Hi there, Wellness Entrepreneur!
Today, let’s talk about money. I know this might feel uncomfortable as wellness entrepreneurs, as healers, service-based providers, we got into the industry to help others. So sometimes, talking about money feels in conflict with service. Finally feel confident in your prices. Read this blog in how to determine prices for your wellness services.
Let’s explore how actually talking about money, feeling into the energy of money, making yourself more profitable, can actually help you help more people and be in service to them, to your potential clients, and the ones who do pay you.
Are You Overpriced?
Today, let’s explore the thought of being overpriced. To start, let’s just examine your baseline thoughts. The thoughts that come up right immediately from your gut. When you think of the word overpriced, what does that mean to you? You can think of it in relation to an object, maybe a price of clothing or an accessory, or you can think of it to a service, a program. When the word overpriced comes to your mind, why does that happen? What are the thoughts behind that? What are the feelings behind that?
It’s important to explore that for yourself because if you don’t, it can hold you back in your own pricing, meaning what you price your services. It can show up in your consultations, it can show up in your marketing, in your selling process, or lack of marketing process. In the selling process, it will influence the people that you attract to you. So take a moment. Notice what comes up without judgment, without shaming yourself. Just where are you? Your baseline.
What Is Overpriced?
Okay, now let’s look at the agreed upon definition. If you Google search overpriced, the definition is too expensive, costing more than it’s worth, okay? However, this definition is completely subjective.
Meaning, the person who decides the price obviously will not think that their item is overpriced, or maybe they want it to be overpriced and they love the reasoning behind that. The person on the other side examining the price, considering buying that object or service, will also have their own reasoning as to why something may be too expensive or cheap. It’s completely subjective.
Meaning charging a service, whether it be yoga, therapy, health coaching, physical therapy, or cash-based. Let’s use the example of cash-based because when we bring in insurance that’s just a whole other model, but cash-based, $65 could be overpriced. How could that be true? In my mind, that means that someone would pay $65 for working with a practitioner for one hour and they wouldn’t get the results that they desired. They wouldn’t move or make progress towards the whole reason why that individual paid someone $65. So in this instance, $65 for an hour is overpriced. It’s too expensive.
Let’s look at the exaggerated flip side of this, and maybe it’s not even exaggerated. How could a thousand dollars an hour not be overpriced? How could a thousand dollars an hour be a fair price? How could that be true? Let’s explore that.
Let’s take an individual, a CEO of a company who brings in millions of dollars a year, maybe even billions of dollars a year. They’re still a human being. And let’s say that CEO gets sciatica, they can’t move off the couch, they can’t even think because all their energy, attention, and focus is completely on this debilitating sciatica. They can’t walk. When they do, they struggle to go to the bathroom, all the things. Now, they would seek out someone who is an expert in their field, someone they considered reliable to get them the results to help heal and calm down their sciatica so they can get back to being the CEO, the leader of the company that brings in millions a year. Every hour that they are stuck on the couch and able to lead their team could mean tens, thousands, even hundreds of thousands of dollars an hour that that company loses.
So what if that individual turned to a provider that could guarantee in a few weeks’ worth of time that they will be able to help heal their sciatica? And they won’t promise that they’ll get them a hundred percent relief at that six or even eight-week mark, but they’ll get them to the point where they’re able to work and lead their company while they continue to heal. They save that CEO hours and hours of time struggling, Google searching, YouTubing, going to physical therapy clinics where they might pay a co-pay of $25, but they don’t get the results. They spend hours and hours of time investing, trying to heal their sciatica, but are still stuck on the couch, versus working with a provider that’s able to get them off the couch and back into the boardroom and save their company hundreds of thousands of dollars because they’re stuck on the couch for weeks on end. In this instance, a thousand dollars an hour is a steal.
You Can Decide If You Are Overpriced Or Not
So if you think about this, money is an exchange of energy and for yourself, you can decide if you’re overpriced or not by first of all, separating yourself and your own unique worth from your offer or your program’s value. I’ll say that again. Learn how to separate your worth as an individual, which is your birth right. You are born worthy regardless of anything. So separate your individual worthiness from the program or offer worthiness.
How Do You Define A Program Or An Offer's Worthiness?
