How to Finesse the Money Conversation

Are you perpetually nervous when talking to prospects dreading the moment when you have to tell them your fees? Read on for three tips that will get you past fumbling and on to finessing the money conversation.

Written Apr 21, 2008, read 270 times since then.

Have you ever choked when it came time to tell a potential new client your fees? It’s embarrassing. And it could be a factor in why they felt uncomfortable with your fees or didn’t hire you. But don’t worry. You can turn the tide on this “problem” with just a few shifts in your mindset and approach.

Most of us have learned beliefs about money and self worth that don’t serve us (or anyone else) even though they hold sway over decisions that involve money and how we value our time. As a coach and business owner, you have a grand opportunity to shift those outmoded beliefs and habits.

What if charging what you’re worth allowed your ideal clients to invest in your coaching services and to value themselves more highly as well? It will. Start by learning how to have powerful and effective “money conversations” and begin dissolving scarcity issues related to money for good!

These three tips below took me from fumbling to finessing the money conversation with clients.

#1 Take the pressure off

We are so good at pressuring ourselves. It’s as if every day we climb into a pressure cooker and turn up the heat. No wonder sometimes we sweat over even the smallest things.When you give a sample session or consult to a prospect and you feel ATTACHED TO OUTCOME, you’ve cranked that heat so high that there’s no way to breathe! And then the “what if” tapes start playing: “What if this client doesn’t hire me? What if they think my fee is too high? What if I can’t make a living at this?”

You’re not a roast so this kind of pressure is good for nothin’. It’s time to climb out of that pressure cooker! Life is good. All is well. Bless your prospects and feel blessed, no matter what happens. That is prosperity thinking.

Decide right now to go into every client attraction situation KNOWING that you will attract your ideal clients. Trust… and keep trusting no matter what the outcome is. When you manage your mind you will open the flow of prosperity and easily attract your clients without sweating over it.

#2 Flip your money mindset

If you’ve got any of these thoughts running in the background as you talk to prospects…

I’m not a good enough coach yet to charge very much.

What if they say no? I’d better lower my fee.

I’ve been coaching for free for so long — how can I charge for it now?

I doubt that they can afford my coaching.

… then you’ll find yourself attracting the same perceptions from potential clients.

Here’s the truth. If you show up powerfully and with integrity, your potential clients will be more likely to hire you than if you show up doubtful and uncertain of your value.

#3 Have the Money Conversation first.

This improved my ability to enroll clients from a 50/50 potential to 100%! I used to hold back telling my fee until asked. Not only was the money conversation last but I was rarely asking for the business. I was giving my time away in sample sessions without setting them up for success. I wasn’t valuing my time.

If you tell prospects your fees before you give your time away in a sample session or consult, it changes your prospects’ opinion of you in five ways:
1. They see that you value your time and so they will too.
2. They perceive you as a professional rather than an amateur.
3. They see that you value your services and they will too.
4. They feel that you’re not hiding anything from them which engenders trust.
5. They understand that you want them to make the best decision for themselves.With the money conversation out front, the consult is free to be magical. And it’s easy to finish enrolling with three powerful questions:
1. What are you taking away from our session?
2. Can you see how quickly and easily you’d achieve your goals if we had several dynamic conversations each month?
3. What questions do you have before we get started in our coaching relationship?

If before the consult, your potential client says they can’t or won’t afford your fees, then you can mutually decide not to waste time or you can coach them to make the investment in themselves (if there is an opening for it).

Take the next ninety days and apply these tips to your money conversations. Watch how you feel more powerful while more clients hire you!

Learn more about the author, Rhonda Hess.

Comment on this article

Posted by Aamer Iqbal, Lahore, Punjab Pakistan | Apr 24, 2008

As I am still stumbling trying to get clients for something that is new yet needed, this article was useful to me as it pointed out one place where I was going wrong. Many potential clients tell me that they need something like coaching, but they don't have the time!
Posted by Elizabeth Rightor MA MEd, Seattle, Washington | Apr 24, 2008

Wow. Your advice was very helpful for me. I have finally set rates that I feel really good about. However, when it comes to talking about my rates, it has been a bit of a struggle with new clients. I've found that having the information on my disclosure forms has been helpful. But it would be even better to disclose my fee upfront and remove the anxiety from the discussion.

I read recently that when looking for a dentist, no one calls around to compare prices. If you can help clients resolve their pain, then the service you provide is worth every penny--regardless of how much you charge.

I used to work at a group practice where my sessions were offered on a sliding scale. Now that I am in private practice, I've found that although it can be difficult to talk about money, clients who pay my current fee quickly experience the benefits of investing in themselves. Full paying clients take their homework seriously, come ready to work, and get a great deal out of their sessions.

As service providers--coaches, consultants, or therapists--valuing our time and knowing our own worth sets an example for our clients to do the same.

Thank you for this wonderful reminder.

Elizabeth

Create the life that you want.
Posted by Rhonda Hess, Longmont, Colorado | Apr 24, 2008

So glad this article hit home for you, Elizabeth. It's one of those high impact little things I wish someone had told me early on in my business.

Rhonda
Posted by Krista Dunk, Olympia, Washington | Jul 03, 2008

Just stumbled on your article Rhonda. Very nice! So many people feel that they have a hard time charging for their services when it's their inner passion. They'd probably do it for free anyway... But unfortunately gas is not free :-) and making a living is a necessity. No one appreciates wasting their time either!

Do good and do well at the same time. I like your analogy about the dentist Elizabeth. Thanks! Krista NWweddingplace.com