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Charge What You Deserve Fee-Setting Blueprint for Coaches®

By: Tom Buford

© 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com

Dedicated to~ My parents

“They’ve always allowed me the space, freedom and support to achieve whatever I wanted in life.”

~Tom Buford


“No one can make you feel inferior without your consent.”

~Eleanor Roosevelt


Introduction~ First, I want to take the opportunity to THANK YOU for purchasing the Charge What You Deserve Fee-Setting Blueprint for Coaches®. It’s an honor and a privilege for you to have trusted in me and my methods. You’re going to learn powerful tips and techniques to begin immediately charging what you deserve whether you’re new to coaching or have years of experience. I’ve taken not only my 13+ years experience as a successful service professional and my coaching background, but I’ve also interviewed some of the most successful coaches and business consultants anywhere in order to create this powerful and effective tool so that you can begin living the life that you rightfully deserve. I was inspired to create Charge What You Deserve® when I noticed so many coaches, consultants and other fee-based service professionals who:

� Get nervous when they discuss their fees because they feel unprepared and self-conscious

� Are frustrated by the number of hours they have to work because they’re trading time for money

� Have been undercharging for the amazing results they know they deliver but are unsure what to do about it

� Are hungry to raise their rates, but they're nervous about the reaction they will get from their clients and prospects

� Are completely OVERWHELMED

� Don't have enough clients

� Compare their fees to others in their field and wonder why they don’t stand out in their industry

� Describe their business as "frustrating and tedious"?

If any of the above describe you then get ready for a fee-setting transformation!


Some of the tips and techniques that I offer take longer to apply than others. I don’t want you to become frustrated or overwhelmed.

You don’t have to apply everything all at once to begin charging significantly more than you have been or more than you have ever imagined you could.

The idea is to begin moving forward with consistency.

I learned an amazing concept from consulting guru, Alan Weiss. It’s called “The 1% Solution: Tools for Change.” The idea is that by improving just 1% per day, you will be twice as good in just 70 days.

I’ve applied this principle in my life and it’s absolutely true. It only takes small, consistent improvements to achieve enormous gains.

Yes, you can certainly apply tips and techniques that you learn from the Charge What You Deserve Fee-Setting Blueprint for Coaches® program immediately and with great success, but don’t become overwhelmed thinking that you need to apply everything at once.

Enjoy the program and enjoy the amazing results.

Cheers and Success

Tom Buford

p.s.

I’ve included “Profit Steps” near the end of most of the chapters in order to put what you learn into action as soon as possible.

Also, at the end of each chapter I have a page for you to write out any “aha’s”. Write them down as soon as they come to you. “Aha’s” are critical and not to be forgotten. Don’t underestimate the power of “AHA’S” ;-)


Charge What You Deserve

Fee-Setting Blueprint for Coaches™

Table of Contents 1. Why Your Low Fees are Damaging Your Clients’ Results 2. Unearth the Value Within 3. Value-Based Fee Setting: It’s Cool, It’s Easy and it’s IN! 4. Multiple Prospects? Multiple Solutions! 5. Grace Under Pressure: Handling Price Objections 6. 9 Simple Steps to Position Yourself as an Expert, Whether You’re New to the Game or Not 7. Presto, it’s MAGIC! How to Eliminate the Competition 8. 5 tips to Communicating Fees with Confidence 9. Why Your Clients are Secretly Begging You to Raise Your Fees 10. When and How to Raise Your Fees with Existing Clients 11. The Lifestyle Fee-Setting Formula 12. Information Products 13. Ask and Ye Shall Receive! 14. Putting it All Together


When patterns are broken, new worlds emerge. ~Tuli Kupferberg

Chapter 1

Why Your Low Fees are Damaging Your Clients’ Results

I’ve seen it happen time and again when clients are not getting the results that they should be getting from a coaching or consultative relationship. There’s certainly more than just one reason that this happens, but one of the biggest offenders is setting fees too low. Here are a few reasons why.

Low perceived value of your services Perceived value is a powerful concept. It’s been ingrained into our heads that you get what you pay for. Charging too little for a valuable service such as coaching or consulting is a lose/lose situation for both client and coach.

Here’s an example—one I experienced myself. I recently met a coach who was having business issues. She wanted to start cranking out a newsletter and get her website up and running, but she didn’t know where to start. In the past I have noticed many coaches having a difficult time getting the basics of their business set up, so I wrote the e-book “From Lazy to Loaded: Business Success Blueprint for Coaches and Consultants” Because she didn’t know where to start, I wanted to help this particular coach out, so I sent her the e-book for free. It had all the answers to her problems and I thought that I was doing her a favor by not charging her for the book. A couple weeks later she called and said she was having problems getting her newsletter started. I asked if she read the e-book and she said that she hadn’t, and she wasn’t even sure where to find it on her computer so I sent her another copy. Two weeks later the same thing happened. I kid you not! I couldn’t believe my ears. She was asking me questions about the exact same problems and once again I asked if she had read the e-book and again the answer was “NO.” I would bet dollars to doughnuts that if she had paid $500 for the book that I sell for only $49 she would have gotten thousands of dollars of information out of it. This is the way most human beings operate. If you don’t pay for it or if it comes too cheap, it must not be very valuable. The information doesn’t have to be any different, but the clients receive the information on completely different levels.

© 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 1.

Less accountability The less that somebody pays for something, the less that they take away from what it is that they just bought. I alluded to this above with the example above of giving away an e-book. This isn’t to say that you should be charging $10,000 for an hour of your time, but if you give $50,000 in value then who’s to say that you shouldn’t? Just keep in mind that you aren’t doing your clients or yourself any favors by giving away your time for far less than it’s worth. Once you’ve established the value that you are giving to your clients, it’s your responsibility to then charge for it.

YOU aren’t “performing” at your best Financial worries can affect every inch of our bodies. When you are struggling to make ends meet because you aren’t setting your fees effectively then you are adding undo stress to your life. This carries over into everything that you do; particularly while you are doing your job. In time resentment toward your chosen profession will set in and make you completely miserable. I’m being a bit dramatic because I want to make sure that you remember this. Being a martyr doesn’t make you better at your job. It has the exact opposite result. Here are just a few situations that undercharging can cause:

� Added stress

� Less focus

� Resentment toward your business

� Resentment toward your clients

� Lower energy when networking

� Lower self-esteem

� Less confidence © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 2.

You’re spreading yourself too thin Let’s say that you’re happy with your income, but you’re just working too many hours to get it. If you could just double your typical fees and work with half the number of clients, then life would be great. No way that you could do that, right? Why not? Look at what happens to you when you can scale back on the number of hours that you have to work.

� More time to network

� Time to do pro-bono work

� Less stress

� More energy

� Renewed passion for your career

� Expanding your business And the list goes on and on. We aren’t even touching the tip of the iceberg here. What about all of the benefits that will touch you in your personal life like having more time for:

� Spending with friends and family

� Self development

� Travel

� Education So what does this have to do with helping your clients? Everything! This all translates into being a better, more focused, more effective business owner.


Profit Step:

Make an on-going list of reasons you see that your low fees may have a negative impact on your clients and your image as a coach.

