It’s not uncommon, especially with people who have not worked with coaches before in their businesses, that the cost of hiring a coach appears to be the biggest obstacle. If you’ve heard yourself say, out loud or to yourself, something like, “I know I need a coach. I really want to work with someone. But I just can’t afford it right now,” this article is for you.
Sometimes I talk with people who tell me cost is really the only thing keeping them from moving forward with me. That’s totally understandable and I totally get it, so I wanted to share my perspective on paying for coaching.
I have always invested in coaching and personal development. In fact, one of my core beliefs is that personal development is business development. Even still, it’s been scary at times.
During the last 3 years of my IT firm I invested tens of thousands of dollars in coaching and training every single year. And starting at a time when I didn’t have “extra money,” hadn’t budgeted for it, and when I didn’t feel like I could afford it. But I knew the only way I’d reach my goals was with outside help and that if I did reach my goals the coaching would more than pay for itself. And it absolutely did. Over the next three years, I doubled my revenue, cut my working hours in my business by 80%, increased the value of the time I was spending in my business by 10X, turned the business around from losing money every month to profitable, and was able to sell the business, take a few months off, and start the next phase of my life.
Could I have gotten there on my own? Maybe. But I hadn’t figured it out in the previous 10 years. So who knows how long it might have taken or if I ever would have gotten there on my own?
Earlier this year, before I had anything started with my new business, I knew the fastest way to get started was with a good coach, so I started my search. I was thinking I could afford $500/mo, maybe $750 for the right person. The coach I found was $2000/mo. I was offered a $500 discount because I was a referral, but that was still 3x what I wanted to spend. And I WASN’T YET MAKING A DIME! But I realized two things.
The first was that I’d already been paid $500/mo for coaching, so why would I want a coach who was only doing what I’d already done? I needed one who could get me to the next level.
Second, was that if I hit my goals, I’d get that investment back ten-fold, at a minimum. So if I could pay $1,500 to make $15,000 (or $20K or $30K), then I should be making that investment all day every day.
The only reason not to do it would have been that I didn’t really believe it could happen – if I was afraid that I’d fail.
I realized that investing in coaching was a bet on myself to win. And that’s what I wanted.
I also recognized that the beliefs that were telling me:
– I can’t afford it.
– It’s too expensive.
– I don’t have the money.
… were the same beliefs that were getting me the results I was already getting in my business. If I wanted to get better results and make more money I had to make different decisions and develop different beliefs.
This really hit me when I was listening to T. Harv Ecker’s book, secrets of the millionaire mind. He said, “How you let money out of your life is how you let money into your life.” This really resonated with me and I was quickly able to see how, when I let money out with fear and doubt that I’d get it back, and that I allowed money in with the same beliefs. This started to change everything for me.
As all this started to sink in for me, I realized what the stories I was telling myself about money, that I didn’t have enough and that I couldn’t afford the things I wanted, were really saying. They were saying:
– I’m afraid I might not actually be able to reach my goals.
– I have to hold on to what I’ve got because there might not be more.
– I know what to expect and I’m afraid to change.
– What if I reach for more and fall short? Does that mean that I’m really not good enough?
For the past 3 years I’ve been making the conscious decision that I will no longer accept those beliefs. It hasn’t been easy and it still isn’t, but every step forward is a step toward being the person I was meant to be.
Now your path will certainly not be the same as mine. But I know from our conversations that we share many of the same challenges.
The fears, doubts, insecurities, and worries that get in the way of allowing you to charge what you’re worth, attract ideal opportunities, and gain control of your income and time are the same as those that make spending money on coaching so scary. What if you’re right to be insecure? What if you try and fail? What if you try and things actually get worse? Or what if you succeed and it’s not what you want?
I get it. These are all totally understandable and legitimate fears. But they are designed to keep you where you are. They are designed to keep you from moving to where you want to be. Designed to keep you from living the life you want to live.
This is the essence of holding yourself back.
But if you know that the business and the life you want is out there waiting for you, why wait another minute to go after it? If you believe you can have it and that investing in yourself and your future is the next step, why not pull the trigger right now?
What are you waiting for?