What Do Grief and Trauma Coaches Earn?
One of th
e of the most common questions in launching a new coaching or consulting practice is from prospective clients.
They are almost always selling their time in hourly increments.
Suppose you're looking for a coach or consultant; their rates and packages are listed on their website.
And usually it's a three-month or six-month plan that includes a certain number of sessions or phone calls.
Moreover, that comes at some cost.
They are selling their time and services either by the hour in terms of money or by the term in terms of duration.
Either way, they're trading their time for money.
It's also typically the case with consulting.
In the event that you need their assistance, they provide consultation services or may create a proposal for you.
And almost often, it's blanket proposals for everyone.
I should know; I worked in that industry before and followed the same practices.
And it's a lot of effort when a client or prospective client comes to you saying, I'm interested in your services, and you talk to them on the phone or meet with them in person to find out what they want, and then you put together a proposal that outlines everything you're going to do and gives them a price.
The duration is often expressed as a number of months, however hourly and monthly rates are also common.
And then you hand it over, and they approve it.
Getting a customer like that must take a lot of effort.
Well, but that's the general trend.
I did the same thing when I first started out.
Since I am proceeding on the assumption that you already know how to accomplish that, it is not what I am trying to teach you in this course.
Since you've chosen this path, I'm guessing it's not going as well as you'd want so far.
To offer a clearly defined service with a clearly defined result at a clearly defined price is the essence of a hallmark program.
So, for instance, I've had a program in my company that was once known as the Personalized Business Makeover and is now known as the Total Marketing Makeover over the course of the previous five years.
Have a little silo while you wait.
No matter what you choose to call it, no one will give a hoot.
In many cases, individuals are stumped and wonder, "What should I call it?"
And they plan to invest substantial effort into coming up with a moniker.
I've closed deals with potential customers for my flagship program in consultations where I didn't even mention the name of the program.
Even the name itself is unimportant.
And yet, I referred to the signature software by those labels.
Same old show, basically.
For me to successfully aid my customers in packaging, branding, marketing, and selling their services, I developed a system that I now use with every single one of them.
My movements were clear and recognizable.
Usually, I followed the same sequence, but if I didn't, I could simply rearrange the actions in my head.
However, the procedures were always the same.
Since I had been doing this for a while, I had developed a set of procedures that I taught my customers and guided them through.
Then I realized I could package a highly targeted method.
I was certain that after completing all of the steps, my client would be ready to sell their product or service since they would have their company up and running, their service package branded and promoted, and they would have learned how to sell.
Consequently, I had already guessed the result.
That's a very special feature.
It wasn't the amount of time I was putting in.
It wasn't the quantity of calls they received from me, although I do track them.
However, I do not sell it in that form.
What we had there was a program.
This is the deal you're about to make.
What you'll be able to accomplish with your finished software is outlined below.
The cost is as follows.
There is no relevance to the concept of an hourly rate, and I couldn't even tell you how much to charge.
I don't charge by the hour.
In other words, a signature program is a procedure that you market to each and every one of your customers.
I've had consultants tell me, "That's great for coaching, but how well does it work for consultants?"
Because I performed the same thing when I was a consultant for businesses and NGOs, I can say that it works.
What I had to give was already honed and ready to go.
Did I adjust it somewhat for each customer?
Yes, I'll admit to it.
But I wasn't trying to start from scratch.
For the record, I wasn't offering hourly rates for my services.
If anything, I had a work plan that outlined the steps I was going to do with each customer.
It also included a monthly retainer that I set aside for it.
This is the result you will have.
Let me do this for you.
Not in terms of how many hours I'll dedicate to you.
And the monthly payment will be as follows.
Customers appreciate this since, speaking from experience, paying a culture consultant on an hourly basis is like signing a blank check; you have no idea how much you'll wind up paying them.
And it's possible that you're encouraging them to stay on the job longer.
Which is why they must increase their prices.
Therefore, it is unsettling for the client to pay for a coach or consultant without knowing the cost structure and the scope of services to be provided.
Also, it's far more challenging to find buyers for your time.
The main reason is that it requires a degree of self-promotion.