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“AHA!!! Why didn’t I think of that sooner?!”

Don’t forget it. Write it down!

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The greatest discovery of my generation is that man can alter his life simply by altering his attitude of mind.

~William James


Chapter 2

Unearth the Value Within

One of the biggest road blocks that service professionals run into along the road to success is lacking self confidence to charge what they deserve. They have done all the homework, gained training and experience and all of the other things necessary to be great at what they do, yet they can’t seem to sell themselves on their value. For those of you who are shaking your heads in agreement, that’s all about to change.

Quiet the Inner Critic The inner critic in us will always be there. It’s there for a good reason. It’s there to remind us that those pink socks don’t go so well with brown. However, we need to learn to control it and lower the volume. Don’t let negative thoughts rule the day. Stop being overly critical of yourself. I promise your clients aren’t being as critical as you are. Nobody is being as critical as you are. And if they are, then lower their volume too. ;-) Stop comparing your service/product to others. Remember that your clients and prospects will probably never even see what it is that you’re comparing yourself to anyway. Stop scouring the competition and focus on your own business. Learn to over deliver and you will never lose sleep over what other people are selling. It doesn’t have to be perfect to be of great value to your customers. Your client has one concern; they want to get more value than what they are paying. This isn’t as hard to do as you may think. We will talk more about that later.


Get Out of the Way of Your Own Success Stop all of the self sabotage. You are entitled to great success just like anybody else is. If you’re telling yourself that you aren’t, then STOP IT! As Eleanor Roosevelt said, “No one can make you feel inferior without your consent”. One of my mentors likes to compare building your business to playing in your own sand box. It’s yours to do with what you will. Make it great and make it fun. Turn it into anything that you would like.

Get Past the Build-Up I started skydiving years ago. I fell in love with the sport after my very first jump. The amazing thing about skydiving, as with so many other things in life, is that the actual jump is never as scary as the events leading up to the jump. Once you’re in the air all you can think about is enjoying the ride and how much you’re looking forward to the next one. The build-up, however, can be intense. That’s where you have to quiet your mind and not let your imagination get the best of you. The same goes with your business. It’s the anticipation of raising fees and earning more money that makes people so nervous. As humans, we naturally anticipate all of the negative feedback that we could (but probably never will) get from prospects and clients. Sit down in a quiet place and close your eyes. Imagine it’s 90 days from now and your new, more profitable fees are well in place. You have all of the clients that you can handle and the money is flowing in. When the subject of your fees comes up, you are confident and firm. Everyone around you is smiling because they understand that you are worth every penny. Life is GREAT! Now, open your eyes. Realize that this isn’t a dream. This is your reality as soon as you let yourself get past the build-up.


Self-Confidence Formula If I had to recommend only ONE book on wealth and business it would be an easy choice. I would recommend Think and Grow Rich! by Napoleon Hill. In it he talks about a Self-Confidence Formula. Here it is from the original version restored and revised. “First. I know that I have the ability to achieve the object of my Definite Purpose in life; therefore, I DEMAND of myself persistent, continuous action toward its attainment, and I here and now promise to render such action. Second. I realize that the dominating thoughts of my mind will eventually reproduce themselves in outward, physical action, and gradually transform themselves into physical reality; therefore, I will concentrate my thoughts for 30 minutes daily upon the tasks of thinking of the person in intend to become, thereby creating in my mind a clear mental picture of that person. Third. I know that through the principle of autosuggestion any desire that I persistently hold in my mind will eventually seek expression through some practical means of attaining the object back of it; therefore, I will devote ten minutes daily to demanding of myself the development of SELF-CONFIDENCE. Fourth. I have clearly written down a description of my DEFINITE CHIEF AIM in life, and I will never stop trying until I shall have developed sufficient self-confidence for its attainment. Fifth. I fully realize that no wealth or position can long endure unless built upon truth and justice; therefore, I will engage in no transaction that does not benefit all whom it affects. I will succeed by attracting to myself the forces I wish to use and the cooperation of other people. I will induce others to serve me because of my willingness to serve others. I will eliminate hatred, envy, jealousy, selfishness, and cynicism by developing love for all humanity − because I know that a negative attitude toward others can never bring me success. I will cause others to believe in me because I will believe in them and in myself.”


Value Inventory People usually have much more to offer than they credit themselves for. This is a great time to start a value inventory. Keep this list with you and add to it whenever you think of something new! Get in the habit of referring to it whenever you are feeling self-conscious about your business or anything else in your life. I’ve given you some space below or you can take out a separate sheet of paper. Now, for at least 10-15 minutes I want you write down everything that comes to your mind that you offer your clients. Don’t judge any of your responses; just write everything that comes to your mind. Here are a few ideas to get your mind cranking: Accountability

Increased profits

More efficiency

Improved relationship with significant others

Better parenting skills

More free time

Inner peace

Less overwhelm

Forgiveness

Better employees

More impacting communicator

Improved health

More savings in the bank

Early retirement strategies


Get creative and don’t limit yourself. For example: one of my clients is a private chef. She cooks dinners for an extremely busy executive couple. Beyond the obvious of improving their health and reducing overwhelm, she helps her clients to create a stronger relationship with one another. She gives them the valuable gift of time to allow them to spend it together. If you are a relationship coach working with parents who are trying to develop stronger bonds with their children you could make a list a mile long of the intrinsic value that your coaching provides for your clients. Could a parent even put a price on the value of a stronger relationship with their children? I hope not!


Profit Step

Create your own Value Inventory

Remember, keep writing for at least 10-15 minutes and add to the list regularly.

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Profit Step

Self-Confidence Formula

1. Write down your Definite Chief Aim for your coaching practice. 2. Review the Self-Confidence Formula on a daily basis.

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What you think about yourself is much more important than what others think of you.

~Marcus Annaeus Seneca


Chapter 3

Value-Based Fee Setting: It’s Cool, It’s Easy and it’s IN!

Trading dollars for time will always limit your income to the number of hours there are in a day, a week or a month. This can be a frustrating trap that you need to break free of. One of the most effective ways to set yourself free from trading dollars for time is to begin establishing your fees based on value. At the end of the day that is precisely what service professionals are being hired for; to offer value to their clients. So why is it that we set fees based on the number of hours that we work or sessions that we provide? Because that’s what we see others doing. But that’s NOT what the most successful coaches out there are doing. They are charging what they deserve by setting fees based on the value that they deliver. Alan Weiss, business guru and author of Million Dollar Consulting, describes it like this: “The secrets of receiving high fees are:

� Base fees on the client’s perceived value of your assistance.

� Ask for them.” Nothing more. Review and add to your “value inventory” all the time. These are the things that you need to be focusing on. It’s not about how many sessions a coach offers her clients; it’s about the results that she delivers. I can’t stress this enough! Here are some things to keep in mind when establishing fees based on value:

� Take time to nurture the relationship with your clients and prospects.

� Never feel obligated to share details about your business such as the number of days in the week or hours in the day that you spend working.

� Don’t blurt your fees too soon (more on this later)

� Don’t negotiate your fees without removing value. This may sound cold, but it

really isn’t. Once somebody sees that you are willing to go down on yours fees, they immediately devalue your service and feel they can get away with it again. This doesn’t serve you or your clients.