Well, it’s through the result. What can you promise? What result can you promise the client who will be paying it? That will help to define a program or an offer’s worthiness and whether it’s overpriced or not. So let’s look at a few specific examples.
I’m part of a Mastermind that costs $25,000 for six months. I’ve done a couple of rounds. Someone could look at the price for this mastermind and say, “Whoa! That’s overpriced.” Obviously then, that person would not join that Mastermind. However, would that thought process serve them? For me personally, I look at it as a steal. I look at every piece of coaching that I apply and learn from the Mastermind, every one of the programs that’s in the vault individually, I think each piece is worth my $25,000 investment by itself. And when I look at it from this perspective, I guarantee my own results and I guarantee making my money back. It’s a no brainer. It’s totally worth that investment and more, and I’ve proved that to be true a couple rounds now. I’ve learned so much and I’ve more than doubled my investment. And if I hadn’t invested, I would’ve potentially slowed my own growth.
Now, I don’t have a crystal ball, so I don’t really know this to be true for sure, because I cannot see down the parallel path of me not investing over the past year. But if I look at past evidence from a few years ago where I’ve taken a break from all coaching in my business for a few months, I think maybe four to six months, during that gap of having no coaching, my revenue either plateaued completely or it declined. So in these incidents, I lost revenue those months. So for me, when I invest in a program where I more than double my investment back, it for sure is not overpriced regardless of the actual price of the program.
Or let’s look at my own program. It’s $5,500 working with me one-to-one for six months. That means weekly calls and implementation, weekly portals, workbooks and more. But truly, the result is that the wellness entrepreneur who invests this amount with me will learn the process guaranteed to make a hundred K or more. How do I know? How can I prove this? Because I’ve done it myself. And also, I’ve helped multiple entrepreneurs now double their monthly revenue. So they come to me at a certain starting point and their revenue is a certain amount and within a few months of working with me, sometimes it takes one round, sometimes it takes two, but they’re able to double their monthly revenue.
Now, let’s be conservative. Let’s say someone does two rounds with me. At that point, they’ve invested $11,000, but they make 8K per month consistently or 10K per month consistently. They’re on the better end of that ratio. They’ve more than doubled their investment with me and my work is to even help these entrepreneurs get the results faster and quicker. And that’s what I think about week after week, day after day, is how to help them sign more clients, help those clients get their results faster and quicker. So always, I’m trying to make this same price and undercharge and then undercharge. So it’s more valuable and more worthy, each week that goes by, the more entrepreneurs that I help.
What Happens When A Wellness Professional Doesn’t Want To Increase Price
The problem is when a wellness professional doesn’t want to increase their price for a number of reasons. And because of this, unconsciously, they also put down other professionals that charge “a high price,” what they consider a high price. And when they say other health professionals, wellness professionals, are overpriced, tearing down other wellness professionals, ends up tearing down the wellness field. It doesn’t serve you, it doesn’t serve those professionals, it doesn’t serve your potential and existing clients, and for sure it ends up tearing down the value of our wellness field as an entity.
I want to improve the value of our wellness field. Wellness is a blossoming marketplace that has a potential to help millions of people. Let’s raise the value of our field. And the only way we can raise the value of our field is by supporting others instead of shaming or putting down others in the field. This doesn’t serve anyone and needs to stop now. No matter anyone’s certifications, everyone has a right to be here and play ball and charge what they feel their program is worth.
How Could You Serve The Underserved Community And Still Charge A Valid Price
Instead, let’s focus on you. Let’s examine why you might not want to charge a higher price. Let’s use the example that you want to serve an underserved community. This is valid. There are people with legitimate cash flow issues that could really benefit from your service. So this is a legitimate issue to explore. How could you serve this underserved community and still charge a price that will not have you overwork and hustle around the clock just to make ends meet? How could that be true?
Write it down for yourself and then I’ll give you my answer. But first, I want you to explore your own brain because I’m sure the answer is in there. So stop reading first and write it down. Ask yourself how could this be true that you could serve an underserved community and you could still charge a price that is valuable?
