S1.Ep36: “Help! I’m scared of increasing my prices”

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When you have a business, you want to charge what you know your services are worth. However, there may be a part of you that’s worried about whether your potential clients can afford it, leaving you stuck charging the same amount for your prices in a world where everything is getting more expensive.

Jessica is an anger management coach who called The Life Coach Hotline with a problem. She wants to charge more for her services, but she’s hung up on the belief that there’s no way people can afford to pay $5k for coaching. She feels safe offering her current price of $3k, but if she wants to grow, she needs a fresh perspective.

Tune in this week as Jessica gets coached around raising her prices. I help her see how she’s limiting what’s possible for her as an entrepreneur and how she can keep offering value from a more empowered place.

What You'll Learn on this Episode

  • Why Jessica wants to raise her prices and the drama that’s coming up for her.
  • Jessica’s aversion to offering a payment plan to her clients.
  • Why you might lack the confidence to ask for more money for coaching.
  • The specific thoughts that are stopping Jessica from setting higher prices for her services.
  • How to see the true value of what you have to offer.

Featured on the Show


Click to Read Episode Transcript

Lindsey: Hi, welcome to The Life Coach Hotline. This is Lindsey Mango, your life coach. How can I help you?

Jessica: Hi Lindsey, this is Jessica. Well I’m a coach, an anger management coach and I want to charge $5K to women and I have this weird belief that they can’t pay $5K in cash and by themselves. Like they need their partner’s help or something like that. Like they don’t have this kind of money just like too much for women.

Lindsey: Okay, so your belief is that they can’t pay $5K in full without help, is that correct? I want to make sure I’m clear.

Jessica: Yeah.

Lindsey: Okay, perfect. Well let’s go here first, my question is when you tell yourself that, how do you make offers? Like what does that look like?

Jessica: Well I just keep making the same offer that is $3K for six months.

Lindsey: $2K for six months?

Jessica: $3K.

Lindsey: $3K, okay. Perfect.

Jessica: Yeah, so it’s like I just have to stay here because it’s safe.

Lindsey: Okay, so here’s my first question. What made you want to go from $3K to $5K, out of curiosity?

Jessica: Okay, well because what I do is amazing, the results of my clients it’s been just like blowing my mind. They change very fast and all of that and so I think that the work that I do is worth it.

Lindsey: Okay.

Jessica: And so yeah, but then I was like I’m not going to have clients because it’s too expensive.

Lindsey: Okay. Is there anything else? Because really, the work that we do as coaches is invaluable, right? I mean it’s worth more than $5K, right? So I’m just curious, is there anything else behind the decision to go from $3K to $5K?

Jessica: Well, it’s just, yeah, I think, yeah, maybe it’s like, I’m not prepared enough to charge $5K. It’s more about me. It’s like, I don’t have this or a program or a website to charge that. It’s like, who am I to charge that much?

Lindsey: Got it. So you decided to do it for growth, ultimately?

Jessica: Yeah, for cash flow and all of that. I think it’s best for me to have 10 clients at a time. It’s just, yeah.

Lindsey: Okay, so that offered another reason. You said for cash flow reasons you want to charge $5K?

Jessica: Yeah.

Lindsey: Okay.

Jessica: I want 10 clients at a time.

Lindsey: And so then you want to make $50K, that’s the math. Or $100K.

Jessica: Yeah, which is also new to me.

Lindsey: Yeah. Okay, so let me ask you this, if you knew you were going to make $100K no matter what, would you still want to increase the price of what you were offering?

Jessica: Yeah.

Lindsey: Okay.

Jessica: Even more, I will want it more. Like I have more desire to do it.

Lindsey: More desire. The only reason I ask, and I’m sure you know too as a coach, is because sometimes it’s just important to look at the reasons why we do things. Sometimes that could be the reason why it’s not working or something that’s blocking you. So I just kind of wanted to look at it from all angles.

Okay, so how do you feel about $3K? Does that feel like a no-brainer? What are your thoughts about that?

Jessica: Yeah, I think it’s great. It’s like women can pay that.

Lindsey: Okay, so interesting because the only difference is $2,000. I always ask that because I’m like, so fast. So to you, why is from $3,000 to $5,000 such a huge difference?

