Ep #53: 3 Strategies to Inspire Coaching Clients to Pay In Full

Hey coach. Imagine having your next client or two or three pay in full for their coaching with you. How much cash would that mean flowing into your business right now? I'm Kendall. Tune into today's episode where I'm giving you three simple strategies to inspire new clients to pay in full. Plus sharing eight reasons why paying full clients should definitely be your priority as we head into this next season of the year. giving you ways to eliminate any money guilt that may try to spring up on you when you start focusing on pay-in-fulls. It's all here for you in this episode of The Money Coach School Podcast. Let's dive in.

Welcome to The Money Coach School Podcast. To really excel at coaching women, you have to be skilled, confident, and even fearless at money coaching. If you're passionate about women holding genuine money power and love supporting women entrepreneurs, then this is the show for you. Now, here's your host, money feminist Kendall SummerHawk.

Hello, beautiful coach. I'm so excited to bring you today's episode. The reason why is because I love closing the gap between money and your coaching business. Closing the gap between your money emotions and your business strategy. Because the more you close that gap, the more you experience money peace within you.

It's like an exhale when that feeling of relaxation flows through you and you feel at ease, in a state of peace, settled. From that place, confidence can rise up and fill you up and you feel in your power with your business. That's what I want for you.

So yes, I talk all of the time about making money and about all of the incredible good things that happen for you when you have more money available to you. But I never want you to lose sight of how you get to feel in this process. 

Because for us women, just achieving by itself doesn't really cut it. We want to feel good about ourselves, good about the impact we're making as coaches. We want to feel appreciation and gratitude and feel happy at this amazing business we're creating that helps people in profoundly impactful ways while we throw open the door to making as much money as we desire. 

Now I know that all sounds lofty, but it really comes from my heart. We women in the coaching space want money and. So money and impact, money and great work, money and joy, money and money peace. We are in a new, never before seen era of you making money, you making an impact, and you creating a business that you love. I don't want you to forget this.

Because in the day to day when you're perhaps wondering where your first or your next client is going to come from, or you're wondering how in the world are you going to charge high ticket, or you're wondering about how scary it's going to feel to quote those higher coaching package fees, or you're wondering if you'll fill that coaching group, whatever it is that's on your mind with your coaching business. It's easy to forget that coaching is a heart and soul business that opens the door for you to make unlimited amounts of money.

Speaking about you making more money, I want to be sure you heard that doors are open. We are enrolling right now into Secret Energy of Money Mastermind. The Secret Energy of Money is my signature mentoring program for coaches and consultants to step into the dramatically more profitable version of your business. This is how you can get me as your money coach for either six months or one year, your choice. 

I love making money from a place of pure integrity and deeply aligned values. I would love to mentor you to normalize this reality for yourself as soon as possible. Inside Secret Energy of Money, I will teach you the perfect blend of practical money how-tos, of course, plus the soul deep money shifts, the same ones that I've used to create nearly $30 million in my coaching business. 

Now, this is for you if you're hitting a revenue plateau that you are so ready to break through without any more delay. Secret Energy of Money is for you if despite dipping your toe into high ticket, you know you're still undervaluing yourself, especially given the experience and the skill you bring to your clients. 

Secret Energy of Money is for you if you keep hearing that nasty little voice in your head, sorry to call it that, but that's what it is, that comes up with reasons why you can't earn multi six or even seven figures. Of course you can, don't listen to that voice.

Mostly, Secret Energy of Money is for you if you're already making an impact, but it still feels like you're playing small with money. Secret Energy of Money Mastermind with me is where we do the inner money work that will support you in multiplying your revenue. So definitely check it out. I'll link to it in the show notes or you can go to secretenergyofmoney.com. 

So let's jump into talking about how to increase the number of pay-in-full clients that sign up with you. I want to clarify a couple of clarity points about pay-in-fulls first and then walk you through a quick checklist of eight reasons why pay-in-full is a key part of the financial health and wellbeing of your coaching business. Then I'm going to give you four reasons why clients love pay-in-full, and then wrap up with giving you three simple strategies for inspiring the clients you sign up to choose your pay-in-full option.

There are so many benefits to strategically making it easier to have more pay-in-full clients, and you can easily start using this whether you're in the launch phase of your coaching business or if you're more advanced and in the leveraging and scaling up phases. What's key is starting with integrity, always, and structuring your pay-in-full options so that your potential clients are excited to say yes.

For you, you're going to create the opportunity to give yourself a windfall of cash and save yourself the headache of chasing coaching clients to get their payments in. For your clients, you'll create the opportunity to amp up their commitment to themselves, to the coaching with you, and to really simplify their life. 