Providing Free and Valuable Content
For me personally, I give away a ton for free. That does not mean I have a whole bunch of cheap offers out there. No, I literally give it away for free. And I believe each piece of content that I put out into the world for free is very valuable and I could easily charge hundred or if not thousands of dollars for each piece. Let me give you a few examples.
I have the free resource, Get Client’s Blueprint, where someone can go through this free five-day challenge or training and they could easily sign one and then one client and then repeat the process over and over again to sign multiple clients, meaning they make themselves hundreds if not thousands of dollars. That is a valuable free product. Knowing that that people are making hundreds if not thousands of dollars from, and I know because people tell me. Then I could charge hundreds of dollars for, but I’m not. I’m going to give it away because I want more wellness entrepreneurs to get out there and make money quickly after their initial certification or when they decide to go out on their own. I want them to make money quickly because I know the quicker they make money, the more they’ll validate themselves. Not that we should rely on this external validation, but it’s just natural human go-to thinking. The more that they validate themselves, the more likely they’ll be able to stick with it, believe in their business, get out there and help more people. And in this way, more and more people are served.
I also have this podcast, a free group, and my consultations are very valuable. I’ve helped people in one hour go out there and redefine the structure of their business, decide their next step in starting a business, go out there and sign a client immediately after a consultation. So that free 45 minutes that I spend with someone could again be worth hundreds if not thousands of dollars.
How about the value of one blog I put out there? So for example, this very blog could be worth thousands of dollars to you. How could that be true? What if just hearing this episode on pricing gave you the confidence to stop doing one-off sessions, especially for $60 or less, and instead get out there and charge for a three-month program that you know with complete confidence you could deliver the results on because you’ve done it again and again in the past. So you went out there and you made a couple hundred or even few thousands of dollars.
What if you sold five people that program and it was worth $2,000? That’s $10,000 you made off this very blog. That is a very valuable episode. It’s worth at least $10,000 for you. Just think about that for a moment. What content can you put out in the world that’s worth thousands of dollars but you put it out there for free? Now this doesn’t devalue your paying content. In fact, it makes it more valuable. And this does not mean you work round the clock only doing free things. No, you still get paid. It is an art, it is a balance of doing that, but it makes your programs even more valuable. How could that be true? I often hear the statement, “Well, I don’t always want give away my best things for free.” Well, what if you never release them? Then you never grow. So your best things, they stay YOUR best things.
For me, I’m always putting my best things into the world and then I’m learning new best things. I’m putting those new best things into the world. So it’s always a continuous evolution and my potential clients and my paying clients get to be on benefit and receiving end of that evolution and growth. So they’re always learning new things and growing.
Another way to look at it is I’m putting my best things out into the world and people are making money off me, off my best ideas without even paying me a cent. And if they eventually decided to pay me money and they came to me after learning my best things, they’re going to come to me from a more evolved place. So when they do pay me, we can hit the ground running. It’s minor tweaks, minor refinements, scaling, instead of having to start from scratch so to speak, instead of having to break down certain business structures that aren’t serving them and then having to rebuild that requires a whole bunch more energy and time. Not to say that I won’t do that. And I do do that with people and then they’re able to go forward much quicker with less energy and spend more time at home with family and not depleting their own wellness in-house reserves, can be done.
However, if someone comes to me from learning my free content, they make money and then they have enough money to invest with me. That is more ideal because we can get to where they want to go faster and easier and they don’t ever have to go through the struggle that I personally went through of working round the clock seven days a week, driving all over town, just to pay the expenses without a lot of profit or barely any profit I should say.
So maybe for you, you can serve underserved communities or people with legitimate cash flow problems through free content. Make it valuable.
Make sure to read this blog to create valuable content easily: https://igniteurwellness.com/content-creation/
How Can You Make Your Programs That You Charge More Valuable
And by doing this, how will this make your programs that you charge for even more valuable? How could that be true? Explore that for yourself. So you are serving those people who are going through a difficult time in their lives and you can serve the people who can pay you, and then you completely take yourself out of that rat race of clients just shopping around, they come on your consult call because they want to pay the lowest price possible. You’re not in the race to the bottom because charging low prices where you’re just barely making your ends meet will lead you to be burnout and exhausted.
