If I had a million dollars for every time one out of every three coaches makes this very expensive Money Mindset mistake in their business, I’d be a gazillionaire by now.
When it comes to supporting coaches to charge their worth, it’s a lot more than just raising the price or co-creating the most joyful way to ask for the money.
It’s also never about just raising the price because the coach can. It’s always about providing services at the highest level for your soul-level clients. The clients you’re happy to play with while you’re living or co-creating your best life.
The clients you jump out of bed excited to work with. Their commitment is inspiring. Their passion infectious and their goals are #goals.
But I digress.
The Most Expensive Money Mindset Mistake
Before creating premium coaching packages that sell, one of the first steps is to identify whether you’ve got a niche.
The most expensive money mindset mistakes any coach can make is to just create a package without an audience or results in mind. I’m not really sure that would be considered a package.
Yes, I know. The dreaded Niche word. But here’s the deal. Without one, who are you creating the package for? What results are you offering?
Don’t get me wrong. You don’t need a Niche, but it is very profitable to have one.
In my experience as a business and money mindset coach for women entrepreneurs, I’ve noticed that many coaches who resist nailing down a niche (especially a profitable niche they enjoy) are dealing with (subconscious) money blocks.
Playing with the Money Blocks
The most common block I see is that creating a profitable business is hard.
Now, remember, this a subconscious money block. I’m confident no coach wakes up thinking, I’m going to make my own life harder today.
Many coaches I work with are working on simplifying their businesses, processes, structures and systems so that they can work less hours and make a ton more money and impact. So, it seems weird that I’d say they are sabotaging themselves to make things more difficult.
Subconsciously, if you believe making money is hard, you’ll create the evidence to prove it and align all your actions to create that end result of hard.
It’s no secret that creating premium coaching packages that sell is one of the easiest ways to simplify your business and earn significantly more while working less hours.
It has numerous benefits from time and money freedom to giving you way more energy to enjoy your life again.
The Ticket to Making Consistent Profits
And that’s where the Niche comes in.
It’s the ticket to creating ideal clients and consistent and effortless high-income (profitable) months on repeat for you. And amazing high-level value for your clients. The perfect win-win situation for your business.
So, what’s the problem?
Many coaches feel like choosing a niche means leaving money on the table or excluding another preferred target customer or pigeonholing themselves into a corner. I can’t count how many times I’ve heard, “But I do so much more than that.”
I hear you. I get it. I really do. We all do more than what we say in marketing materials. And yes, you still can. After the client starts working with you.
No, I’m not talking about bait and switch. I’m talking about all of those wonderful mindset and inner work goodies you’ve been dreaming up. Surprise and delight the client with all the wonderful bonuses after they start working with you.
The reality is that in its simplest form, a Niche is merely a way to give a group of people the results they want.
How? Get clear on the audience you want to serve and then get clear on the specific result they want.
Voila! That’s it.
So why all the angst and expensive mistakes?
Limiting Beliefs that Keep Coaches Broke
Because we enjoy making things hard.
Because we are secretly afraid to succeed so we kill any way of making profits, and then chase 5K and 10K months.
We enjoy just winging it.
We enjoy sabotaging ourselves by not owning our worth.
We enjoy creating fatigue, overwhelm, burnout and stress by not valuing our time.
We don’t believe we’re enough, so we use the excuse of not having specialized experience to stay stuck.
We claim we want to make life simpler, make more time for the people, things and places we love and radically increase our income while working less.
Yet, we undercharge and give things away for free because we’re not targeting a specific group of people.
Here’s a big Niche secret to shift that money block for you.
Consider that the narrower and deeper your niche, the more money you make (with less overwhelm) in your business.
No more Perfection Paralysis
And no, you don’t have it all figured out and tied into a neat little bow. Imperfect action is fine.
When I started out coaching a few years ago, I was a life coach for women, but that was just so vague. I had trouble talking about what I did or how I supported women without using lofty words like limiting beliefs, confidence, close the gap and other coach catch phrases.
It was painful watching prospective clients’ eyes glaze over with that “um ok yeah I think I get it” look.”
And then I dated a few niches including, Singles Coach for Single Women in their 30s, a Marriage Rescue Coach for Couples on the Brink of Divorce, a Bounce Back Coach for Women Entrepreneurs going through Divorce, Breakups or Separation, a Create Your Dream Job Now Coach for Women who Hated their Jobs, and probably three or four others. I tried each of those for at least 6 months.
I actually enjoyed them all, except for the Marriage Rescue coaching. That honestly drained me more than the end of my first marriage.
The point is I gave other options a try, dated them and dumped them when I realized that I wasn’t really being called to that. Eventually I realized that many of my clients really just wanted to make more money and have a lot more energy to enjoy life, so I created my own unique niche and it’s been great since.
If you’re a coach interested in creating a premium coaching package, I invite you to consider that you’ll make life much easier and serve at your highest level when you create a package that your ideal clients actually want and position your package to give them the results they really want to achieve.
It’s Not About You
Niching is NEVER about you or want you want. I learned two years into coaching (yes it took me that long) that clients don’t really care about what I want. They care about how I can help them.
Creating a niche, especially a profitable niche empowers you to pay yourself and have boundaries around your time.
Stop waiting for clients to anoint you their go to coach. They’re not going to.
Stop waiting for permission to position your coaching business as the “solution” to the client’s needs. And yes, I understand fully that no coaching business is the solution to the client’s needs. The client has all the solutions but try leading with that in your marketing copy and let me know how that works out for you.
Let’s Say This Together
Stop making life harder.
Making money is easy.
Making money is good.
Making money is fun.
Making money helps you support causes and charities that make the world a better place.
Making money gives you options.
Making money allows you to reinvest and grow your business and support the life you want.
Nailing a profitable niche full of your ideal coaching clients and creating premium coaching packages that sell support you to charge your worth.
Not niching is an expensive mistake that doesn’t serve anyone.
Stop over-delivering and under-charging to prove your worth to your clients.
You don’t need to be burnt out, frustrated, stressed out and low on energy for your clients to appreciate you or for you to think “yeah, now I’ve definitely earned my money.”
Your service speaks for itself.
You are worthy.
You are more than enough.
Shift the “it has to be hard” proving energy to the side, raise your prices and ask for the money.
And That’s What It’s All About
Clarity is everything.
Get clear on your audience and what they want.
Then create an opt-in page and collect their emails.
Nurture your list community, share what you know, and make an offer.
Then ask for your money.
And that right there is all there really is to it.
I’d love to hear from you. What is your biggest AHA that you’re taking away from this post?
Cheers to your fabulous success!
I’m MiMi Dabo and I help women entrepreneurs and coaches raise their prices and create premium packages so that they make more money, and have more free time, energy, impact, profits, and life.
I help them to release money blocks, easily identify their ideal clients and nail their profitable niche, package their services into irresistible high ticket offers, raise their prices or charge their worth, and effortlessly market and sell so that they can Make More Money, Work Less, Have More Energy, Enjoy More Free Time, Create More Impact, Be Healthier and Live Better. Visit www.lifecoachforwomen.com.