17 Mar Have you made these money mistakes?
Very early in my coaching career, I had a sales conversation with a woman I had met at a networking event. I’m embarrassed to admit that I gave her a low-ball quote that was half of what other coaches were charging. To “sweeten the pot” (as if it needed sweetening) I threw in a bonus workshop. My thinking was that I would make it so irresistible to work with me price-wise that she couldn’t refuse.
Except, she did refuse.
We became friendly as we saw each other at events over the next few years. Eventually she admitted to me that she specifically did not hire me BECAUSE my prices were so low. She reasoned, “How were you going to help me make money, when you’re asking for so little money for yourself?” Yeah, exactly.
I always like to say that I run the “one step ahead” program, meaning, I’m doing all the same work my clients are doing but just one step ahead. If there’s some finagling to do with money, believe me, I’ve done it. I’ve given my coaching and workshops away for free. I’ve traded with other people for services. I’ve underpriced myself. I’ve devalued my programs by giving away too many bonuses. I charged less than other coaches (by a lot) and resisted raising my prices for fear that people wouldn’t be able to afford them. I let people pay on their own schedule, which in some cases, turned out to be “never.”
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