Jessica: Oh, that’s my brain. It’s like, oh my God, $5K is like, I don’t know, half of a car or something.

Lindsey: Okay, let’s say it is the cost of a car. What does that mean?

Jessica: That it’s too much.

Lindsey: Why?

Jessica: Well, it’s like they don’t have $5K sitting in their account.

Lindsey: Okay, let’s just say they don’t. Many of them do, right? That’s also not true. But let’s just say they don’t have $5K sitting in their account, then what?

Jessica: Then what? Then they will ask me for a pay plan.

Lindsey: Okay, and just total curiosity here as well, why wouldn’t you offer a pay plan?

Jessica: Well, yes. I just wanted to not have payment plans.

Lindsey: Okay, why?

Jessica: Well, because what I noticed is that it’s easier for my clients to just stay committed when they have to pay in advance than when they are doing payment plans.

Lindsey: Perfect. Okay, love that reason. It’s for them.

Jessica: Yeah, I have this kind of client, and then in the middle of the process they feel too good and they want to stop.

Lindsey: So it’s kind of filtering out the non-ideal clients, essentially?

Jessica: Yes. I want the woman that is, hell yes. Yes, I want this result. Yes, I want to invest. Yes.

Lindsey: Perfect. Okay. So let’s go back to let’s say they don’t have $5K in their account, and you’re not going to offer a payment plan. Then what?

Jessica: That’s very scary.

Lindsey: Okay, but what’s so interesting is, in my mind, your brain is like, there are only two options.

Jessica: Yeah.

Lindsey: They have the $5K in their account, or they don’t, and then they don’t buy. And my thought is, if they are a committed client, they will find a freaking way. And I’m curious why you don’t think that or how you feel about that.

Jessica: Yeah, I think I want to create that thought, just to believe that thought because I’ve been thinking like my client is the kind of woman that always has what she wants. So it’s like, yes.

Lindsey: Okay. So how do you feel? Like what are your thoughts? Do you actually believe that they could borrow money? They could get a loan? They could go out and sell something? Ask for a bonus early? Cash in some of their PTO? I don’t know who you work with, but I’m just throwing ideas out there. They could sell something from their house. They could –

Jessica: Yeah, figure it out.

Lindsey: Yeah. Why don’t you think they’re going to do that?

Jessica: Yeah, I don’t know why. I think sometimes it’s like I think back to myself and it’s like I have had to make many purchases by myself, but this thing is about partnership. So it’s like, if it is in their relationship they are not willing to do that sacrifice or something like that.

Lindsey: Okay, so your thought is that if their partner is not on board with it, then that’s not going to happen?

Jessica: Yeah. Kind of, yeah.

Lindsey: Okay. What if their partner isn’t on board with it? Why don’t you think it’ll happen?

Jessica: Yeah, because she wants it, right?

Lindsey: Yeah. The thing that we’re kind of getting at, and we’ll get there in just a second, but like is there something you’re not believing about them?

Jessica: Yeah, exactly, it’s something I believe about my client, like she needs help from her partner.

Lindsey: Oh, so you think she’s –

Jessica: Needy.

Lindsey: Yeah, interesting.

Jessica: She’s needy.

Lindsey: And how does that show up in their life?

Jessica: As angry outbursts. That is what I help them with.

Lindsey: Angry outbursts. Yeah, this is perfect. This is why you charge this much, because it brings up the exact thing that’s keeping them from creating what they want.

Jessica: Yeah, that’s exactly true. That’s exactly true.

Lindsey: Yes. So my question is, why don’t you feel confident in your ability to point that out? Or do you?

Jessica: Yeah. No, I’ve never done that, actually.

Lindsey: Why?

Jessica: Yes, it’s like I never coach them through their money objections.

Lindsey: Why?

Jessica: I don’t know, I think that’s personal. It’s like they can just choose to do whatever they want. It’s like, she just will decide if she wants to go or not.

Lindsey: That’s so interesting. It probably also comes back to that original thought, women won’t pay me in full. Why would you coach them if you don’t believe they’re going to pay for what you’re offering?

