How to Create a Successful and Profitable Training Business WEEK 4

Recap Week 1: The Secrets of Success Week 2: How To Love Selling and Marketing Week 3: Group Coaching / Q&A

Week 4 How To Work Out What To Charge

Typical issues and concerns about fees Why you should charge what you are worth How to work out what to charge so that you have a sustainable business Learning how to charge more

Typical Issues and Concerns About Fees Fear of rejection and not getting the work Getting the work but not getting your price right Impact on your self-confidence, comfort level, and sense of self-worth. Lack of clarity.

Trainer Talk .. What Do I Do About…? Design Days Meetings Revisions Travel Time and Expenses What is a typical day? (Hours) Cancellations “Pick my brains” Design time Half days Low value associate work

Why You Should Charge What You Are Worth You have a limited number of fee earning days. You won’t meet the cost of running your business You don’t get holiday, sick pay, or other benefits You won’t have a successful business You’ll find it more difficult to get clients You will become demotivated and low in confidence

The Truth Is You need to charge what you are worth It’s up to clients to decide if your price is right. It’s up to you to attract the right kind of client Your job is to do great work and get paid appropriately

How To Work Out What To Charge 1 2 How to decide on your day rate for direct clients and associate work How do you decide on a price for a specific piece of work?

How To Work Out A Daily Rate What do you need to earn per year? How many days do you have available per year? How many days will you spend on marketing your business? How many days will your spend on admin? How many days will you spend on meetings with existing and potential clients? How many days will you spend on designing and preparing programmes? How many days will you spend on your own training and professional/business development?

Next… 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑇𝑎𝑟𝑔𝑒𝑡 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐷𝑎𝑦𝑠 =𝐷𝑎𝑖𝑙𝑦 𝑅𝑎𝑡𝑒 Total the figures you wrote down at 3, 4, 5, 6, and 7. Deduct your new figure from the figure you wrote down at 2 This is your number of fee-earning days! Divide the figure you wrote down at 1 by your fee-earning days. 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑇𝑎𝑟𝑔𝑒𝑡 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐷𝑎𝑦𝑠 =𝐷𝑎𝑖𝑙𝑦 𝑅𝑎𝑡𝑒

Doing The Exercise… Give you a realistic picture Helps you to work out your absolute bottom line Makes you think about an alternative business model

Factors Affecting Price Market Rate / Competitor Rates Industry Sector Size and Overall Value of the Work Potential for Future Work Your specialism The client’s problem or pain Associate contract

What is the most important factor that affects the price you charge?

What is the most important factor that affects price? YOU!

Some Useful Techniques To Use With Clients Ask that all important question: What’s your budget? Show how you can solve the client’s problem or pain Focus on value. Spell out specifically what you can provide. Ask another important question What would you like me to leave out?

Important Charge what you feel the work is worth Remember your bottom line figure If you don’t get it…

SAY NO

Learning How To Charge More Focus on the value you provide: Take on an inventory of your skills and experience Set up a Success folder and review it regularly Position yourself as an expert and not just another trainer

Learning How To Charge More Clarity and Confidence Have very clear terms and conditions Know what your rates are (do the exercise) Practice stating these rates confidently Raise your prices annually

Learning How To Charge More Work on your mindset Detach yourself from the outcome What’s the worst that can happen? Identify and work on your limiting beliefs (Beliefs Buster Exercise) Stop making excuses

Typical issues and concerns about fees Why you should charge what you are worth How to work out what to charge so that you have a sustainable business Learning how to charge more

Next Week: How to get corporate clients