And if you’re burnout, exhausted, then you have a higher likelihood of quitting. So you don’t fulfill your dream, your purpose, and the people that really need your help that only you can fulfill on that because of your unique expertise and experience in the world, they’re not going to get the help.
Just think about it. If you’re showing up to sessions or classes and teaching from this exhausted, depleted place, are you giving your people what they came for? In that case, you may be overpricing yourself because you don’t have the energy to fulfill on your promise. It becomes a cycle that you don’t want to be part of. I’ve been on the receiving end of working with exhausted yoga teachers, showing up to a class where I know that teacher is depleted and exhausted, or a practitioner, one-to-one. I know they are dragging it. They’re just going through the motions. They’re having difficulty holding the space and even listening to my unique story, it’s not going to serve me. And I know that I’m not going to get what I pay for even if I just paid for $15 for a class. At this point, I usually make sure to put up my own energetic boundaries, listen to my own body and intuition, and make sure that that time I spent with that individual is well worth it for my myself. So I learn how to trust my instincts and guidance and do what my own body or house will need.
However, you can help more people efficiently when you are more well rested. Money is an energy exchange when someone pays you money. You can only give energy back if you have energy to give. If you don’t have energy because you’re racing around and depleted, then that’s leads to yes, you being overpriced no matter what you’re charging.
If you are exhausted be sure to read this blog to manage your stress so it doesn’t deplete your energy: https://igniteurwellness.com/stress-management/
When Is It Best To Charge At A Lower Price?
Now I want to put a pin in this thought process just for a moment. Especially if you’re new to working with clients, offering a new program, something that you don’t have the demand for yet or you haven’t experienced taking people through and getting them results on the back end, at this point, it is typically better to charge a lower price and ensure that those people get the results that they pay for.
They feel delighted, they’re surprised at the outcomes. They love it. It’s easier to build momentum for a new product or service or program from this standpoint and raise the prices as you get more confident in delivering your results, than it is to charge a high price, not have the demand, not get people that take you up on the offer and then lower the price afterward. It’s more difficult to do that.
So there is a sweet spot of charging a price where again, the customer, the potential client doesn’t feel that it’s overpriced. And you know this because you know a hundred percent with certainty and confidence that you can deliver on your promise, that you can guarantee certain results and also have it be an undercharge for them. That does not mean that a thousand dollars, for example, is overpriced and $65 is cheap. It’s all relative based upon the experience that you deliver and the value you bring through the results.
An Exercise You Can Do That Will Help You Believe In The Worthiness Of Your Program
Here’s an exercise that I did every day about on average for a good six months to a year to help me believe in the worthiness of my program. Again, the worthiness of your program is different than your own unique worthiness. So this exercise is for your program. You can also do it for yourself as well, but I’m talking about specifically here for your program.
The exercises is: write down, every day, take 5 to 10 minutes to write down, why your program is so valuable. How does it impact your client’s day to day? Be specific.
So for example, if we go back to that CEO dealing with sciatica, how could you showing up in that hour and then the information that you provide that that CEO is then able to implement their lives? How is that valuable? Maybe that they’re able to stand with confidence and speak at the boardroom without having to worry about their pain. Maybe they sleep better at night because they’re not waking up and unable to fall back to sleep because they’re just imagining the problems going to get worse and when are they going to be able to get back to the office and work the way that they used to sleep, as you know is so valuable because you know they’ll be able to be more creative, more productive, more focused, have better clarity. So write down all the ways, very specifically how your program will impact your client’s day-to-day. And then bring that bigger big picture generational. When your client gets the results that they desire, how will this even impact their children?
Like for example, I look at my daughter and I look at the practitioners that I go to see and the certain genetic screens, I should say my cancer screens, that I go to with my western medicine providers, they are so valuable to me and it’s also teaching my daughter how to carve out time to care for herself. My daughter sees me go to yoga class, we go to yoga classes together, we talk about it. My daughter sees me go to my screens, carve out time to attend my cancer screens and work my business. She sees me do both. Her mind, she knows that’s just reality. It’s totally possible to grow a successful profitable business and go to yoga and go to certain doctor’s appointments. I’m creating that reality for her versus a reality where she never sees her mom because her mom’s working around the clock. Her mom’s skipping yoga, her mom’s skipping doctor’s appointments and ends up very sick.