Clarity point number one is this, pay-in-full is not the same as what you charge. So in other words, regardless of the amount you charge, you're using pay-in-full as a key way to create those cash windfalls each month by signing on new coaching clients.

Clarity point number two, pay-in-full is part of your overall cashflow strategy. So you definitely want to also offer payment plans, but I see too many coaches only think in terms of payment plans, which takes a lot longer to build up to that monthly cash amount that will make your business thrive. 

All right, so let's dive into the eight reasons why pay-in-full is a key part of your coaching business. Number one, pay-in-full honors the value of commitment. Pay-in-full clients are all in and they're not rethinking their decision every month. Pay-in-full creates the ultimate client commitment, fully being all in.

Number two, this is a commitment your client is making to themselves that is truly priceless. The excitement they feel and the feeling of saying yes to themselves is a powerful catalyst. Not to be underestimated at all is so powerful for your client making the changes that you're going to be coaching them through, right? 

Reason number three is it reduces back-end complexity for your business and it eliminates payment issues. They're in, pay-in-full and done. Reason number four, it eliminates the can I afford this or is this worth it questioning in your client's mind that can come up every month when they see a payment charge come through. This gets rid of that. It just doesn't exist. Reason number five, you get a cash windfall which is amazing for your business. 

Reason number six, and this is actually my favorite, is it creates a new standard of confidence for you. So for example, if your pay-in-full is $3,000, let's say, then you know in your heart that you're a $3,000 per client coach or a $10,000 coach or a 15K coach which is elevating your mindset.

I want to compare this, let's say if you're charging $500 a month for six months, that's $3,000, but you're not going to think of yourself as a $3,000 per client coach by charging $500 per month. This is not what's going to happen for you inside your heart, your mind, your brain. But when you charge $3,000 pay-in-full, you will step into that. You're going to own it, and you're going to feel differently about the value that you're offering. This confidence, it permeates every aspect of your business. I use that 3,000 as an example. You can use 5,000, 10,000, 15,000, whatever your pay-in-full amount is.

All right, reason number seven, pay-in-full illuminates for you where your prices are too low, as if you needed another example, but yes, here it is. So for example, if you're charging, let's say $100 an hour, which of course I recommend you never, ever, ever charge by the hour, but I still see coaches doing this. So let's say you're charging $100 per hour, and you work with clients about 10 hours on average, totally messed up business model by the way, but I want to give this as an example. So that's $1,000, right? 

So when you start using pay-in-full, and you say it's $1,000, you're going to be like, really, that's it? Like it's going to be so obvious to you that you're undercharging that you're going to stop doing it, and you're going to create an amount that makes sense for you to charge for your coaching.

I've got a podcast episode, number 13, if you go back, we'll link to it in the show notes, but if you go back and listen to. It's one of my earlier episodes, number 13. I talk about strategies on how to help you value your coaching at multiples of what you're charging. 

All right, back to reason number eight, you recognize the value of what your coaching is worth as so much more. So pay-in-full is actually a powerful catalyst for you to up-level. Also, how does pay-in-full benefit the client other than showing themselves that they are all in and fully committed to themselves? 

Well, for the client, there are four reasons why they often love pay-in-full. Reason number one, it makes it simple. They pay once, they're done, and they don't have to think about it. You will be surprised, happily surprised, how often clients love this. Reason number two, clients love saving money, which is usually an incentive with pay-in-full, and I'll get to that in a moment. 

Reason number three, clients will get something that they wouldn't otherwise get because another incentive for pay-in-full is some type of bonus. I'll talk more about that in just a moment. Reason number four, a client is now all in on themselves and all in on the changes that they want to experience with your coaching. They feel this. They understand it. This is not a mystery to them. They love it. 

So let's go through the three strategies for inspiring clients to choose your pay-in-full option. These are super simple. You’ve likely seen other coaches using these, but my question for you is, are you using each of these strategies and using them together? If not, why not? 

So strategy number one, offer a pay-in-full savings. People love saving money and once paid, they don't have to think about it again. It's one and done. So a typical savings for pay-in-full is kind of on the low end is about eight to 15%. So somewhere in there when choosing your pay-in-full option compared to your payment plan option. 

So the way to think about this is you have your pay-in-full coaching investment and then you're adding on an additional eight to 15% for the payment plan option. Offering a savings is super motivating and people understand that payment plans have an additional fee attached to them because you're waiting to be paid. Now in my marketing, I typically always lead with the pay-in-full option and if that's not within someone's comfort level, then we offer the payment plan option. 