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You can’t depend on your eyes when your imagination is out of focus.

~Mark Twain


Chapter 4

Multiple Prospects? Multiple Solutions!

This is such a win/win it’s not even funny. When you are offering only one service or product, you’re putting a tremendous amount of undue pressure on yourself. Every time you face a prospect you know in the back of your mind that it’s all or nothing. Why not alleviate this pressure and at the same time give your market a selection of choices. Here are a few ideas:

� Newsletters, articles and free reports

� Information products

� Group programs

� Split-fees You can cover all your bases from “home-run” services to free information such as newsletters and articles. Let’s go through these one at a time. Most people need to get to know, like and trust you before they invest hard-earned money into your services. This might take 5 minutes or 5 months. Everybody is different. That’s one of the main reasons to offer multiple solutions for your clients’ problems. Not any one is going to be best suited for all of them.


Newsletters, articles and free reports: These are, without a doubt, three of the best ways to get people interested in what you have to offer. If you give them valuable, practical information at no risk whatsoever then they will be more inclined to trust you when you offer more expensive solutions. What about those prospects who truly cannot afford your fees? Newsletters, articles and free reports are a godsend for these people. They need information that they can trust, but they aren’t capable of shelling out the money just yet. For others it absolutely frightening to hand money over to somebody that they don’t know. Give them the opportunity to know, like and trust you and their guard will come down. Just be sure to always respect and honor this trust. Consider it sacred and you can have long lasting relationships with your clients. Remember, it’s MUCH more expensive to acquire new clients than it is to retain existing ones.

Information products Information products come in all shapes, sizes and prices. They can be free, 15 page downloads all the way to multiple CD and book packages ranging from a few dollars to $2500 and more. I watched one ezine guru go from $450 to $1500 for the exact same info product in ONE year. And she gets it. Obviously people have found her information to be worth thousands of dollars. One of the easiest ways to create an information product is to record a teleseminar or a series of teleseminars, have the audio transcribed, then package the audio and book. You can keep it to a simple PDF text and MP3 audio download or create a physical product. Both can be very useful for your clients and very profitable for you.


Group programs Teleseminars and workshops are great ways to leverage your time and offer your services at a lower fee. You can do this and make excellent income because you are working with several people at a time. If you are providing superb value for your clients then many of them will want to get closer to you and hire you one-on-one. Group programs are also a great option for current clients who are struggling with the financial commitment of more expensive private services.

Split-fees Many coaches offer a set number of sessions per month for a set number of minutes each session at a set price. For instance, they might offer four, 45-minute sessions per month for $500. This becomes very restrictive in terms of what you’re offering your clients. Not everybody is going to need the same number of sessions each month for the same amount of time. Take the same example and make a slight adjustment. Package A Package B Sessions per month: Two Four Length of sessions: 45 minutes 45 minutes Investment: $400 $700 Wow. Imagine your prospects actually having choices? You don’t want to confuse them with too choices, but you don’t want to limit them to an “all or nothing” either. This is also great insurance for not having to discuss your fees too early in a sales conversation. You can be honest and say that you have multiple solutions for their needs and you would like to get more information first. More on that when I discuss tips for communicating fees with confidence. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 21.

Profit Step

Write down split-fee packages that you can offer. Include 2-3 different packages.

Challenge: If one of the packages is offering the same amount of time that you currently offer your clients, I want to challenge you to raise the price of that package at least 50% above what you currently charge.

Package A: # of sessions/month ________________________________________ Length of sessions ________________________________________ What is included* ________________________________________ ________________________________________ ________________________________________ Cost per month ________________________________________

Package B: # of sessions/month ________________________________________ Length of sessions ________________________________________ What is included* ________________________________________ ________________________________________ ________________________________________ Cost per month ________________________________________ © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 22.

Package C: # of sessions/month ________________________________________ Length of sessions ________________________________________ What is included* ________________________________________ ________________________________________ ________________________________________ Cost per month ________________________________________ *Free e-mail support, newsletter subscription, discount on future programs and events, laser coaching calls, etc


“AHA!!! That’s some good stuff, Tom!”


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He who has a why to live for can bear almost any how. ~Friedrich Nietzsche


Chapter 5

Grace Under Pressure: Handling Price Objections

Nobody likes to hear the word “NO”. We will do about anything to avoid it; including lowering our fees until we hear a “yes”. The problem is that this habit will put you out of business about as fast as anything else. It will also cause you to resent your clients and that’s no way to run a business. So how do you handle price objections? Here are a few effective solutions. 1. Clearly establish value before discussing your fees In your conversations, on your website, and in any other written form it’s important to always establish the value that you are offering your clients. You have to be clear on this before they can be. When talking with your prospects don’t let the conversation get to pricing too soon. Make certain that they are clear on the value of working with you before you discuss your fees. It’s a great idea to get them to say out loud what your service is worth to them. Here’s an example: “If we were to work together and you were able to accomplish the things that we discussed within the time frame that we discussed, what would that be worth to you?” It doesn’t get much simpler or more powerful than that. Obviously, there is much more that goes into the sales conversation than one simple question, but this is where you want to take it before you start mentioning specific fees. 2. Don’t reduce your fees without removing value There’s no need to feel pressured to reduce your fees just because somebody tells you that you are too expensive. The funny thing is that as soon as you tell a prospect that you are willing to reduce your fees but because of the lower price you’re going to have to remove “x” and “y” from the package you will see just how fast they find value in the entire package. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 26.

3. Offer multiple solutions for your clients’ problems When it’s really a matter of affordability for your clients you are able to help by offering them multiple solutions. If they aren’t ready to invest in your private coaching, then they can sign up for your newsletter and join your next workshop. Having multiple packages to offer your prospects makes the entire sales process much easier. Regardless of their objections, you have somewhere to put them. 4. Understand that sometimes you need to say “NEXT” and move on. Don’t be cocky, but be willing to walk away. This takes a ton of pressure off of you just by having the mindset that whoever it is you’re talking to isn’t the last prospect on the planet. Remember, they need you every bit as much as you need them. There are about 5 billion fish in the proverbial sea. Don’t get hung up on one. Sometimes you’re just not the right fit with your prospect. Never be offended or offensive. Just move on. This is actually a powerful way to close a sale. People can’t stand scarcity. They insist on having things that they think they can’t have. It’s crazy, isn’t it? But you know it’s true. When somebody sees that you’re willing to walk away and move on they suddenly see more value in you. You aren’t somebody who is begging for their business. You know that there is somebody waiting around the corner that’s dying to work with you. When you allow people to push you into lowering your fees you are filling your business up with clients that you will soon resent. This is unhealthy and completely avoidable. I know that it can be very scary, but take a deep breath, look them in the eyes and say, “It’s been a pleasure talking with you!” Then say to yourself, “Next!”


“AHA!!! I’ll need this later!”


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Cherish your visions and your dreams, as they are the children of your soul, the blueprints of your ultimate achievements.