Jessica: Yeah, it’s because the clients that just want to pay, they’re just like, I want to pay.

Lindsey: Is that true? Like, I think it’s true and sometimes they have discomfort or drama with that. I think that’s part of the point of that step.

Jessica: Yeah.

Lindsey: What are your thoughts?

Jessica: Well, that I actually never asked them like, do you want me to coach you through your money?

Lindsey: I’m so, like I think we need to dig in on this. I’m like, why? Like you said, they want to pay for it. But what else is there? What is your thought about the person who is like, gosh, I don’t know, my partner might not be on board with this. What is your thought about them?

Jessica: Well, that they’re just not ready.

Lindsey: Okay. I would guess, you can tell me if I’m wrong, I don’t want to put words in your mouth, but you also probably have some variation of the thought that they don’t want to pay for this.

Jessica: Yeah, I think that maybe they are still attached to their partner, because it’s like when you really want to change you’re just like, I’m willing to do anything kind of mentality. So I just kind of want the client to just show up ready.

Lindsey: I think that’s a good thing. Like we want our clients to show up ready. And I’m not saying, there’s a difference between coaching someone on their objections when they want it and they have discomfort or drama about it, rather than someone who’s like not even open to it. But I think that there’s a missing element of just curiosity when they bring this objection to you.

Jessica: Well, they normally don’t bring up the objections. They’re like, well, I’ll let you know.

Lindsey: Okay, but that is an objection.

Jessica: Yeah. And I believe them. Now that you say it, it’s like but I believe them.

Lindsey: Yeah, that’s a good thing, you want to trust your clients. And don’t forget that the reason why they’re there is because their brain and the way they do things is keeping them from creating the result that they want. So the way that they show up to that decision is going to be with the same brain that’s keeping them from their results.

Now, that doesn’t mean you go into it and you keep pushing if they’re like, okay, I’m like, whatever, right? Like I’m going to decide. Like your job in handling an objection, and maybe this will be really useful, isn’t to get a yes. It’s to help them make the decision and help them see their mind and understand why they’re saying what they’re saying, why they’re doing what they’re doing so they have all the information that they need so that if they’re the right client, they’ll take that information and then they’ll make the decision that’s going to help them grow the most.

Jessica: Like to help them see other perspectives.

Lindsey: Yes.

Jessica: Yeah.

Lindsey: I’ll give you an example. It almost be like you showing up to this and me being like, well, if you wanted to charge $5K that badly, you would. And not coaching, right?

Jessica: Yeah, exactly.

Lindsey: Like, well, you do want to. And yes, that’s probably true. And the reason why you’re not is because of all these barriers, and that’s why you are asking for help. And that’s why they’re asking for help.

Jessica: Yeah. Yeah, it’s like there are things that I have not seen. It’s like, okay, let me see.

Lindsey: Yeah. All right, where are you now with it? I don’t know if we’ve buttoned all of it up, but I’m just curious, like how are you feeling about it now about charging $5K?

Jessica: Yeah. Well, it’s like when I was thinking in the consult when I see my client going through all this it’s like, yeah, it’s like she’ll show up in a different way in the part where I talk about money.

Lindsey: Yeah.

Jessica: It’s stronger.

Lindsey: All right. Now, my question is, are you committed to charging $5K? Because the other part of this is like you haven’t – That’s why you keep charging $3K.

Jessica: Yeah, I think I’m growing. My belief is like that’s what I would like. That’s what I want. So let’s walk through it because now for me, like, I don’t know, one year ago charging $3K was insane. Like I couldn’t. But now for me, it’s just like it is.

Lindsey: How did you do that, though? Like when you thought charging $3K was crazy, how did you go through that process?

Jessica: Well, I think it was more about the results of my clients. It was like, yeah, this is just $2K, it’s like, yeah.

Lindsey: So you started charging it, even when it was uncomfortable?

Jessica: Yeah. It was just like it’s incredible for me. Like it’s incredible. I think it’s expensive, but I think it’s worth it.

Lindsey: Right. But I want to offer that you were like, that’s what I’m charging, so even if I have doubt in this, I’m going to do it. And right now you haven’t reached that point with $5K. So it’s like you’re kind of trying to figure all this stuff out before you make that decision.

