What makes some coaches more valuable | How to Charge More for Your Services | Summary and Q&A

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September 15, 2020
by
Vicky Zhao [BEEAMP]
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What makes some coaches more valuable | How to Charge More for Your Services

TL;DR

Coaches can charge more by understanding the needs they fulfill and helping clients work towards self-actualization through asking good questions.

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Key Insights

  • ☠️ Experience is not the sole factor in charging higher rates as a coach; it is about how coaches perceive and deliver value.
  • 🈂️ Coaches can charge more by translating their services into self-actualization and fulfilling specific needs on Maslow's hierarchy.
  • 😷 Understanding and asking good questions is crucial in coaching to provide clarity, challenge assumptions, and unlock value for clients.
  • 🐕‍🦺 Coaches must focus on helping clients achieve their goals and build confidence, rather than just providing basic services.
  • 🌱 Different goals require different approaches; coaches need to tailor their plans accordingly to help clients achieve desired outcomes.
  • 🖐️ Self-actualization is challenging, and coaches play a critical role in guiding clients to discover their true desires and purpose.
  • 🤳 Coaches should not limit themselves to specific niches or industries; any service that helps individuals be more creative, find purpose, meaning, or confidence contributes to self-actualization.

Transcript

so you see that it's not about experience of course some people who are experienced see this and so that's why they're able to charge more but the reason why someone is able to charge more doesn't have to be the experience but rather how they see what they do so what do you think makes some coaches more valuable than others i'll give you some avera... Read More

Questions & Answers

Q: What differentiates coaches who can charge more from those who charge less?

Coaches who can charge more focus on helping clients achieve self-actualization and fulfill their needs beyond basic services. They provide value by helping clients build confidence and reach their full potential.

Q: How can coaches understand the needs they help fulfill?

By mapping out the needs they address on Maslow's hierarchy of needs, coaches can identify the specific ways they help clients progress towards self-actualization and deliver more value.

Q: Why are questions more valuable than advice in coaching?

Asking the right questions helps clients gain clarity, think analytically, reflect on fresh perspectives, and challenge assumptions. Questions also encourage breakthrough thinking and empower clients to take ownership of solutions.

Q: How can coaches ask good questions to unlock value?

Good questions should create clarity, construct better relationships, help people think analytically, inspire reflection and fresh perspectives, encourage breakthrough thinking, challenge assumptions, and create ownership of solutions.

Summary & Key Takeaways

  • Executive coaches earn around $400 per hour, working on soft skills and personal development. Business coaches earn around $250 per hour, focusing on hard skills like finances and operations. Life coaches earn around $210 per hour, helping with goal setting and achievement.

  • The key to charging more as a coach is to focus on self-actualization and understanding the needs you help fulfill on Maslow's hierarchy of needs.

  • Coaches who provide value beyond basic services by helping clients build confidence and achieve their full potential can charge higher rates.

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