~Napoleon Hill


Chapter 6

11 Steps to Position Yourself as an Expert, Whether You’re New to the Game or Not

There is nothing mystical about becoming an expert in your field. Let me give you a couple definitions found on www.dictionary.com. ex·pert [n., v. ek-spurt; adj. ek-spurt, ik-spurt] Pronunciation Key –noun 1. a person who has special skill or knowledge in some particular field; specialist; authority: a language expert. –adjective 2. possessing special skill or knowledge; trained by practice; skillful or skilled Notice that nowhere in those definitions does it imply that an expert is the “best” or better than “all others”. In my opinion, if you know more than your clients on a specific subject then you are considered an expert. “A person who has special skill or knowledge in some particular field.” Hmm. I bet you are an expert right now. However, I’m going to give you 10 suggestions for ramping up your image not only in the eyes of your prospects and peers, but also in YOUR eyes. This is really the most important goal. Following are several steps that you can take to increase your “expert status” very rapidly. Don’t let yourself get overwhelmed. There’s no need to take on all of these at once. In fact, I wouldn’t even recommend it. Start by picking two or three that you feel confident you can implement quickly and effectively. Then move forward from there. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 30.

1. Be a specialist, not a generalist Be specific about what it is that you want to do. You can’t be all things to all people, so you might as well specialize in one or two things. You can always add to your expertise. People incorrectly assume that as soon as they start to narrow down their market, they are eliminating good prospects. You can still work with people outside of your intended market, but becoming a specialist keeps your marketing and messaging much more effective and focused. When your Mercedes gets a nasty clunking noise under the hood would you rather take it to a general mechanic or somebody who specializes in repairing Mercedes’? I know I would rather take it to the specialist. That same mechanic can probably work on about any car on the road, but he’s smart. He knows that there are enough people driving Mercedes’ that can keep him busy. He also knows that he can charge more and get it all day long because he is the specialist. His clients feel comfortable taking their cars to him because that’s all he does is work on Mercedes Benzes. The same is true for coaches. Some of the most specific niches out there could never be handled by a single coach in ten lifetimes. By becoming a specialist you will gain much more confidence with your business and become the “go to” person for your niche. The only way to have clients coming to YOU is to stop being a generalist. Hands down the best thing that I ever did for my business was to begin working with a very specific market. I’m no longer scattering my message and energy. When I take in information I know exactly how and where to apply it. Before I decided on one specific niche I’d find myself at networking events not even knowing how to introduce myself. Now I’m very clear about my message and let me tell you, the feedback that I get is amazing. Recently at a local coaching event I had someone overhear me and grab my arm to introduce me to another coach that needed my help. Why? Because I’m specific about what it is that I do. I’m a specialist. In turn, this sends my confidence level through the roof. Admittedly, this was a very scary step to take. I had to come to the realization that everybody in the room isn’t a prospect. I couldn’t be happier though. Now I don’t feel that I ever have to sell myself. I can share what it is that I do and attract clients more organically. Truthfully, this is a huge relief because I really don’t like selling myself.


2. Press Releases There are many great benefits to press releases. This is a very quick way to create a buzz about you and your company. When creating press releases try to include something fun, unusual or unique about you. Or try including all three. Here are two reliable sources to distribute press releases throughout the internet: http://www.pr.com/ http://prweb.com/ 3. Endorse excellent products and services by other experts Not only is this an excellent way to offer your prospects solutions outside of the scope of your business, but it’s also a great way to align yourself with other experts that are serving your market. In fact, you can offer to provide a testimonial and I bet they will love it. You can get a ton of visibility for your business by offering testimonials for other experts. Remember, they probably get great traffic to their website and your testimonial and business information may be right there for all the world to see. Make sure that it’s an authentic testimonial…but I know I don’t need to tell you that ;-) Tip:

I know a marketing guru who posts reviews on Amazon.com about business related books

that he’s read. He has actually gotten several business leads through that one trick

alone.

Again, if you are authentic and sincere, this is a great way to gain exposure. Give a

serious, well-thought out review and people can click on your profile to contact you or

check out your website. If nothing else, it’s a great incentive to read more books related

to your niche.


4. Join associations and take on a leadership role If you don’t belong to at least one active association that is serving your field then you need to think about joining one. Not only are associations a great way to network and expand your education, they offer great opportunities for people to step into a leadership role. If being part of the board is not your thing then you might consider starting a community service activity within your association. This can be a great, rewarding experience while creating exposure as a leader at the same time. 5. Get testimonials This is a MUST. And it’s so simple to do. Start asking for testimonials from everybody that you work with. Make this a habit. Most people are more than happy to offer a testimonial for the great service that you provided. If you have created an information product or free report you can send it to colleagues and peers and ask for their feedback in the form of a testimonial as well. It’s great to get testimonials from other professionals in or around your industry. Always use FULL names and try to get photos for all of your testimonials. “Tom from Atlanta, GA” just doesn’t cut it. I always think it’s total B.S. when I see testimonials like that. But when you see a photo, full name and maybe a business name and/or website, you know that it’s authentic. Don’t make people wonder. 6. Set your fees at least 20-50% higher than your peers When you see four people in the same field and one is priced higher than the other three, who do you automatically think is the more experienced of the group? If you are like most people, you will think it’s the one with the higher fees. We assume that we get what we pay for. By intentionally setting your prices higher than your peers you will be perceived by your market as being one of the experts. This is simple, but it’s effective. It makes people think that you offer something that the others don’t. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 33.

7. Interview experts There are plenty of well-known experts out there who are very approachable. At the end of the day, they are people like you and me. Interviewing them can be a powerful way for you to do three things all at once:

� Teach you exactly what you want to learn from the experts

� Offer your market what you’ve learned from these interviews

� Immediately elevate your status. You are now on the same playing field as these experts

Is there an area of your practice that you would like to expand upon and you know would be of value to your clients? I know there is! Come up with 10-15 questions that would be compelling to your market. Make a list of people you would LOVE to interview. Think big. You may not get Oprah to agree to an interview, but I guarantee that you won’t if she isn’t on your list and you don’t make an attempt to contact her. There are actually some big names out there who are very approachable and may be very interested in your topic and helping you out. Remember, they were once where you are! 8. Give speeches It goes without saying that being in front of an audience gives you instant credibility. Unfortunately, public speaking is the greatest fear second only to death. There are some great groups out there to help if you have any apprehension to getting in front of an audience. The most popular, of course, is Toastmasters International. You can go to their website at www.toastmasters.org and find local meeting near your home. Not only is speaking a great way to get your message out there and establish your expertise, but it’s also a fantastic way to keep your finger on the pulse of your market. Find out what people are saying and what they are looking for. You can get great new ideas to add to your business this way ;-) © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 34.