I'm curious as to how you'd assign a monetary value to it
How do you determine how much you should charge per hour as a coach or consultant in comparison to others in your field?
It's discouraging and makes you doubt yourself.
New coaches and consultants often believe they can't compete with the rates of more seasoned professionals.
Numerous up-and-coming coaches and consultants have come to me in recent years, asking, "How much should I charge?"
I did some research on how much other coaches and consultants charge per hour, and because I've been doing this for a shorter period of time, I decided to set my rates lower.
However, this has nothing to do with how valuable your time is and everything to do with how valuable your output is to your customers.
It's the item they'll be able to accomplish or have more of as a result of working with you as opposed to before.
They are purchasing just that.
To be specific, in my instance.
They seek financially rewarding pursuits.
They want to run a successful business in which they can attract customers with ease and engage in meaningful endeavors.
They'd rather not employ me on an hourly basis or pay Debbie for her time on an hourly basis without knowing what we'll be able to accomplish together.
The same holds true for you as well.
No matter what it is you're peddling, there's a certain something your target market is looking for.
Marketable goods and services need a method of delivery, therefore you'll need to develop a program and procedure to get it to the customer.
This removes the need for you to promote and sell your availability.
Don't worry about not knowing how much you're making each hour since you have a rate.
Clients will not declare, "I can't afford a six month program," as a barrier to signing up.
Have you have a month where I can employ you?
They begin bargaining over the length of the contract, depending on their estimates of their financial capabilities.
Also, I need you to consider something.
Believe of what you could accomplish with a customer if you worked with them for a month, doing whatever it is that you do in the manner that you do it right now, or if you aren't in business but are thinking about starting one, what you think you'll be doing with your clients.
Contemplate the results you might achieve for a customer if you worked with them for a full six months.
If you can't promise a noticeable improvement after six months of working with a client instead of only one month, you shouldn't be marketing a six-month program.
I don't want this to seem snarky, but the truth is that you only want to help a customer for as long as it takes to achieve their goals.
Customers will often choose a plan depending on how much they believe they can afford to pay over the course of the contract period (weeks, months, days, years).
They can't pay for a 6-month lease at this time.
I'm not sure I can commit to anything for six months.
That's why they'll choose for a more passive relationship with you, although maybe harboring the same hopes.
As a coach or consultant, selling your time in this manner does not set reasonable expectations for your clients.
So, you know, okay, you want this goal, this is a six-month program; here's the procedure with a defined duration, outcome, and fee.
It's a six-month process.
Can I simply purchase a month if someone asks?
I really can't swing six months right now.
I can't bring you this outcome in six months is an answer you can give them with complete confidence.
I've been around long enough to know that we can't deliver you the result you want in a month, and if you're new to this, then you don't know that either.
If they respond, "OK, I just can't do six months," then you know they aren't the right customer for you, or that your service isn't a high enough priority, or that their suffering isn't significant enough for them to work with you for six months.
Again, the choice of six months is arbitrary.
And even if you just use it to demonstrate a point, it will help you sell more effectively.
To put it another way, it aids in marketing the result.
It prevents customers from haggling about fees and other costs.
You won't have to wonder whether your time is worth $100 an hour or $500 an hour.
Since customers are not paying for your time, but rather for a result, the entire thing is rendered moot.
A signature program makes sense now.
That's why I like it so much, among the many other reasons.
It's also much less of a guessing game to figure out how much money you'll earn since you can easily multiply the price per customer by the number of packages sold to get an accurate estimate.
In Module 2, we'll discuss how to do a financial feasibility analysis of your hallmark program.
But the main reason I like it is because it provides you a certain conclusion to promote and sell, which in turn gives your customers a definite product to purchase.
A hallmark program is, then, a clearly articulated procedure or series of actions that you use with each and every client to get a clearly articulated result—something specific that they will be able to accomplish or achieve that is different from or better than before they began working with you.
That's right, that's what this class is all about.
So, let's proceed in the following video.
As a company owner since 1998, I'm going to tell you about what occurred to me two years ago.
Since then, I've accumulated a lot of experience in this field.
However, I decided two years ago to split this apart and provide a variety of options to choose from.
