Everyone has subconscious blocks — things that hold us back from our personal or professional goals. Maybe you have an addiction to struggle. Or a fear of failure. Or, even worse, a fear of greatness…
But if you’re hoping to be successful with your online learning business, you need to know which blocks you’re dealing with. And for so many creators, the one that tends to come up again and again is that they struggle with low self-worth.
That’s why I’m so passionate about working with clients to help them raise their rates. Because figuring out how to price your course or online learning business can be tricky. I constantly see clients get into the wrong headspace when they’re trying to figure out whether they should charge what they’re worth versus charge what their services are worth.
To overcome this particular mental block is a bit of a journey, because you need to have some difficult internal conversations along the way. (And that can take longer than you think!) But if you do it right, you can raise your vibe to that level of where you know you are worth more and ready to step into that power.
Skip ahead here:
- Don’t let imposter syndrome keep you from success
- Pricing is really just a matter of positioning yourself differently
- How to start raising your prices — without losing clients
We interviewed, success coach, Latisha Styles on how to price your coaching program. She shares her experience and approach to getting high-paying clients, raising your rates, and feeling confident about what you charge.
Imposter syndrome can affect anyone, but I find it especially happens with a lot of women and minorities. I started my career in the finance world, and the space is mostly dominated by men. And so I was around a lot of masculine energy which really had a negative effect on my self-worth.
Over time, I learned how to assert myself and dominate a conversation if I needed to. How did I do it? It started with changing the internal conversation I was having with myself and figuring out where my power was.
This is why I create power statements for myself.
These are short sentences that solidify the value you bring to the table. And when it comes to overcoming subconscious blocks, a power statement can really help you move onto the right path, build your self-worth, and start to close the gap between what you think of yourself and how you really are.
To be clear, these aren’t positive affirmations like the ones people practice in front of the mirror. (E.g., “In every day, in every way, I’m getting better and better.”) Affirmations can be useful, but they’re something you want to be true but don’t really believe yet. Whereas a power statement is something you strongly believe to be true.
- Affirmation: Money comes to me easily and frequently.
- Power Statement: I give money purpose, so it loves to come my way.
If you just stick with the affirmation, the next time you look at your bank account you’ll second-guess it and enter into a cycle of doubt. With the power statement, it’s a subtle difference, but it’s more grounded in the action you are taking.
With power statements, you can nip imposter syndrome in the bud and start to recognize just how powerful you really are. If you’re going to raise your prices and feel good about it, then this will be a key step in the process.
I primarily speak to entrepreneurs, business owners, and course creators who are trying to figure out why this isn’t working for them. There’s something that’s just not clicking. They’re not making enough sales, or they’re not making the sales at the right price.
There are practical things you can do to fix these problems. (Like creating a funnel or a better sales page.) But far more important is the internal game you play with yourself. And this really all boils down to positioning.
Because to reposition yourself, you need to understand how you view yourself. That will reflect in your ability to charge not only what your services are worth — but also what you feel you’re worth.
To explain how this works, I like to use this acronym: m-o-n-e-y.
- M: My
- O: Own
- N: Natural
- E: Energy
- Y: Yield
Put simply, this means the energy you put out is only returned in the form of dollars. It’s literally just digits on a screen. That is the manifestation of the energy you put out.
Once you understand this, you realize that in order to be more successful you simply need to keep your vibe high. The higher your energy, the more you’ll be able to attract the money you want. And once you reposition yourself, you’ll be in a much better place to reposition your service and then reposition your actions.
Related: How Much Do Life Coaches Make?
Once you’re feeling comfortable with the idea of raising your rates, the next thing to figure out is how are you actually going to do it? From a practical standpoint, this is when it starts becoming more of a marketing challenge than anything else.
The example I like to use here is that of an airplane. Imagine there is a flight from Toronto to New York. Everyone on that plane is going to end up in the same place. However, there are different seats to choose from. You’ve got your main cabin, then maybe premium economy, and then, of course, there’s first class.
Everyone is on the same plane. So why are some people paying so much more? The answer is because they value the experience. For these passengers, it’s not just about getting from one place to the next. It’s also about the experience. Better service, higher quality food, more legroom — yes, please!
And so with that in mind, you start to understand that low rates actually scare off that high-quality client who values the experience. Because these individuals understand that with the higher price tag comes the better service. They actually want to pay more.
Of course, coaching, consulting, and online courses are a little bit different from booking a flight. There’s no drop-down menu to choose the specific seat you want. And what you really don’t want to do is charge everyone the same price for a first-class ticket. (Then you’ll end up leaving people in the dust who might really need your help.)
Instead, what you can do is offer different options for your different levels of clients. At a lower price point, maybe all they get access to is your pre-recorded course materials. In the premium economy class, maybe they get access to that and your online community. And then in first-class, they also get some 1:1 coaching time with you. By giving your audience the option to choose, you can make sure that nobody gets left behind on the tarmac.
When I speak to many new coaches, they often have this belief that because they love what they do and enjoy it, they should just give it away for free or for a small fee.
Instead, I would encourage you to really come to terms with the fact that you provide a valuable service. The outcome you provide your clients is worth paying for — whether you’re giving them relationship advice, health advice, or coaching them on any other topic.
What you do is valuable. And until you can see the value from the outside looking in, you’re going to have a hard time really determining what your services are worth. But once you know your own self-worth? Raising your prices won’t feel nearly as scary.
This post was originally published in August 2022. It was updated in August of 2023 with more information.