9. Be Interviewed People are always looking for new information or new faces to share with their audience. It’s also a way for the interviewer to get exposure to your market. This is why you need to make sure that there is a crossover between the two of you. If you’re a private chef you obviously aren’t going to look for any sports performance coaches to interview you. That’s an extreme example, but you can waste a lot of time if you don’t think through this carefully. This holds true with JV’s as well. You want to share a similar market without being directly competitive. When you learn to eliminate competition, which we will get into later, you will have more choices than ever. 10. Hold teleseminars and workshops As you can see by now the point that I am trying to hammer home is for you to get in front of people as often as you can. By proxy, this establishes your credibility regardless of how long you’ve been “in the game”. Holding teleseminars and workshops is a simple way to capture an audience of prospects. Since you have already a specialist and not a generalist, it will be easier for you to pick a topic for the event. Make it interesting, concise and relevant to your ideal audience. Be sure to stay in touch with the people who have listened in to your free teleseminars and invite them to join a more extensive, fee-based teleseminar. If you create a 4-week teleseminar for $297 and you have 10 people sign up then you just made $2970 for 4-6 hours of your time, provided your calls are 60-90 minutes each. That’s $495-$740 per hour. Since you are doing all of this over the telephone you can be attracting clients from all over the world. Finding 10 people from anywhere in the world who are interested in what you have to say is not going to be tough. You can use a company like www.freeconference.com for the phone line. TIP:

Record one of your group tele-seminars. Have it transcribed into print and audio by

using a virtual assistant that you found on www.elance.com and you have a new product

to sell on your website. How many people do you think would love to participate in one

of your tele-seminars, but can’t seem to find the time? Now they can listen or read at

their own convenience by purchasing your CD and print version of the tele-seminar.


11. Write, write and write If you pick 10 unrelated topics and write about each of them it will take you about 100 times longer to establish yourself as an expert. You’re just diluting your time and energy and scattering your focus. But when you hammer away at one or two specific and related topics, you will be amazed how quickly you then become the “go-to” expert in your field. Not only that, but YOU become more comfortable and confident! What can you write?

� Newsletters

� Ezines

� Articles

� Blogs

� E-books

� Reports

� Press releases

� Published books Writing a very targeted Blog is a great way to capture attention from both prospects and the media. Approximately 75% of all media leads come from scouring the internet for Blog content. Even writing and publishing a book can be easier and faster than you ever thought. My friend and colleague Donna Kozik is the founder of MyBigBusinessCard.com and she can coach people to write a book in ONE WEEKEND. Then she walks you through all of the steps to getting it published and on to Amazon quickly and affordably. What do you think would happen to your credibility if you started going to networking events with your published book in your hands? I think that it would skyrocket and so would your fees! © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 36.

Profit Step

Select between 2-3 of the above steps to begin establishing yourself as the “go to” person in your market.

Goal: ________________________________________________________________________ Date to accomplish: __________________________ Details: ________________________________________________________________________ ________________________________________________________________________ Goal: ________________________________________________________________________ Date to accomplish: __________________________ Details: ________________________________________________________________________ ________________________________________________________________________ Goal: ________________________________________________________________________ Date to accomplish: __________________________ Details: ________________________________________________________________________ ________________________________________________________________________


“AHA!!! Now THAT will turn me into an expert!”


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Find a need and fill it. ~Ruth Stafford Peale


Chapter 7

Presto, it’s MAGIC! How to Eliminate the Competition

By being honest, authentic and uniquely “you” it’s amazing how much competition you can eliminate. At the end of the day, people hire people, not businesses. This is never truer than in fields such as coaching, speaking and many consulting markets. But aside from just being yourself, what else can you do to make the competition virtually disappear?

Become a specialist. For example, if you’re a relationship coach, try to narrow it down even further. How many relationship coaches are there? I couldn’t even being to imagine, but I know there are a LOT. But how many relationship coaches specialize in working with busy, executive, single women between the ages of 35-45 who want to have children? Probably not that many. How many busy, executive women do you think there are between the ages of 35-45 who want children and would like relationship coaching? I promise, more than you or 100 coaches could handle. You could be in a room of 50 other relationship coaches and there probably wouldn’t be one who has the exact same niche as you. Now, when a single, busy, executive woman walks in who is 35-45, plans on having children and would like relationship coaching, who do you think she wants to work with? You! And she will pay top dollar, because you’re the specialist. There’s no competition. There’s only YOU. Remember to be realistic about your market though. Don’t make it TOO narrow. Combine some research with some common sense. However, I don’t need to do much research to know that there are probably thousands of single, busy, executive women between the ages of 35-45 who plan on having children. Not all of them are going to be aware of the value and benefits of coaching, but that’s nothing that a little marketing can’t fix. Once you know your market, then you can really get your message out there. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 40.

What else can you do to differentiate yourself from the competition and attract clients with ease?

Be unique! Sounds simple, and it really IS, but so few people do this. I don’t mean that you have to dye your hair purple and get your nose pierced, but you don’t want to blend in with the crowd. Be honest, authentic and uniquely “you” and your business will grow faster than you could imagine. And, you’re more likely to attract your ideal clients. So what can you do to be unique? The sky’s the limit, but here are a few ideas. You could have:

� A catchy business name

� A unique sales approach

� A free CD that you pass out at networking events that always gets attention

� An interesting niche

� Personal stories that you use in your marketing (it doesn’t have to be all about business)

� Pets (again, let people know that you are a real person. Not just a business.) Unique doesn’t have to be strange and unusual. Identify some things about yourself that you can share with your market that differentiate you from your competition. One of the most successful internet marketers that I know is Adam Urbanski of TheSuccessMentors.com. He’s a Polish immigrant with a strong accent. He’s also a great family man. None of these facts have anything to do with business, per se, but he uses them in his marketing messages from time to time. It’s effective. Some people will relate and appreciate what he’s all about. This can make the difference between a prospect and a loyal client.


Profit Step

Write out a list of what you can do to eliminate your competition. List A will be how to become more of a specialist List B will be how to create a unique presence in your market

List A ~ Becoming a specialist ____________________________________________________ _____________________________________________________________ _____________________________________________________________

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List B ~ Creating a unique presence

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“AHA!!! I can have this market all to myself!”


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Man can only receive what he sees himself receiving. ~Florence Scovel Shinn


Chapter 8

5 tips to Communicating Fees with Confidence

Most of us get a little nervous when discussing our fees. Some of us get VERY nervous. A little case of the nerves is fine, but when it gets to the point that you try to avoid the subject of your fees altogether it becomes damaging to your business. Many of you reading this have probably been in that situation at least once. I know I have! Here are some tips to help you manage your nerves when discussing your fees with prospects. 1. Say it until you can say it with a straight face Literally repeat your fees to yourself until it becomes a reflex. Say it out loud; in the mirror, while you’re in the shower, while you’re driving down the road, whenever. Just keep saying it until you take yourself seriously. If you can’t take yourself seriously when it comes to what you charge then don’t expect your prospects to. I heard somebody once say that talking about your fees should be as easy as talking at the dinner table. “This is the salt, this is the pepper, and these are my fees”. It sounds a bit silly, but it really works to think of it that way. Don’t be shy or nervous about what you charge. People will pick up on it instantly and wonder why you’re hesitant about your pricing. 2. Emphasize value and not process when talking with prospects This is critical. Nobody wakes up one day and says, “Wow, I’d really like some coaching or consulting today.” In the simplest terms, what they want is out of pain and into pleasure. Period! Always emphasize the value that your service offers, not how many times a month you will meet and how long each meeting will last. When you develop the habit of discussing value, you will begin to recognize more and more how much your service is really worth and you will stop being hesitant about discussing your fees. When you make it a habit to focus on the value of your service when talking to prospects, you will gain their attention and confidence. This will make it much easier to discuss actual fees when the time comes. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 45.

