Today’s blog is a response to a question that came from my friend A on a recent LIVE Q&A.
A’s Question was: How should I set my hourly rate?
This is something I know lots of coaches, teachers, consultants and freelancers struggle with, so I was so glad that A asked it and gave me a chance to answer.
First, I want to say that it is super important to me that you always follow your heart when it comes to how you run your business. Wherever you do has to feel RIGHT and ALIGNED for you and only you.
Now, what I’m going to say may shock you, but it’s the truth: I don’t believe in hourly rates.
That’s right. Hourly rates aren’t my jam. Why? They aren’t scalable. When you think of your business in terms of hours, you will always cap your income and I am NOT into income ceilings.
In this ever-expanding, completely abundant Universe, there is no reason to limit your potential earnings by tying your income to your hours.
Hourly rates are actually bizarre when you think about it. Why would we limit what we earn
to how much we work? Does our value have anything to do with our hours?
What if an incredibly talented person can completely transform your business in one day and guarantee you that you’re going to earn an additional 1 million dollars as a result of your work together?
Would you really think of putting an hourly price on that? Or would you pay whatever the person charges for that day so long as it’s under 1 million dollars?! You see my point, right?
Here is what I need you to know: Your value actually has nothing to do with your time.
Your expertise, your magic, your value is all about what you can offer the client, how you can transform their life, what you can make easier for them, the problems you solve for them.
When you price based on those things, and you keep your clients goals, and your talents top of mind, the question is no longer, how do I set my hourly rate.
The question is:
What kind of business model – be it a course, group program, monthly retainer, or private coaching – is going to offer maximum value and results to my clients and get ME paid handsomely.
In today’s vblog, I share my process for how I teach my clients to move away from hourly rates to instead focus on a scalable model that brings the client enormous value and results.
You can watch the full answer to A’s question right here on my blog and on Youtube now!
(If you don’t like watching videos [ME!], here’s the full transcript of the video)
All my love!