I have a short, sweet and potentially life changing episode for you today.
In this solo teaching episode I share the 3 exercises you need to do in order to price your online courses and services with confidence.
I also have a special downloadable for you today for a unique exercise you can do every time you find yourself doubting how much you can charge for the work you do.
Because let’s face it, this is not a once-off gig. There are onion layers to pricing with confidence and every time you level up you will face this challenge. So you can relax and know you have a system you can use every time so you can develop some real pricing swagger!
You can watch the video, listen to the audio, download from the podcast directory, or read the transcript below. Never miss an episode. Click here for all the ways you can subscribe.
Decision Guide: The 3 Exercises To Help You Price Your Online Course With Confidence
1. What Is Your Break Even Cost?
This may sound obvious, but in my experience very few people do the exercise to know exactly how much it actually costs you to deliver a product, service or online program.
Some of the things you should include are software fees, YOUR TIME, any physical material expenses (for example a book or other deliverables), travel etc if you include in-person meet ups, transcripts, assistants etc.
I put YOUR TIME in caps because without fail this is the one thing most people don’t include a value on, including the time to create your programs.
I have a spreadsheet I’ve created as part of my Attract Your Tribe program, where my clients enter all of their information of their expenses and their time costs. It’s always a rude shock for them when they realize, “wow, I just chose that price because it felt right, but really for me to even break even, I have to sell at least a hundred of these before I start making money if I only charge that much.”
It’s a great reality check simply doing this exercise, and often, after Step 1, most people feel far more confident to raise their prices immediately.
A Note on Sweat Equity and Profit
The reason I absolutely LOVE helping my clients create online courses is because once you’ve recouped your time and costs to create the course, your profit margins are awesome for every new sale you make! That’s sweat equity!
2. What Does Your Customer Value?
People don’t buy courses.
They don’t buy the number of videos, transcripts and worksheets.
They don’t even buy the number of hours one-on-one or in group with you.
They buy results.
So the more clearly you can demonstrate the outcomes of working with you and what value that has for their lives, the more they will pay for your program or services.
So how do you do that?
Here is a brief intro to an exercise my clients do in our “Sell It Baby” module in the Attract Your Tribe program. It is in preparation for creating a sales letter.
The wonderful things is, I find that going through this exercise and doing it well, you not only prepare to write a great sales letter for your clients, you are also selling the value of your offer to yourself!.
So simply going through that copywriting exercise helps you to be able to feel more confident about what you’re going to charge.
Do This Simple Exercise
- List the outcomes people can expect from your entire program
- List the outcomes they can expect from each lesson
- Next to each outcome write as many “benefits” achieving that outcome will mean for the client (how does their life change).
- Assign a monetary, emotional or lifestyle value to each benefit.
3. What’s Your Self-Worth?
Once you’ve done the 2 exercises above, the only thing that is going to affect how confident you are to charge what you are worth is going to come down to what kind of baggage you’ve got around what your worth really is!
Money mindset is a huge topic and honestly it’s like peeling onions because you know, you’ll peel back one layer and you’ll think, okay, yeah, I’ve got through that one.
But then of course there’s always going to be a new layer as you up level, up level and up level. So just be aware that this is not going to be an exercise you do once and you’ve got it nailed.
The Truth or Dare Exercise
This is a simple, but incredibly powerful exercise my clients do as part of the Attract Your Tribe program. To help you I have a Downloadable you can grab, save to your computer and use over and over, every time you reach a confidence block on your pricing.
You can get the Truth or Dare Exercise Template Here.
Here’s a quick guide to use the template
Divide a sheet of paper into 2 columns.
The left is titled TRUTH.
The right is titled DARE
- In the TRUTH column
Imagine yourself telling a potential client the cost of your program at the following price points. What thoughts come to mind? What emotions?
- Half the price you are thinking of charging?
- The price you are thinking of charging
- 2 x the price you are thinking of charging
- 3 x the price you are thinking of charging
- Keep multiplying until nothing knew comes up
- In the Dare column
Write what someone would HAVE to believe to confidently charge that price. It may help to think of someone in your industry (or even other industries) who charges that price. What do you think they believe about themselves to charge those prices
Now…Truth and Dare
I DARE you to challenge yourself, every time you become aware you are thinking a certain TRUTH, to visualise yourself as the kind of person who thinks the associated DARE thought.
Practice this and watch your confidence slowly grow. Each time you have a crisis of confidence, come back to this table and visualise the DARE as a reminder.
I would really love to hear from you. Have you done the exercise?
What sorts of things came up for you? You can share below on the blog post (and help other people know it isn’t just them!).
