Are you a solopreneur or small business who wants to make more money?
Do you feel like you can’t raise your prices because you feel unqualified and/or guilty?
Are you currently charging for time (by the hour/session)?
Even if you don’t think it’s possible, we’re going to show you how to create a unique offering with loads of value, that appeals to your ideal client, who will pay a premium price for it.
Have a piece of paper and a pen handy so you can take some notes.
Step 1: Know your value
We’re talking about value in two respects: the value that you offer to clients through your unique gifts, AND the monetary value you’ve assigned to the time it takes to share this gift.
The first one is arguably the most important, because if you don’t understand and wholeheartedly believe that you are worth something, then you’ll get really hung up trying to put a price on your services.
No matter what brand of spirituality or religion you subscribe (or don’t subscribe) to, you must believe that you are the only YOU on this planet. No one else is exactly the same as you.
And if we can agree on that much, then how much more of a stretch is it to believe that if there’s only one YOU, then there’s also a set of gifts that only YOU have? That doesn’t mean that if you’re a confidence coach for women that you’re the only coach doing that kind of work. What it does mean is that you’re the only confidence coach for women that has your personal background, your training, your approach, your style, and your personality.
And if you can believe that, then it shouldn’t be hard to also believe that there are people out there who are best suited to have YOU as their service provider.
Okay, now that we’ve established the undeniable amazingness of YOU, let’s move into monetary value. If you already know and are
comfortable slightly uncomfortable with your hourly rate (meaning it’s a little higher than what you think you can charge, but not by a landslide), then that’s right where we want you and you can skip to Step 2. If you’d like some guidance, check out the post Boost Your Business Series BONUS: How to Set Your Hourly Rate (With Worksheet).
Record your rate—we’ll come back to it in a later step.
Step 2: Niche niche niche
With the overwhelming amount of service providers and the worldwide web to connect people to services, it’s easy to convince ourselves that we are but a small fish in a big pond and why would anyone choose lil ol’ me over Sally Sue, who is clearly killing it?!
But here’s the thing, Sally Sue’s pond is probably a lot smaller than you realize. She’s killing it not because she tried to be everything to everyone, but because she intentionally chose to make herself a small pond (niche/ specialty) that is exclusively alluring to only a certain kind of fish (client). Therefore, she’s one of only a handful of service providers to choose from within said pond. Less fish in total, but bigger percentage of fish who need and want exactly what she’s selling.
You probably already know what your niche is, even if you don’t think you do. It’s likely something you’re passionate about AND quite good at. Do this exercise with me even if you already know your niche.
Make a list of all of your hobbies and all of your skills.
Really, all of them. Even if your degree is in psychology and you’re a trained therapist, but you just so happen to be great at nature photography, write it down. Take a look at your list and circle the 5 to 10 skills/ hobbies that bring you the most joy.
Joy can be the feeling you get from helping someone overcome a challenge in a certain area (such as weight loss or confidence building). Joy can be the fiery passion that swirls around in your gut when you express your creativity through painting. Joy can even be the time you get back in your day by doing something that you don’t necessarily love, but it comes very easily to you and affords you more time with your family.
This list is now your inspiration for creating a niche, or specialty. We will also reference this list again in Step 4, so keep it handy.
Choose a niche and write it down.
It’s possible that you may have more than one niche, especially if you are a coach or a therapist and you have several different areas of focus. For now, let’s limit it to a max of three.
Step 3: Get to know your ideal client
Now that you know your niche, you can get clear on who your services are for (and who they are not for). If you have multiple specialties, go ahead and pick just one for this exercise—you can repeat it for your other niches.
On your paper, describe your ideal client and be specific.
Who can benefit the most from your services? You should include details like age, gender, geographical location, socioeconomic status, interests and hobbies, career, etc.
For the purpose of this exercise, if you aren’t sure who your ideal client is, you can either make something up based on the information you do have, OR describe yourself a few years ago before you experienced a transformation in your life. Chances are pretty good that if you’re in a business like coaching, your ideal client will look a lot like a past version of you!
What are your client’s biggest struggles? AKA Where are they now?
What situation do they currently find themselves in? What is their day-to-day experience? Describe the situation in detail.
How does this situation make your client feel?
How does this current reality / situation make them feel? What sort of false beliefs are they relying on from their past?
What’s the ideal (new) reality? AKA Where do they want to be?
Hypothetically, if you could wave a magic wand and make all of this go away, what would their new reality or situation look like? What struggles are they no longer experiencing?
How would they feel as a result?
If the situation completely changed for the better, what feelings would they experience? What new beliefs would they have?
What’s blocking them from achieving this? AKA What’s getting in the way?
What excuses (valid or not) do they have for not fixing these problems? Could be psychological, societal, interpersonal, financial, physical, etc.
Step 4: Create (or clean up) your offer
Now that you know where your client is, where she wants to be, and what’s getting in the way, what sort of phased approach can you take to get her from point A to point B?
Take a few moments to brainstorm. Don’t overthink, just free write some methodology ideas. These might include a number of 1:1 or group sessions, access to you via email/ Slack/ Marco Polo/ etc., private Facebook support group, or pre-recorded online modules, to name a few.
Now take a look back at the list of skills and hobbies you created in Step 2. Look for opportunities to combine them. Where can you overlap to bring more passion into your work? How can you weave a little more You-ness into your offer?
For example, if you wrote down and circled “coaching women to build confidence” and “ropes courses,” perhaps there’s an opportunity for an outdoor workshop for women in which they learn and build confidence skills through facing their fear of heights.
If it isn’t clear, I’m asking you to fantasize. Write down all of your ideas, even the ones that seem crazy!
Step 5: Price your offer
Now that you have an idea of how you could combine all of this value into one signature offering, how long do you think it would take (in billable hours) for you to guide this client from start to finish through your signature program? Include the time you anticipate for client calls, email and phone communication, and meeting preparation.
Tally up your estimated time. Now take this number of hours and multiply it by the hourly rate that you calculated in Step 1. Add in any extra fees to cover the cost of software, app subscriptions, contractors, materials or other expenses to support this program.
This is the minimum price you will charge for your offer. You can bundle in extra bonuses and freebies and/or additional access to 1:1 support for an upgraded price!
Congratulations, you’re ready to start selling!