3. Offer multiple pricing options so you don’t have to discuss specific fees too soon If you offer multiple solutions for your clients’ problems, then you can honestly tell prospects that you have several levels of services and products and you would like to get more information about their needs first. This allows you time to build a stronger rapport with your prospects as well. 4. Sell without selling When you’re excited about what you do and the results that you are able to provide for people, you can easily sell without having to ever be a salesperson. Don’t get me wrong. At some point you have to ask for their business, but that will emerge as a natural part of the conversation when you’re asking questions and showing genuine interest in your prospects. Create a “Conversation Piece”~ Come up with a short description about what you do. Make sure that it flows. Don’t create a tongue twister or something that you have a difficult time remembering. Make it conversational and use it when you meet new people or are just telling people what you do. Remember, you’re NOT selling your service. You’re selling the RESULT. Nobody is interested in coaching or consulting. They are interested in results. Period! They are looking for solutions to their problems. Example: “I noticed that there are people who have amazing ideas, but they are overwhelmed by the thought of starting a new business. That’s why I started my coaching program From Lazy to Loaded. It takes people step by step through the business creation process without having to worry about the dread of a 70-hour work week.” Yours can be shorter or a bit longer. Try to keep it concise and don’t put in too many details. This is just a conversation starter. If you find that people are going to sleep on you, revise it. Shorten it, spice it up, whatever. And don’t be pushy. Just let it be organic. If they are interested, they will let you know. By mentioning the problem that you solve first, rather than your service, people will be able to relate much quicker. They can say, “Yea, I know somebody that can use you right now. Let me get your card!” It’s MUCH stronger than saying, “Hey, I’m a coach. Do you know anybody that needs a coach?” That’s weak! © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 46.

5. 2-Day Fee Vacation Be clear on what it is that you want to charge. What’s your “dream fee”? (More on that later) Now, for two days, charge your dream fee. You can go back to your old fee anytime you want AFTER these two days. Don’t wimp out. Make sure that the two days are on days that you will be talking with prospects and clients. One of the biggest concerns that I hear people having with setting new, higher fees is that if they don’t get business it is lost and gone forever. The “permanence” makes them hesitant to put their foot down and establish a more lucrative business. Give yourself just TWO days and that’s it. What you will probably find is that people aren’t put off by what you charge at all. You are the only one that is put off. But don’t worry about that. Just make a temporary change for two days and know that you can always go back to your old fees if you need to. I don’t think that you will!


Profit Step

Take your current monthly fee and multiply it by 1.5. ____________________ Finish the following statement and repeat it out loud to yourself at least 10 times per day. Fill in the amount with the number above. This number should be replaced by your higher dream fee by the time you finish the Charge What You Deserve™ program. “My name is ______________________ and I’m a masterful coach! I provide amazing value for my clients and my monthly fee is $____________________!”


“AHA!!! That’ll make me more comfortable with my dream fees!”


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Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.

~Helen Keller


Chapter 9

Why Your Clients are Secretly Begging You to Raise Your Fees

1. Greater accountability Greater accountability equals greater results. I’ve seen it myself and heard it time and again from top tier coaches and consultants. Clients who have little or nothing invested won’t get serious about the results. Is this the case EVERY time? I don’t believe so. But it’s consistent enough to consider raising your fees for this reason alone. Here’s an example of how it works—one I experienced myself. I recently met a coach who was having business concerns. She wanted to start cranking out a newsletter and get her website up and running, but she didn’t know where to start. While I was going through my coaching certification program, I noticed many coaches were having a difficult time getting the basics of their business set up, so I wrote the e-book “From Lazy to Loaded: Business Success Blueprint for Coaches and Consultants” Because she didn’t know where to start, I wanted to help this particular coach out, so I sent her the e-book for free. It had all the answers to her problems and I thought that I was doing her a favor by not charging her for the book. A couple weeks later she called and said she was having problems getting her newsletter started. I asked if she read the e-book and she said that she hadn’t, and she wasn’t even sure where to find it on her computer so I sent her another copy. Two weeks later the same thing happened. I kid you not! I couldn’t believe my ears. She was asking me questions about the exact same problems and once again I asked if she had read the e-book and again the answer was “NO.” I would bet dollars to doughnuts that if she had paid $500 for the book that I sell for only $79 she would have gotten thousands of dollars of information out of it. This is the way most human beings operate. If you don’t pay for it or if it comes too cheap, it must not be very valuable. The information doesn’t have to be any different, but the clients receive the information on completely different levels. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 51.

2. It’s time to move on You probably already know that the clients that you have today will not be the same clients that you will have in a year or maybe even next month. This is all part of growing a profitable business. Depending on the style of your business and your market you may retain clients for a long period of time, but there will be some who move on as others join in. Some clients are seeking a reason to gracefully move on. Many feel committed to the success of their coaches and consultants. It seems odd to us, but many really feel that they are your only client and they are responsible for your success. I’m sure you know what I’m talking about. Sometimes these clients are ready to move on and a bump in your fee is the excuse they were looking for. Let me remind you that if this is the case, it’s GOOD for your business. You don’t want clients hanging on out of obligation. The only reason that you should ethically want to retain a client is because you know they are getting great value out of their relationship with you. Do these clients move out of your loop entirely? Not if you have somewhere else to put them. Maybe they would like to continue working with you, but they want a less formal relationship. This is where group programs, teleseminars, ezines, blogs, information products, etc come in. Remember: Multiple clients? Multiple solutions!


3. You’re a more effective coach When you’re stressed out it shows up everywhere; especially when you work one on one with other people. There aren’t many things that can stress us out worse than financial concerns. If you are reading this then I know you are interested in increasing your income and by doing so you will reduce some amount of stress. I know that money doesn’t buy happiness, but it sure is difficult to be happy without any. That’s my take on it. Are you able to be the best that you can be if you are constantly stressed about your income and the number of hours that you have to work to put food on the table? I’m not trying to sound like an ad for the armed forces, but it’s a fact that stress undermines our businesses. If you raise your fees with existing clients, be prepared to lose a small percentage of them. However, be prepared for the remaining clients to be thrilled with the “new you”. The great energy that you will have will impact your business in phenomenal ways. You will pick up new clients easier than ever and referrals will come more consistently as you become a more effective professional. If you follow my tips on “When and how to raise fees with existing clients” then you will have no problem making a smooth and profitable transition.

4. Now they can “see” you Often people won’t consider using you because you are too “cheap”. They can’t perceive the value that you have to offer. After all, if it isn’t reflected in your pricing then how are they expected to see it? Ok. I’m being a little tricky here. This is about prospects who are seeking your services and not existing clients. But the bottom line is that there are people out there who would love to work with you if they could only “see” you. The problem is you are flying under their radar. People tend to shop in price ranges. They attach a certain amount of value to a service or product and that’s what they set out to pay. Many times it’s actually easier to sell them on a higher price than a lower price if they understand the “value trade-off”. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 53.