Jessica: Oh, okay. Okay, okay, okay, now I see it. It’s like I’m trying to look for evidence to charge $5K.

Lindsey: Yeah. And you’re like, okay, I’m going to work – Which is good, right? You’re like, I’m going to work through the drama and all that, like everything that’s coming up. But also at the same time, the only way you’re going to become somebody that charges $5K and works through all the real discomfort of it is by deciding and committing to it first, and then experiencing the discomfort.

Jessica: Yeah, when you say it that way, it’s like all my self-judgment came out.

Lindsey: Oh, interesting. What was that? Tell me more.

Jessica: Yeah. It was like, oh my God. Yeah, it was like, I can’t believe it. Like how can you charge that? It was like all these like, oh my God, wait a minute.

Lindsey: How do you feel about spending $5K?

Jessica: Oh yeah, it’s like I spend $5k, $9k on my business coach. So committed.

Lindsey: Mm-hmm.

Jessica: Committed. A little bit crazy.

Lindsey: Okay, perfect. Don’t we all feel a little crazy when we’re going after our dreams? Okay, what if she charges $3K? What would be different?

Jessica: Well, I think that wouldn’t be enough.

Lindsey: Okay, for what? Tell me.

Jessica: Well, if my business coach charged $3K, that’s what you’re asking?

Lindsey: Yeah. Yeah, like why wouldn’t that be enough for you?

Jessica: It’s too little. Like, I don’t think she’s good. I don’t think that would be good enough.

Lindsey: Oh, interesting. So you see it as a reflection of the value of it?

Jessica: Yeah. No, like the results that she can create. It’s like $3K for a year, that’s impossible.

Lindsey: Okay, so what would make you believe that $5K for what you’re offering would be the same kind of no brainer? Like, that’s impossible.

Jessica: Yeah, I think it’s just more I like to think like, fuck, she’s amazing. Obviously, I’m paying her $5K.

Lindsey: Yeah.

Jessica: Which I am. Which I am.

Lindsey: Okay, so could you think that about yourself and what your clients think about you?

Jessica: Yeah.

Lindsey: Here’s another good question that I think sometimes is interesting, because when you think about making that $9K investment in a business coach, what do you think about the return on that?

Jessica: That I was going to transform myself. And I paid that in full because I wanted exactly that. It was like, I don’t want to stop. I want to keep committed to my business for a whole year, no matter what. No matter how messy my life gets, no matter how crazy, no matter nothing, I just can’t quit. I just put myself in that position of like, I can’t quit, I invested $9K.

Lindsey: Would you think the same thing for investing in what your clients are investing in?

Jessica: Now that I said it, it’s like, yeah, that’s exactly what my clients, I want them to think. Yeah, that’s exactly what I want them to think. Like I can’t quit.

Lindsey: Yeah. You’re letting them play small when you charge less than what it’s worth.

Jessica: I love that thought.

Lindsey: All right, how do you feel now?

Jessica: I feel amazing. I’m just like, oh my God, that’s exactly the energy that I want in my clients. I don’t want other kinds of clients.

Lindsey: Are you willing to have someone say no to $5K when they would have said yes to $3K?

Jessica: Yeah, definitely.

Lindsey: So are you committed to $5K?

Jessica: Yeah. Like, yes.

Lindsey: How does that feel?

Jessica: That feels really good because it’s just like a jumping, a timeline. It’s like, yes, because that’s the kind of client that I want.

Lindsey: Love it.

Jessica: Yeah, yeah.

Lindsey: All right, I think we’re complete here. Is there anything else?

Jessica: No, I love that. I’m just going to repeat this episode like a hundred times.

Lindsey: I’m sure many people will. I love it so much. Well, thank you so much for calling in, Jessica. I am so honored to be able to help you and I can’t wait to hear how it goes. Give me an update on Instagram or something.

Jessica: Okay, thank you so much, Lindsey.

Lindsey: You’re welcome, bye bye.

Jessica: Bye.

If you want to call in to The Life Coach Hotline, go to https://lindseymango coaching.com/lifecoachhotline. Talk to you soon. Bye.

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