Arguably one of my favorite sayings that I have come to learn and value since joining business mentoring. I have developed a profound understanding of the value of my time, the value of the services I offer, the value of the services I pay for, and how these things do not simply compare to “the price of a cup of coffee”.
Simply put, I’m not expecting my barista to call or message me in 30mins to ask how my coffee was, if there was anything she could do to make it taste better, or checking in on me and asking when I will back for my next cup, wishing me happy birthday, noticing how I’m standing taller, moving easier……and yeah I totally understand that is NOT her job…..yet I probably spend the same amount of money at that coffee shop per week, buying a coffee each day, or breakfast once a week, as I would on a weekly gym membership, or a PT session with my coach.
This is where TIME/SERVICE/PRODUCT value discrepancy comes into play. When we don’t receive tangible goods, or a product, at the end of a transaction, we often cant comprehend or understand the value of what we are paying for. A simple “labor” charge or “hourly rate” just doesn’t cut it…..but here is what you ARE (or at least should be) getting, in exchange for your money:
- The value of Time; if I hire a coach to help me; lift heavier, run faster, perform better, move better, be healthier, eat cleaner, run my business more smoothly, plan for my future. Here’s the time value I’m getting;
- I’ll live longer because I’m healthy, less stressed = more time alive
- I’ll spend less time injured, or doing things that will only hinder my progress, I wont waste time doing unproductive things, or be distracted by the wrong things, because I’m trained adequately = increased quality of life and better time management.
- I’ll get results quicker, saving me time, because I have structured training, accountability, my coach understands my goals and gives me a plan, so I know where I’m going and how to get there.
So how do you put a price on all this TIME you have brought yourself?
- The value of Service; you charge how much…? It cost what….? We’ve all heard (if you haven’t then your not charging enough), and we’ve all said it before….but here are the facts about service charges, and understanding what you are paying for, and if it is good value of service;
- The services I pay my coach to teach me, are skills I do not currently poses, or they are skills I need to learn in order to achieve my goal/s.
- My coach has learned these skills from EXPERIENCE, I would pay a higher price for a coach who has already done what I am attempting to learn/accomplish/master, than I would for a coach who has simply “read about” or “done a course/certification” about. Yes education is extremely important, but when it comes to the bigger issues and the services that coaches and mentors offer – you want someone who is battle tested, they’ve learnt from mistakes so you don’t have to, they’ve walked in your shoes, they know and understand the struggle.
- I get good service from my coach, and I know its good by how it makes me feel. My coach enables me to feel accomplished, proud, productive, supported, my coach knows me well and shows me that he/she cares, my coach guides me and helps me work through difficult situations without judgement.
- My coach has a growth mindset, this allows them to adapt to changes that may happen along the way, or advise me on a different path. They spend some of their “non working hours” on their personal & professional growth, often researching, reading, writing, watching, listening, to things which will help enhance my coaching experience.
- I’m progressing, I’m ticking off goals, I’m improving, I’m enjoying myself, I’m feeling good, I may have also brought back & saved myself some TIME…..my coach’s service and skill set is good VALUE, and I know this because of all of those reasons.
So how do you put a price on all this SERVICE & EXPERIENCE you have learnt and been taught?
This is where you learn to put some “Skin in the game” …….
Part 2. coming tomorrow