WHAT ARE YOUR RATES?

𝗪𝗛𝗔𝗧 𝗔𝗥𝗘 𝗬𝗢𝗨𝗥 𝗥𝗔𝗧𝗘𝗦?
How often, as a coach or trainer or service provider, do you get this question?

Or even better, 𝗪𝗛𝗔𝗧 𝗗𝗢 𝗬𝗢𝗨 𝗖𝗛𝗔𝗥𝗚𝗘 𝗣𝗘𝗥 𝗛𝗢𝗨𝗥?

And then, how do you answer it?

Before I get into how you SHOULD answer it, let me get into the mindset of the question in the first place.

You see, we live in an "hourly wage" world, at least in the United States, where labor (what people charge you to do something for them) is determined by how many 𝒉𝒐𝒖𝒓𝒔 it takes to get that something done.

Need your car fixed? That's always parts plus "labor." (the hours to get it done)

Need an appliance fixed? "$75 to walk in the door, then $150 per hour to fix it."

Therapy? "$125 an hour please."

Massage? "$90 per hour, $50 for 30 minutes."

Outsourced virtual assistant? "$7 per hour and I'll run your whole business."

It goes on and on.

But here's the problem with that - when you start breaking things down to how much TIME it takes you to perform a certain task, you are now commoditizing yourself and your offerings.

𝑷𝒓𝒐𝒔𝒑𝒆𝒄𝒕𝒔 𝒔𝒕𝒂𝒓𝒕 𝒕𝒉𝒊𝒏𝒌𝒊𝒏𝒈 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒏𝒖𝒎𝒃𝒆𝒓𝒔 𝒂𝒏𝒅 𝒕𝒉𝒆 𝑪𝑶𝑺𝑻, 𝒓𝒂𝒕𝒉𝒆𝒓 𝒕𝒉𝒂𝒏 𝒕𝒉𝒆 𝗥𝗘𝗦𝗨𝗟𝗧𝗦.

So as a service provider, or coach, or trainer, I want you to get out of and off of the "hourly wage" hamster wheel mindset, and enter the world of charging for your 𝗥𝗘𝗦𝗨𝗟𝗧𝗦.

How much would your prospect pay (invest) in achieving the results they want? What is THAT worth?

When someone asks me what I charge per hour, I simply say -

"I don't charge by the hour, I charge for the results you are looking for, and based on our discussion, I'll come up with three packages that will achieve various levels of those results."

Now, the hourly cost is out of their minds and they are simply thinking about the 𝘳𝘦𝘴𝘶𝘭𝘵𝘴 𝘵𝘩𝘦𝘺 𝘤𝘰𝘶𝘭𝘥 𝘳𝘦𝘢𝘭𝘪𝘻𝘦 𝘣𝘺 𝘩𝘪𝘳𝘪𝘯𝘨 𝘮𝘦, no matter how much "time" it takes.

Another way to look at it - 𝘿𝙤𝙣'𝙩 𝙨𝙚𝙡𝙡 𝙩𝙞𝙢𝙚, 𝙨𝙚𝙡𝙡 𝙩𝙝𝙚 𝙤𝙪𝙩𝙘𝙤𝙢𝙚.

If it takes me 2 hours to complete a project, it's because I've spent 10 years learning how to complete that job in 2 hours. You owe me for the years, not the hours.

So stop charging by the hour - 𝘴𝘵𝘢𝘳𝘵 𝘤𝘩𝘢𝘳𝘨𝘪𝘯𝘨 𝘣𝘺 𝘵𝘩𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘢𝘵𝘵𝘢𝘪𝘯 𝘧𝘰𝘳 𝘺𝘰𝘶𝘳 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳.

Both your customers, and your bank account, will be thrilled.