Or if you prefer, drop me an email or a private message on Facebook or Instagram, if you don’t want to share it publicly. That’s totally cool, just between you and me baby.
Okay, go get them! I dare you. Bye!
A Special Message From Janet
Thank you so much for being here. I know there are a lot of podcasts you could choose to listen to and you chose to join me on Romance Your Tribe Radio.
I’m honoured and grateful for your support.
If you enjoyed this week’s episode, I’d love for you to take a quick minute to share your thoughts with us and leave an honest review and rating for the show over on iTunes!
Links and Resources Mentioned
Read The Transcript Here
Hello and welcome! Janet Beckers here with a short, sweet and potentially life changing episode for you, at Romance Your Tribe Radio. It’s a solo teaching episode and what we’re going to look at is how can you charge more for what you are offering people, whether they are products, services, online programs, bundles, how do you charge more and do it with confidence? Now I’m going to run you through an exercise that I do with my attract your tribe clients and my accelerator clients. And it’s the kind of exercise you can do it completely on your own at home and you may need to keep on doing this every time you level up in your business. I’m going to run you through the truth or dare exercise. And to help you, I’ve actually got a downloadable that you can use. It goes with today’s podcast episode.
So you will see the link to it on the website page where this episode is. So if you’re in iTunes or something, just come over to the page and you can have a look. And I’ve also got an article, they’re running you through. How you do the exercise and all you can go to romanceyourtribe.com/truthordare and you can sign up there just to get the PDF. Now this is the pdf that I actually have in the program that I run. So it’s just one little exercise that we do in there. Now, how do you charge more for what you are offering? So when it comes down to you know, that dance between what you feel, you know, you are comfortable to be able to ask what you feel something is worth and how much the customer is willing to pay and seeing that worth.
And it really comes down to two things. Number one is how much does it actually cost you to deliver a product, service or online program? Like that’s one thing that people actually miss a bit is do, do the numbers so you know exactly what your break even is and what your profit is. Simply doing that exercise. And I have a, um, a spreadsheet that we’ve created that my clients enter all of their information in all of their expenses, their time costs. Um, and it’s always a rude shock for them when they realize, wow, I just chose that number because it felt right and really for me to even break even, I have to sell at least a hundred of these before I start making money if I only charge that much. So that is number one, get real on exactly the cost that you’ve got because that there often enough is enough to get people to put their prices at a level that they can say with a lot more confidence.
Well, you know, this is a bargain. So that’s number one. Now the next thing you’ve got is how much does your client understands the value of what it is that you’re delivering? Now that will come down with how do you actually express the benefits? How do you put a value on those? How do you do your sales copy and really understanding what it is that your clients do value. Now that, again, that’s something we do it in the syllabus baby module in the programs that I run the Attract Your Tribe program and there’s a real format for being able to do that well. So a lot of times once you’ve gone through the process of actually listing what the benefits are, what the value out of people and what does that actually mean to their lives. I find it if you have done that exercise well in order to be able to run a sales letter for your clients, that also is selling it to you.
So simply going through that copy-writing exercise helps you to be able to feel more confident about what you’re going to charge. So do those two activities first before we go over to the next one, because if you’ve done those two activities where you’ve looked at actually how much does it cost, how much is it costing you, and then what is it worth to the client? Once you’ve done those, the only thing then that is going to affect you feeling confident to be able to charge what you are worth is going to come down to what kind of baggage you’ve got around your worth, how much is people are willing to pay. Those whole sort of money mindset things. Now this is a huge topic and honestly it’s like peeling onions because you know, you’ll peel back one layer and you’ll think, okay, yeah, I’ve kind of, you know, that I’ve got through that one.
But then of course there’s always going to be a new layer as you up level, up level and up level. So just be aware that this is going to be, you know, it’s a great thing for you to be able to invest any of your, um, your reading in, your learning in is to do with money mindset, always going to be great. But I’ve got a great exercise for you that you can be doing today. So to guide you through it, it’s really handy if you want to grab hold of that downloadable, I’ve got for you for truth and dare. Because what we’re going to do here is, and if you see my eyes dropping down, it’s cause I’m actually referring to this document as I’m going through. So we have two columns here, truth and we have dare. Now what I want you to do is in that truth column, I want you to think about it…
I want you to record your thoughts about your worth and how you feel like what comes up for you when I give you these following scenarios and these scenarios. I’m just going to read straight off here, just a few of them. There’s more in the document. For example, it might be what thoughts come to mind, what are your emotions when, um, you say, I’m going to charge half the price of what you’re offering, what you’re thinking of charging now. So just say I had a program that I was going to sell for $1,000 and already that might be making me think, oh, this doesn’t feel quite right, but you know, thousand dollars sounds fair, $997. How does it make you feel? If you say, I’m going to sell this for $500. What are those emotions? And then maybe the price that you were thinking of, like, what comes up?
