from a place of confidence
and ask for what we want, we help others feel invited and respected.
They appreciate the mutual exchange of value. If the client feels
slightly stretched by the investment, and you feel it stretches you
to up the level of your coaching, then you're probably in a sweet
spot. Remember to hold your prospective clients as "whole,
capable, and resourceful" when it comes to sharing your rates.
3. Consider
the totality of your experience. In the early years,
it's easy to discount non-coaching experience and not consider it
when establishing your rates. Don't. Chances are that your background
feeds directly into who you are as a coach. It's informed your
perspective, your style, your expertise. You're not "just a
beginner"; you've added a new skillset-coaching-to your
professional toolbox. What value does that bring to your clients?
4. Having
a specialty commands higher rates. "One size
fits all" is for ponchos, not for coaches! Don't get me wrong:
being a life, career, leadership, or business coach is valuable in
itself. Clients who work with you get an experience unlike what any
other coach could offer them. So how far are you willing to go to
further clarify your offering into a defined specialty or market? The
more a specific audience identifies with your message and knows you
understand their pain and dreams, the more people will be willing to
invest in themselves through working with you. This isn't about
charging more just because you can; it's about distinguishing
yourself from the pack and acknowledging the value of coaching.
5. Evaluate
your rates regularly. If it's been more than a year
since you've reviewed your rate structure, it's time to take a look.
Consider how much professional development you've done, if there are
new assessments or tools you've adopted, how many more hours you've
accumulated, and how often you're meeting your financial goals. A
10-20% increase annually might be reasonable if you're already
feeling satisfied with your rates, and more might be appropriate if
you need to catch up to market rates.
6. What
we charge impacts our profession. For all of our talk
about abundance, coaches are not immune to coming from scarcity. And
when we practice scarcity in our pricing, we're making a choice that
impacts our peers. The coach who charges appropriately seems
expensive compared to the coach who doesn't charge enough. Then
prospective clients don't have a realistic sense of the level of
investment. Let's not undervalue our profession, and instead, charge
what coaching is worth. In many ways, it's all about self-respect,
along with respect for your clients and colleagues!
Your work can be both a business and a calling. You coach for the
benefit of your clients, but also for you, as a values-aligned way to
create an abundant life. It's okay to be paid for what you love, for
what you're good at doing. Once you're willing to embrace that
wholeheartedly, you'll experience deeper satisfaction in your work
and provide even more value for your clients.
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NEWS & RESOURCES FROM ICF
MICHIGAN
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SBAM (Small
Business Association of Michigan) UPDATES AND RESOURCES
-Did you know that when you become a member of ICF
Michigan you also get membership
benefits from SBAM? Another great benefit of ICF Michigan
membership!
-Association Health Plan for SBAM members now available - Click here for more info
-SBAM Events Calendar - Click
here for upcoming events
-Wednesday Wisdom - Click here to see tips, resources,
advice, and best practices from fellow small business owners.
NOTE:
ICF Michigan members get a "Welcome Kit" email that
outlines your benefits and other information. Then you will get
2 emails per week from SBAM. As with any reputable company or
organization, you can unsubscribe at any time.
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Please don't hesitate to contact our dedicated Board
members with questions, observations or suggestions.
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A
dynamic, diverse community of coaches, which grows, develops,
connects, and serves
our
members, supporting communities and individuals with the highest
standards of professional coaching.
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TOP
10 REASONS TO
JOIN ICF MICHIGAN
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There are lots of great reasons to join ICF Michigan,
whether you are just starting out as a coach or have an established
career...
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Amber
Henderson of
Walled Lake, MI
Silke
Janz of
Ann Arbor, MI
Cynthia
Reedy of
Ann Arbor, MI
Melissa
Haveman of
West Olive, MI
Elisha
Gray of
Davison, MI
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MEMBER
COACH
CELEBRATIONS
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DO
YOU HAVE A COACH CELEBRATION?
If
you are an ICF Michigan member who would like to share your coaching
celebration with our newsletter community, please send the (brief)
info to our administrator, Kathy, at support@icfmichigan.org
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EXPERIENCED
COACHES' FORUM
Topic:
"Coach,
Consultant, Mentor, and Assessments"
December 3 at
4:00 pm
Click here for more info
SPECIAL
CORE COMPETENCY WEBINAR
Topic:
"Out with the
Old, In with the New? Exploring the ICF's New Core Competency
Model"
December 10 at 1:00 pm
Click here for more info
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WOULD
YOU LIKE TO JOIN ICF MICHIGAN?
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Click here for information about our
membership options and rates.
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SMALL
BUSINESS ASSOCIATION OF MICHIGAN (SBAM)
PARTNERSHIP
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We
have renewed our partnership with the Small Business
Association of Michigan (SBAM) and have provided for each
member the benefit of a premium level membership.
ICF Michigan supports our members with access to the benefits of an
SBAM membership. You can 'buy up' for a VIP status or opt out should
you choose not to participate.
SBAM
has a wide range of benefits and services available and we hope you
will take the time to explore how this partnership might benefit your
coaching business.
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Join us for Collaborative
Coaching Conversations throughout Michigan!!
Check out the Events section of our Facebook page for upcoming Coach
Cafes,currently offered in Ann Arbor, Grand Rapids, and Royal
Oak.
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