Strategy number two, offer a pay-in-full bonus. Your pay-in-full bonus can be a course or it can be a special topic coaching session. It could be a book bundle. It could be a review of some kind or an audit. The point is to make it something that supports your clients in getting great results.

But please do not just offer, quote unquote, extra coaching as it will not have any value. If your pay-in-full bonus is a special coaching session, make sure it's on a very specific topic, title it appropriately, and that topic really stands alone and is super juicy.

The bonus does not have to be something that you sell separately. So for example, when someone enrolls in my certification, the Money Breakthrough Business Coach Certification, as a pay-in-full, we offer a bonus Money Breakthrough Method private session. That's an example. That's not something we sell separately. It's something people can only get when they're pay-in-full for that particular certification. 

So your pay-in-full bonus is in addition to the pay-in-full savings. So if they are pay-in-full, they get both. We definitely see an increase in pay-in-fulls when we add a bonus along with the savings. 

Strategy number three, consider a payment option called easy full pay. So this is a concept I created years ago. It works brilliantly. The way it works is this. It's a deposit then the balance in 21 days. The total amount paid is treated just like a pay-in-full.

So that deposit is typically about 30% of your coaching program investment. Clients love this option because it gives them a chance to get the pay-in-full savings and bonus and gives them time to move money around. So for us, we only give the bonus after the 21 days has passed and the full pay-in-full amount has been received.

So quick example, let's say it's a $5,000 coaching program. The deposit can be $1,500 and then the balance in 21 days. So this is a tiny bit more complicated. It's a little bit more bookkeeping in the backend, but it's something that we see a lot of people taking advantage of. 

All right, so I want to wrap up with a couple of things. One is that a question that I'm often asked is, what if paying in full would mean a client is, for example, maxing out their credit card? This question was asked to me recently. The person asking asked how can we best ethically thread this kind of a needle? 

So my answer is this, do not climb into someone else's wallet. It's not your business. Maxing out a credit card is not your business. You truly have no idea how the act of investing in coaching is going to change someone's life. 

Yes, you are clear about the results they're going to experience, but there is more to the value of their investment than even those results. The act of investing is life-changing. Someone investing in themselves is huge. It is not to be underestimated. I would never ever deny someone that opportunity because of how they're choosing to use their credit card. Again, that's not my business. That's not your business. That's their business.

The very first time that I invested in coaching in a high-end coaching program, I think it was $13,500, did it on a pay-in-full on a credit card. It was a huge stretch. It was hideously uncomfortable. I freaked out the day after I did it, but then I got over myself. I picked myself up, I stopped crying, and I made that investment work. That was an experience I'll never forget. It upleveled me in ways that are still serving me to this day.

But that would not have happened if the coach I had enrolled with had felt guilty or jumped into my wallet and talked me into a payment plan. I wanted that all-in experience, and I got it. I will never forget the moment when I said yes, I signed the form, and the card was charged.

So to finish up our wrap-up, I want to give you a quick series of bankable beliefs about paying full. So I'm going to kind of do this popcorn style here. So here you go. You're going to want to write these down. Pay in full is life-changing for you. It's life-changing for your client. Clients have the money. Pay in full is exciting for a client to say yes to. Feel excited to offer your pay in full savings and pay in full bonus.

Trust that clients will pay in full easily. Know that your coaching is worth three times or more what you're charging. Again, I did a podcast episode number 13 on this, which I'll link to in the show notes so you can go listen to that.

All right, so if you want to do the money work that frees you to earn more, save more, and have more money, then my Secret Energy of Money Mastermind may be exactly what you've been looking for. Secret Energy of Money includes very specific coaching and exercises with me that result in you making more money, creating a new dynamic with money, and knowing how to handle money like the badass businesswoman that you are. 

So you can check it out at secretenergyofmoney.com. Enrollment is open now, but we are going to be closing it very, very soon. So go to secretenergyofmoney.com and check that out. 

All right, thank you for listening. Thank you so much for your loyalty. I appreciate you for being on your coaching journey with me and on your money reinvention journey with me. If you could do me a favor, be sure to screenshot this episode, share it on social, tag me at Kendall SummerHawk. I would so appreciate it. I'm on a mission to double the number of downloads that I am receiving on this podcast in a very short period of time, and your help is appreciated. All right, my beautiful soul, I will see you again next week in our next episode. 

Thank you so much for tuning into this week's episode of The Money Coach School Podcast. If you enjoyed this podcast, make sure you follow so you never miss an episode. Also, I would so love and appreciate if you would leave a 5-star review. Your review supports women just like you in discovering all of the juicy tips and insights I’m sharing here on how to coach women on money.

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