What reality do you want to create for your children? What reality do you want your clients to help create for their children? And what’s the worth of that? What’s the value of that? In my mind, it’s priceless, but you still have to put a price tag on it, right? To charge them. And write this out. The results, the promise, the value, how it impacts your client’s day to day every day and your list will continue to grow and you will create more evidence and belief for yourself, how your program is valuable.
The Urge To Give A Discount
Okay, let’s view the opposite end of the spectrum just for a moment. The urge to discount, because I know some of you discount your services and again, this is de-valuing your offer and your program. When you have the urge to discount, why? Where is this coming from? Is it just because a coach or you saw someone, some business coach saying that it’s a great way to get momentum, to get people in the door because it’s Black Friday and that’s just what people do over the holiday season. Why specifically do you have the urge to discount? What feelings is it coming from? Maybe it’s from scarcity. You really want to sign some clients. What thoughts? It’s important to be aware of this. And also know that you can create clients from real urgency, not a discount. You can do this by helping them to realize what they miss out on, by not working with you, by waiting, what is the cost of waiting? You could write that in an e-mail, a social media post, a reel, in a one-to-one conversation from a place of compassion, not judgment, not forcing, not manipulation, just pure observation and objective measurements. How could that be true? So you’re creating real urgency. You don’t have to discount if you do want to offer a special sale, for example, during a holiday season.
Here’s a question I ask myself, what value can I add instead? Instead of discounting, what can I add instead? Maybe it’s helping them to get a result even faster. Maybe it’s adding an additional program or additional session to help them to get results quicker, faster, more seamlessly. What value can you add instead of discounting for a limited amount of time? That also creates urgency and more value instead of devaluing your service.
One last thing, I’m going to leave you with a thought to consider. When you notice someone else offering what you consider an expensive or overpriced program or service, instead of judging them, applaud them. They are paving the way for other wellpreneurs just like yourself to be charging that as well. Look at how they believe in their value. Look at the results that they create for their clients. No matter the certification, it doesn’t matter. Just because you have a masters or a doctor does not guarantee that you’re going to get results faster than that other person. I see it all the time. So applaud them. No matter their certifications, no matter their program, no matter what they’re charging, they earn the right to be there. They earned it. You can do it too when you believe in yourself.
So instead of judging other people, let’s bring up the wellness and health field by supporting each other because there is a wealth or that I should say, there are a wealth of people that need your help, especially all of us coming out of that pandemic stress, not going to yoga, missing a community, maybe putting on a little extra weight. So many reasons why the wellness field is blossoming and a handful of providers are not going to be enough to serve all these people. Your work is needed. So get out there, value yourself. Start charging your worth, make it worth that value by delivering on your promise, having confidence and certainty that you can deliver on that promise, and then help more people.
And if you want to make 2023 your best year yet, make sure you sign up for the 2023 vision setting event. It’s a three day to make your wildest dreams a reality. It’ll completely change the way you think about planning. I have to warn you though, we are going to work on mindset. We are going to work a little bit on energetics. We might even talk about chakras. And for sure there’s going to be a lot of strategy.
So if talking about mindset or shockers freaks you out, then maybe this isn’t the best fit for you. But if you love all that stuff, in these three days, you’ll become aware of the problems of 2022 in your business without the shame, without beating yourself out and know how to solve for them so that way, you don’t repeat them in 2023. You don’t make the same mistakes. We’re going to map out the simple steps to get the 2023 client goals that you want so you have a business you love for next year. We’ll create your belief blueprint to ensure 2023 is a success, but beyond your wildest dreams. And we’ll craft your success strategies that will help you maintain momentum all year round with times for rest, modifications, and maybe those doctor’s appointments that you know are valuable for you, but maybe necessarily you don’t want to do.
We’ll go over all this and more replays will be available for each day, so make sure you get registered and it’ll make 2023 your best year yet!
Finish 2022 Strong Workshop here: https://igniteurwellness.com/finish-strong/
Book your free consultation here: https://igniteurwellness.com/business-coach-for-health-coaches/ So there you have it. I’ll see you next week. Bye for now!