How to Charge for Your Coaching Service?

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Hey, Dan Lok here. If you don’t know me, we have generated over a hundred million dollars in coaching and course sales. In the last couple years today, we are going to talk about, should you charge less than your competitors? Now here’s my question to you. Would you give a thieve the key to your house? Would you give a burglar, a key to your house? Now, if the answer is no, would you give the key to your business, to your competitor? Would you let your competitors come into your business and let them dictate how much you should charge? Because when you charge what your competitors are charging, when you look at what they do and say, Hey, maybe I could charge a little bit less, just so that I could get some customers. You are letting them dictate how much your business is worth. It is no different than you giving the key of your business to your competitor.

Now, recently, this just happened to me. CEOs and entrepreneurs, they pay me six figure a year for an hour of my time a month. So we had a business owner who’s sending a request to my company and my team gave him the price. And he was pissed off. I mean, not just like, oh no, he was pissed. He wrote a long message back, basically saying, well, how dare you charge that kind of money? How could you charge that kind of money? There’s no way you charge that kind of money. Like no way we paid that kind of money. So he was pissed and he was like, oh, don’t, you know, you know, a recession is coming and businesses are struggling and no, you shouldn’t charge that much. You should only charge this much. And my team replied, Hey, you know what, thank you for your opinion, but that’s actually what we charge.

Hey, it’s okay. You don’t have to do business with us. It’s okay if it’s not within your budget, cuz I don’t think I’m charging a lot. Tony Robbins charges a million dollars a year for coaching. I’ve got a long way to go. I could still grow. How much you charge has nothing, I mean, absolutely nothing to do with how much your competition is charging. It has to do with the value that you provide, the problems that you solve, your skills it has to do with how well you can articulate your value to the marketplace and how good you are at creating demand. If you know how to articulate your value to the marketplace, if you could truly solve a problem for people, you could charge whatever you want and that’s how you go high ticket.