How many people set out to buy a car and spend less than they had intended; probably not too many. Of course selling a service isn’t the same thing as selling a car, but you need to understand the buyer’s mentality. I bet you have shopped for a home to rent or to buy in the past. I also bet that there was a price point that you wouldn’t go UNDER as well as over. You might have been able to up the budget a few bucks a month for that fancy fitness center, but there must have been something wrong with the other place that was so “cheap”. You don’t want to be “cheap”. You really don’t want to be “affordable” either. You want to be “valuable”. That distinction alone is worth ten times the price that you paid for this product if you take it to heart. The value of this book doesn’t come in the form of words or the number of pages. It comes in the form of concepts that can be discarded or, hopefully, put to use. Only until concepts are put to use do they manifest into real value. That’s where you want to take your business. You want your clients to put your coaching into use. Some of your prospects understand this and that’s why they won’t even talk to you if you aren’t charging more.




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We would accomplish many more things if we did not think of them as impossible.

~C. Malesherbez


Chapter 10

When and How to Raise Your Fees with Existing Clients I recommend that you make it a healthy habit to raise your fees 1-2 times a year. Whether or not you raise your fees with existing clients is a judgment call. You may want to consider it if you have a very long life cycle with your clients. If this is the case and you don’t begin raising your fees then you’re going to be frustrated with your income for a long time coming. If there’s plenty of room in your practice for new clients then this may be a different call. You can significantly increase your income by raising your fees with new clients and not raising them with existing clients. If you do raise your fees with existing clients, here are some tips.

1. Don’t raise their fees to the same price as new clients’. Let them know that you are increasing your fees but the increase for them will be less than all new clients. Make sure that they know that you appreciate their business. For example, let them know that you are increasing your fees $150 with all new clients, but only $75 with them. In a sense they will feel that they are getting a discount. Now, I know that they aren’t stupid and they know they will be paying more, but they will also understand that they are being treated fairly and respectfully.

2. Only mention the increase in fee, not the new fee amount. In other words if you’re a coach going from $500 a month to $575 a month, let them know that the increase is $75. If a client is getting results and value from their relationship with you it is very tough to argue over $100. In fact, if that is a make or break for them then they really weren’t getting value out of the relationship and it’s time to move on. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 57.

3. Give them ample notice. It’s unrealistic to spring a fee increase on clients effective tomorrow and expect them to be cool about it. As a matter of principle they will be put off. As long as you give them some advance notice, most clients will understand. How much notice? That, again, is up to you. I would suggest 45-60 days.

4. Create a unique offer. As long as you aren’t adding more of your time to the table, I think it’s a great idea to offer a little something special for your existing clients. For example, if you’re planning to create a group program, you can offer this to them for free or for a reduced price. This can be for a limited time or it can be indefinite. This is the beauty of group programs. You can add a couple of people gratis without having any negative effect. And you aren’t spending any additional time by doing so. What else can you offer so that they know that you appreciate their business and want to continue the relationship? Let your imagination go here. But remember not to trade more of your time for the increase in fees or you will be right back to trading hours for dollars.


“AHA!!! What will this fee-setting guy think of next?!”


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As soon as you trust yourself you will know how to live. ~Johann von Goethe


Chapter 11

The Lifestyle Fee-Setting Formula

So, is there really a formula that you can use to set your fees? Yes! I call this Lifestyle Fee-Setting. The idea is that you have to first be very clear on how much you want to make. Unless you can define your ideal income, how can you ever achieve it owning your own business? And I really mean your IDEAL income. Don’t wimp out here. This is your sandbox, so create the life that you want. Not only do you need to clarify your ideal income, but you also need to clarify what your work week will look like.

� How many hours do you want to work with clients?

� How much time are you going to dedicate to marketing and networking?

� What tasks are you going to delegate? You will have to figure out on your own the amount of “busy” time that you spend per paying client. For a coach, I would add 100% of the time spent with individual clients to cover for follow-ups, billing, reading e-mails, marketing, time between calls, networking, working on web copy, creating information products and teleseminars, writing newsletters, ezines, and articles, etc. Again, this will depend on what you have delegated and what you do yourself. It’s important not to underestimate the amount of time spent on tasks outside of client work that are part of the weekly routine. They will stack up pretty quick if you let them. The best way to control them is to hire a virtual assistant, web designer, accountant, etc or at the very least you can purchase time-saving tools such as The Coaches Console. You can check it out here: http://www.coachesconsole.com/contact.htm. This is a fantastic, inexpensive, time-saving tool that coaches and even other service professionals can effectively use. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 61.

Ok…let’s get down to brass tacks. WARNING~ DON’T take your ideal income and divide it by your ideal number of clients

before figuring out your ideal number of hours to work per week.

The reason is that you will pick a higher client number than you can handle for the number of hours that you want to work and then divide that number into your ideal income and now your monthly fee is too low. Make sure to work out your ideal number of hours per week first. Subtract out of that all of the “busy work” that you can think of. Again, for coaches, this could easily be equal to the number of hours spent with clients. That being the case, simply take the number of hours and divide by two to get the number of clients you can fit in to your schedule. That’s your number. Here’s the formula. ********************************************************** Ideal annual income / 12 = ideal monthly income Ideal monthly income / ideal # of clients = Ideal monthly fee per client. ********************************************************** Ideal income: $100,000 per year Ideal number of hours per week: 30 hours per week Ideal number of clients: 15 full fee clients per week $100,000 / 12 = $8333 per month $8333 / 15 = $555 per client per month. Notice I’m not concerned with hourly income. I only use the hours of the week to determine a reasonable number of clients that can be handled. You may find that you spend far less or even more time on tasks outside of client work. That’s great. You now have time to develop group programs, information products and other highly leveraged streams of income. If you’re using a 3 week on and 1 week off coaching model then this leaves you a week every month to work on marketing, networking, etc that can free up time during your coaching weeks. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 62.

Profit Step

Now it’s your turn to figure out your lifestyle fee. Ideal annual income: ____________________ Ideal number of hours per week: ____________________ Ideal number of clients: ____________________ ********************************************************** Ideal annual income / 12 = ideal monthly income Ideal monthly income / ideal number of clients = Ideal monthly fee per client. ********************************************************** Ideal annual income_____________ / 12 = ideal monthly income_____________ Ideal monthly income______________ / ideal number of clients______________ = Ideal monthly fee per client_____________


“AHA!!! Brilliant!!!!!!!!!!!!”


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All acts performed in the world begin in the imagination. ~Barbara Grizzuti Harrison


Chapter 12

Information Products First, let’s talk a little about why you may want to create information products Massive leverage; you can reach MANY more people by offering information products than through one-on-one methods. Your prospects get to know, like and trust you; people can get a taste of what you are about before they move into your higher end offerings. Save time; imagine repeating a 1 hour speech every time a prospect is interested in working with you. An information product can get that kind of message out there in an instant. Establish yourself as an expert; your prospects will quickly begin to see you as the go to person in your niche. There are MANY more reasons that you should consider information products if you haven’t been already, but I think that you get the point ;-)

So, what about pricing? There’s a different approach to pricing your information products because you can’t predict the number that you’ll be selling. It’s not as cut and dry as establishing how many clients you want to have for a full practice. The flip side of this is that once you create and your information product and have the marketing in place, you will be able to generate money on auto-pilot. The amount of time it takes for fulfillment never enters the equation. You can create information products as a primary source of income, a secondary source of income or as a client attraction tool. It’s really up to you. Your price will depend on which of the three you’re shooting for. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 66.