Moreover, I put that theory to the test for a whole twelve months.
And I'd want to tell you about what transpired.
You can count on me to get there right now.
Just so we're on the same page and you know what you're getting into with this course, I'll clarify what a "signature program" is in this session.
Before I offer you my definition, I'd want to mention that one of the most common reasons I am asked for assistance in launching a new coaching or consulting practice is from prospective clients.
They are almost always selling their time in hourly increments.
Suppose you're looking for a coach or consultant; their rates and packages are listed on their website.
And usually it's a three-month or six-month plan that includes a certain number of sessions or phone calls.
Moreover, that comes at some cost.
They are selling their time and services either by the hour in terms of money or by the term in terms of duration.
Either way, they're trading their time for money.
It's also typically the case with consulting.
In the event that you need their assistance, they provide consultation services or may create a proposal for you.
And almost often, it's blanket proposals for everyone.
I should know; I worked in that industry before and followed the same practices.
And it's a lot of effort when a client or prospective client comes to you saying, I'm interested in your services, and you talk to them on the phone or meet with them in person to find out what they want, and then you put together a proposal that outlines everything you're going to do and gives them a price.
The duration is often expressed as a number of months, however hourly and monthly rates are also common.
And then you hand it over, and they approve it.
Getting a customer like that must take a lot of effort.
Well, but that's the general trend.
I did the same thing when I first started out.
Since I am proceeding on the assumption that you already know how to accomplish that, it is not what I am trying to teach you in this course.
And I assume because the fact that you've decided to take this course, maybe that's not working for you quite the way you'd like.
So a signature program is where you package your services and you sell a definable service with a definable outcome for a specific price.
So, for example, in my business over the last few years, I have had a program called it was used to be called the Personalized Business Makeover, and then I renamed it to the complete marketing makeover.
Now, a little silo for you.
It does not going to matter what you call it, because no one's going to care what the name is.
A lot of times people are all like, oh, what am I going to call it?
And they want to spend all kinds of time creating a name.
I can tell you actually, I can't tell you how many times I've actually sold my signature program on a consultation with a prospective client and never even told them the name of the program.
The name is not important.
So but those are the names I used to identify the signature program.
It was the same program.
It took a process that I found I was taking all of my clients through to help them package, brand, market and sell their services.
I had identifiable steps.
I did that in the same order almost every single time, or if I didn't, I could easily shift the steps.
But they were always the same steps.
I had specific processes that I taught my clients that I took them through and I knew how long it took to take the average client through the process because I had been doing it for a while.
So I had a very specific process that I was able to package.
And I knew if someone went through that process that at the end they would be they would have their business set up, they would have their services package branded, marketed, and they knew how to sell.
So I knew what the outcome was.
That is a signature program.
It wasn't how many hours I was spending.
It wasn't how many calls they got with me, although those are part of my internal process.
But that's not how I package and sell it.
It was a program.
Here's what you're going to get.
Here's what you build to do at the end of the program.
And here's the price.
There's nothing to do with term hourly price, I couldn't even tell you what to charge by the hour.
I don't have an hourly price.
A signature program is a process, and it's something that you sell to every single client.
Now, I've had consultants say to me, but this is fine for coaching, but does it work for consultants?
And I would tell you, yes, it does, because I did the same thing when I was a consultant working with corporations and nonprofit organizations.
I knew what I offered and I packaged it.
Did I tweak it a little bit for every client?
Yeah, I did.
But I wasn't reinventing the wheel.
I was not selling my time by the hour.
If anything, I had a scope of work that really incorporated my process that I was going to go through with every client.
And I had a monthly retainer that I assigned to that.
So you will get this outcome.
You will get this work from me, if you will.
Not how many hours I'm going to spend for you.
And this is what it's going to cost you per month.
Clients like this, because I can tell you that if you've ever been on the hiring end of our culture consultant and they want to charge you an hourly rate, that's like writing a blank check, you don't know how much you're going to pay them.
And conceivably you are incentivizing them to spend longer working with you.
So they charge you more.
So it's an uneasy feeling on the receiving end to not know how much you're paying and not know exactly what you're getting from a coach or consultant point of view.
It's also a lot harder to sell your time.
