Does the thought of having a money conversation make your stomach drop? You’re not alone. For many coaches, “the money conversation” feels like walking a tightrope without a safety net. And here’s the kicker: studies suggest that small business owners can lose up to 30% of their potential revenue due to poorly handled money conversations.
Money conversations pop up in all kinds of situations:
- Telling potential clients the price of your offers.
- A client suddenly wants to pause their coaching program.
- Someone asks for a refund after your launch.
- Your client’s payment is late—again.
- You’re ready to raise your prices, but dread telling your existing clients.
When these moments arise, it’s easy for money to slip through the cracks like water through a colander. But it doesn’t have to be this way.
The secret? Learning how to be rock solid when leading these conversations by applying the coaching skills you already have. When you’re grounded, clear, and unwavering, you can stop money leaks and uphold the value of your work.
Here’s your four-step roadmap to mastering money conversations:
1. Steady Yourself First
Never dive into a money conversation when you’re feeling triggered or upset. Emotional reactions—whether it’s frustration, fear, or guilt—can cloud your judgment and derail the discussion.
Take a moment to pause. Breathe. Journal if it helps. Beneath your emotions is a calm, centered truth that will guide you to approach the situation with clarity and respect. When you’re steady, you’ll find it easier to lead the conversation toward a satisfying resolution.
2. Set Your Boundaries in Advance
One of the biggest pitfalls in money conversations is “winging it.” Without clear boundaries, you’re more likely to agree to terms you’ll later regret.
Think ahead. What’s non-negotiable for you? For example:
- Will you allow clients to pay late, and if so, under what conditions?
- How will you address clients who repeatedly show up late for sessions?
- Are you open to offering payment plans, and what’s your limit?
By defining your boundaries beforehand, you’ll handle these situations with confidence and uphold the high standards you envision for your business.
3. Lead the Conversation from the Start
How you begin a money conversation often sets the tone for its outcome. The key to leadership is asking questions—not making excuses, apologizing, or tiptoeing around the issue.
For instance:
- “Can you help me understand what’s going on with the late payment?”
- “What’s preventing you from continuing with the program as planned?”
By stepping into the role of the question-asker, you stay in control of the conversation and avoid being swayed by guilt or excuses. Remember: the one who asks the questions leads.
4. Stand in Your Power
Avoidance might feel easier in the moment, but it’s not a long-term strategy. Money conversations don’t age like fine wine; they’re more like milk—better handled sooner rather than later.
Empower yourself by addressing these situations head-on. Know that having boundaries doesn’t make you selfish or greedy. It makes you a leader—someone who respects their work and expects others to do the same.
The Truth About Money Conversations
Here’s the thing: money conversations aren’t really about money. They’re about respect, boundaries, and values. Mastering these conversations isn’t about memorizing scripts or fancy sales tactics. It’s about showing up as the grounded, empowered coach you aspire to be.
When you own your worth and lead with clarity, you’ll not only plug those money leaks but also create a business that reflects your true value. And that, my brilliant coach, is how you step into your next-level premium success.