In your coaching business, you’ll often encounter times when you have to overcome money objections from potential clients. So, how do you usually handle this?
There are many ways that you can respond in these situations. But, one of the best ways that you can handle money objections lies in the setup.
The Setup: Requirements
Let’s look at an example you can use when dealing with the setup:
Say that a client asks you how much you charge. The first thing that you should do is slow down. Slow your mind down. Slow your body down.
Then practice this response, “I’m glad you asked. Before we get into pricing, I have a few requirements that I have for everyone that I work with.
The first requirement is that you are READY. I’m not aware of what’s going on in your life right now, but I can tell you this… When you work with me, I will shake things up and it’s going to change your life! This looks a little different for everyone.
Only YOU know if you’re ready.”
Then, your potential client will usually respond by saying something like, “I was born ready”.
If they respond this way, then you can move on to the second requirement – their commitment level.
You should let your potential client know that coaching is more than a financial investment on their part. It’s an investment of their time, as well as an investment of their personal change/growth.
If your potential client seems up to that challenge, then you can move on to the third requirement – working together.
You should then let your potential client know that you would like to coach them before actually working together officially. Explain to them that this is a way of seeing whether you and them are a good fit for each other (as not everyone will be a good fit for you to coach, right?).
Remember, you’re not supposed to take every client that comes your way. You want to test them out to see how ready they are and then you can make your highest recommendation.
What does this look like, exactly? Let’s say your potential client says, “So how do we work together?” You can then respond by saying, “Great. I’m glad we’re here. My highest recommendation is…” This then opens up the door to recommend for them to start your 3-month program or your 6-month program, etc.
Regardless of which program you suggest, you should still recommend that you both work together for 6 months. Here’s what you can let them know to expect during those 6 months:
- We’ll work together on your vision.
- We’ll see the strategy needed to support that vision.
- We’ll identify any roadblocks that are in your way.
- We’ll do an energy audit (how you’re spending your time).
If they agree to this, then you can discuss the particulars, such as how many sessions they’ll get with you.
So, remember the three requirements:
- They must be READY.
- Their commitment level.
- They need to work together with you.
In Their Right Brain
Something important that you should always do when coaching clients is to keep them in their “right brain.” This is their creative center.
If your client is thinking with their “left brain”, this means that they’re trying to figure things out.
Once you get your client thinking with their “right brain”, you want to remember to really slow down when you discuss your pricing with them. Let’s look at an example:
Let’s say that your 6-month program costs a total of $10,000. You would simply say to them, “Tuition for the 6-month program is $10,000”. Then you should just be quiet…
Your potential client will possibly respond by saying something like, “That’s a lot of money.”
DO NOT ARGUE WITH THEM. Instead, you’ll respond with, “It is, and I wouldn’t want you to do it unless you were 100% sure it would work for you. Who would you need to be to step into that investment making a difference?”
Then allow them to answer your question.
Remember that most of the time when they respond negatively about paying that amount of money, it’s because they haven’t had enough experience working with you. (In other words, they don’t yet know if they can believe what you’re telling them.)
They don’t yet value it. They don’t know what coaching consists of yet. They’re afraid.
This is why you always want to offer up that free coaching session in the beginning. Your potential client needs to see what they’re getting before becoming your actual client.
Think about this… people are always paying for things that they can’t actually afford (or don’t actually need), like boats, timeshares, etc. You want to go deeper than that. Find out if they would still want what you were offering if it weren’t about the money. Get in their head.
Key Takeaways
When dealing with potential clients, you should…
Always have guidelines for who you’re willing to work with.
Always offer them a FREE coaching session.
Always slow things down when discussing your pricing.
Remember that pricing isn’t personal. If someone says NO to your coaching offer, don’t make it about you.
Your value can never be found in a number. It’s found in the change that you bring to peoples’ lives.
Where change is = is where money is created. Money objections with potential clients are almost always solved by slowing down and going deeper.
Many coaches have coaching skills but no idea how to launch or maintain a successful business. If you want more help with your coaching business, let’s talk!
As a Master Certified Coach, I can partner with you to help you gain new insights and tools that will not only allow you to level up your business but your coaching skills as well!