And then also think of about, you know, two times it, three times, 10 times it. I want you to keep on putting different prices. How do I feel? What comes up for me at this price, this price, this price? Just keep on adding in. Multiplying it until nothing new comes up. Okay, so really just tight the time to be really honest with yourself. What things come up? What are you thinking about the kind of person who would charge that amount of money, you know, what are they like? You know, you know what’s, you know what is somebody going to be thinking if I say that, you know, what’s my client gonna to think about me. Are they going to think I’m greedy. Are they thinking, ah, she’s not worth it. What comes up for you about yourself? So that’s number one. Now, what I want you to do is I want you to now beside there is the day of column.
Now I want you to think about, okay, here is the price for if we go back to my scenario of a program that I originally thought of selling for thousand rounding up and I went 500, 1000, 2000, 3000, 5000, 10000, 15000, 20000, those sorts of things and I’ve got how I felt. At that price point I want you to think about either somebody you already know in your industry or another industry who charges that amount for something that you know, you think he’s going to be fairly comparable in terms of the results that you can get for people. This is always focused on what results you get for people. Okay? Not what’s included. What are the results? I want you to think about somebody that you know, or this person that you imagine, like, what would they be like? What would they write in the columns to be charging that amount?
So I want you to think about, okay, you know that person that was charging half of what I thought, what are they thinking? You know that’s the one that’s the odd one, but what is going to be, you know, what would that person be thinking if they were only going to charge $500? Would they be thinking whatever this is crazy. Or would they be thinking, you know, if this is a person that can easily charge 10 grand because they’re already doing it and something is 500 would they be thinking things like, somebody else can run that for me? Yeah. I want you to think about what would somebody who is really comfortable and has already charging that, what would they think? What would be their emotions? What would go through their mind when they look at that number? Nobody, you think of them, but what would be going through their mind?
What are you imagining? What sort of person do you need to be, to confidently charge that? Now, the final part of the exercise, and this is why it’s called truth and dare truth or dare, is I double dare you, okay? That when it comes to your putting your prices, I want you to look at that pricing, look at the outcomes that you can get for your clients as a result of whatever you’re doing with them. And then I want you to put on that hat of that person who thought those things that was in the day column. And I double dare you to really consciously bring that person in and be that person. Okay? Where there their clothes, they’re super hero Cape. I want you to think about, you know, to be them, to channel them into what you’re doing. So, and see what happens.
Like I’m not saying, you know, you’ve gone from a 1000 to 10,000, unless that feels right, okay. But I want you to channel that because that may be the thing that’s going to make the difference between you charging 1000 and 2000 or 5000, for example. So that’s the truth or dare exercise for you. So going back over that for you to feel more confident about what you are going to be asking for what you’re going to be charging. Number one, approach this very, very much in a business like manner and do your costings know your break even. How many do you sell to need to recoup costs? What is your profit margin on how many yourself? Know those numbers. The next one then is no the value to the clients to get the outcome. All the different benefits they’ve got because you knowing what it means for the client is going to help you to have a greater value of what you do.
And then the next thing is to do the truth or dare exercise and I double double double day you to do this really consciously until you find yourself saying price and thinking, that’s actually that’s a bargain. They are lucky that I am offering that. I want you to start thinking like that because that’s when you know that it’s going to be so much easier for you to be able to make your sales because your doubt and your emotions and your fear have gone out of the equation. And we’re now only focusing on the outcome that you can get for your clients. And that’s why they want you. Okay, let me know how does this work? Go to romanceyourtribe.com/truthordare to be able to get your downloadable for today. And I would really love to hear from you. Have you done the exercise?
What sorts of things came up for you, um, is this can be really, really confronting for you. So leave them below on the blog post. I’m dropping an email if you prefer to, um, that’s okay. Or drop me a private message if you, you know, on Facebook or Instagram, if you don’t want to share it publicly, that’s totally cool, just between you and me baby. Or if you’re really happy to share with others so that they know that this is actually normal, then that’s wonderful. As well do that as well. And if you found today’s really useful, today’s episode, I would be really, really grateful if you would leave a review for me on iTunes because I really want to be able to get this out to more people and your ratings and your reviews on iTunes are going to help people to be able to find me and it’s going to be able to help people know if this is going to be a great podcast for them to listen to. Okay, got to get them! I dare you. Bye!