Enter the funnel. A funnel has a wide mouth at the top that narrows toward the bottom. That’s exactly how people will enter a business. 1. Attract clients into your funnel with free to low cost products.

� Tele-classes

� CDs

� Free reports

� Laser coaching sessions

� Speaking

� Networking

� Newsletters

� Ezines

� Articles

� Etc © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 67.

2. Begin to move clients and prospects down the funnel by offering products with increasing value and appeal. Level 1: $10 - $97

� E-book

� Published book Level 2: $97 - $297

� Audio CDs

� CDs and companion workbook

� Extensive CD series Level 3: $297 - $997

� Tele-seminars

� Full home-study course

� One-day bootcamp Level 4: Use your imagination

� Weekend bootcamp

� Weekend tele-intensive workshop

� Private coaching

� Etc Do you have to include 4 levels to the funnel; of course not. This is an effective, but generalized example. © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 68.

First, get clear on a few things:

� What’s the purpose of including information products into your business plan?

� How many information products would you like to offer?

� How much money do you want your information products to generate for you?

� Can you think of joint venture opportunities with your information products? Once you get clear on what you want your info products to do for you, then you can see where they will fit into the funnel. Remember that you can repurpose your intellectual property to create new information products. Here are some examples:

� Recorded teleseminars

� Recorded live bootcamps

� Recorded interviews with experts

� Q&A responses between you and your current clients TIP: Check your e-mail

outbox

� And anything else that you can think of


Profit Step

Create your own 4 level information product/service funnel Level 1 Price: ___________________________ Product: ___________________________ Purpose: ___________________________ Level 2 Price: ___________________________ Product: ___________________________ Purpose: ___________________________ Level 3 Price: ___________________________ Product: ___________________________ Purpose: ___________________________ Level 4 Price: ___________________________ Product: ___________________________ Purpose: ___________________________




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Action will remove the doubts that theory cannot solve. ~Tehyi Hsieh


Chapter 13

Ask and Ye Shall Receive!

One of the most important things to remember is to ask. Ask for:

� Joint ventures

� Interviews

� Referrals

� Testimonials

� Your prospects’ business

� Your fees I once had a friend tell me, “You can’t win if you don’t enter.” It sounds so simplistic, but it really is that basic. If you don’t ask for it then you probably won’t get it. Opportunity may certainly knock on your door, but it won’t do you a bit of good if you don’t invite it in. Remember to take action! If you want to be a great speaker, I’ve got news for you; one day you’re going to have to leave your house and get in front of an audience. The problem with the new law of attraction revolution is that people tend to take the path of least resistance. Action has begun to be replaced by thoughts and wishes. Don’t get me wrong, I study the law of attraction intensely. I absolutely believe in getting your thoughts into the universe. But I also believe that those thoughts must be followed up by action that is just as powerful! © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 73.

This brings be to the point of learning to ASK. If you want a powerful joint venture with somebody, you will probably have to ask for it first. Don’t be shy. There are people who would love to work with you, but they won’t know that you are available unless you ask them. If you are already working with clients that are getting great results then make sure to ask for testimonials. They will be happy to give one, but that’s not something they are thinking about consciously. You need to ASK them first. By the way, getting testimonials is one of the greatest ways to increase both your credibility in your market and your confidence as a service professional. A testimonial is also a great reminder for your clients as to why they’re working with you and why they should CONTINUE to work with you. So don’t be shy and remember: Ask and Ye Shall Receive! © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 74.



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Nature gave men two ends – one to sit on, and one to think with. Ever since then man’s success or failure has been

dependent on the one he used most. ~George R. Kirkpatrick


Session 14

Putting it All Together

Step 1: Identify the top three things that you feel have been holding you back from charging what you deserve. _________________________________________ _________________________________________ _________________________________________

Step 2: Create an action plan for overcoming the above obstacles. Is it lack of guidance?

� Start with the Lifestyle Fee-Setting Formula. � Hire a coach. You can always contact me at [email protected]

Is it lack of confidence?

� Create a powerful value inventory and start keeping track of your personal and professional growth.

Is it the fear of being out of alignment with integrity?

� Review the session on why your low fees are damaging your clients’ results. Write down some action steps that you can begin with. __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 77.

Step 3: If you haven’t already, make sure to complete the Lifestyle Fee-Setting Formula and create a split fee. Ideal annual income: ____________________ Ideal number of hours per week: ____________________ Ideal number of clients: ____________________ ********************************************************** Ideal annual income / 12 = ideal monthly income Ideal monthly income / ideal number of clients = Ideal monthly fee per client. ********************************************************** Ideal annual income_____________ / 12 = ideal monthly income_____________ Ideal monthly income______________ / ideal number of clients______________ = Ideal monthly fee per client_____________ Insert this into fee #1 below.

Step 4: Create a split-fee. Fee #1 Fee #2 Fee #3 Sessions per month: ____________ ____________ ____________ Length of sessions: ______minutes ______minutes ______minutes Investment: $___________ $___________ $___________ © 2008 Charge What You Deserve, All Rights Reserved – www.ChargeWhatYouDeserve.com 78.

Step5: Decide on at least 2 additional options for your clients. Here are some ideas:

� Free newsletter or ezine � Archive your articles � Start a blog � Affiliate links to other peoples’ products � Conduct interviews and record them for your clients � Information products � Group coaching � Teleseminars � Recorded coaching calls that are archived on your website or blog

What are they going to be? ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________

Step 6: Begin CHARGING WHAT YOU DESERVE. If you feel uncomfortable with your fee, that’s fine. If you are pricing yourself completely out of the market then you will want to rethink the number of clients you intend to work with and how many hours you will spend on your business. That being said, I encourage you to stretch yourself. You can always find ways to differentiate yourself from others in the market and add value to your business.


Conclusion I truly hope that you enjoyed the Charge What You Deserve Fee-Setting Blueprint for Coaches®. Again, I’m honored that you put your trust in me. Of course, beyond enjoying it, I hope that you benefit from it! I feel confident that if you only apply a few of the many principles in this program you’re going to successfully set your dream fees and get them. I would love to see you use lifestyle fee-setting as a starting point. From here, you will only go up. Combine this with value-based fee-setting and you have a winning combination. Keep in mind there will be some experimentation, but far less than if you try to copy someone else’s fees or take a wild guess.

Remember, if you feel uncomfortable about a fee, that’s good. If you were totally at ease, then you wouldn’t be charging enough. Here are some quick reminders:

� Practice repeating your new fees over and over � How can you add value to compensate for the higher fee…if necessary? � Differentiate yourself from your peers � Stop considering your own budget and priorities when setting your fees

Please visit my website at www.ChargeWhatYouDeserve.com often to take advantage of new programs and resources so that you are always on top of your fee-setting strategies. If you EVER have any questions, concerns or comments, don’t hesitate to e-mail me: [email protected] Cheers and Success Tom Buford


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