And the reason is it's almost like selling yourself.
How do you value that?
How do you decide what your time's worth per hour compared to somebody else that's a coach or consultant in your industry?
It calls into question your confidence.
A lot of times new coaches or consultants feel like they can't charge as much as established coaches or consultants.
A lot of times I find new coaches or consultants will come to me and they ask, what should I price myself?
I looked around at what other coaches and consultants are charging per hour, and I've been doing it less time than them, so I need to charge less.
But it has nothing to do with the value of your time, it has to do with the value of what you're delivering to your clients.
It's an outcome they are going to be able to be do or have something different or better than they had before they worked with you.
And that's what they're buying.
In my case.
They want to have business that makes money.
They want to have a business that they know how to get clients into and that they can do the work that they really want to do.
They don't want to hire me per hour and pay Debbie for her time by the hour and not know what they're going to get for that.
And it's the same for you.
Whatever you're selling, your clients want something and you need to know what that something is.
And you need to create a program and a process that will deliver that something to them so you can market and sell that.
That way you don't have to market and sell your time.
You don't have to feel uneasy about what your hourly rate is because you do have one.
You don't have to worry about clients saying, I can't afford a six month program.
Can I just hire you for a month?
And they start negotiating based on term, based on what they think they can afford.
And I want to ask you to think about something.
If you work with a client for a month doing whatever it is you do in the way you do it right now, or if you're not in business and you're just thinking about getting a business, what you think you'll be doing with your clients, think about what you could do with a client working with them for a month.
Now, think about what you could do for a client working with them for six months.
I guarantee you a different result, they're going to get something different from you working with you for six months, then one month, if not, you have no business selling a six month program.
I'm not trying to be sarcastic here, but the reality is you really only want to work with a client as long as it takes to get them the outcome that they're looking for.
So when you have different packages based on term weeks, months, days, years, clients tend to base their decision on what to buy based on what they think they can afford.
They can't afford six months or six months.
Seems like a long time or I don't know if I can commit to six months.
And so they'll choose a lesser involvement with you, but they may still be expecting the same outcome.
And as a coach or consultant, you're not managing their expectations very well if you're selling your time that way.
So by coming up with a process that has a definable term, a definable outcome and a specific price and, you know, hey, you want this outcome, this is a six month program.
It takes six months.
If somebody says to you, can I just buy a month?
I really don't I can't afford six months.
Your response to them can very confidently be I can't get you this result in six months.
I've been doing this long enough to know or if you haven't and your new say, there are certain steps and things we have to go through and we can't do that in a month and get you the outcome that you want.
And if they come back and they say, OK, I just can't do six months, then, you know, they're not a good fit for you as a client or you know that it's not enough of a priority or they don't have a large enough pain to commit to the six months and working with you.
And again, the six months is arbitrary.
And just using it to illustrate a point, it really helps you be clear about what you're selling.
It helps you market the outcome.
It eliminates clients negotiating on hourly rates and terms and price.
It enables you to not feel like, oh, I don't know if my time is worth one hundred dollars an hour or five hundred dollars an hour.
It takes the whole equation off the table because they're not buying your time, they're buying an outcome.
So that's what a signature program is.
And that's why I like it, because, well, there's a lot of reasons I like it.
It's also a whole lot easier to predict what your income is going to be because, you know, the package that you're selling, you know how many you need to make the money you want to make and how many clients you need.
We're going to go over that in the second part of this course where we talk about testing the viability financially of your signature program.
But the biggest reason that I like it is it gives you something clear to market and sell, it gives your clients something clear to buy, and it really helps you focus and sell that definable outcome.
So that's what a signature program is, a definable process or steps that you take every client through to get them a definable outcome, what they will be able to be do or how that's different or better than before they started working with you.
OK, that's we're going to learn how to do in this course.
And so in the next video, we're going to go ahead.
And I'm actually going to share with you what happened in my business when I actually just two years ago after being in business since nineteen ninety eight.
So I've been doing this a long time.
But two years ago I decided I'm going to break this up and give my clients the choice of a bunch of different packages.
And I tested that for a year.
And I want to share with you what happened.
Solmi me to their.