I'm an Author Accelerator Certified book coach in fiction who has spent forty years practicing law and about 20 years writing novels. I see a lot of parallels between book coaching and the practice of law because one of the first things a lawyer has to do when he hangs out his shingle is learn how much his work is worth. My experience as a young lawyer was that if I took everything that came in the door and undercharged for it I would end up worked to death with little to show for it. Also, clients that wanted the cheapest hourly rate they could get were usually the ones who acted unhappy at the end of the representation.
I spent three years working with a book coach when I decided to get serious about writing, and that experience was priceless. There is nothing like the relationship between a writer and a book coach. It is a relationship to cherish.
Oh this is so interesting about the parallels with the lawyer's path. The result is indeed exactly the same -- worked to death with little to show for it. Given your experience working with a book coach, how are you doing in terms of pricing your own services?
On my book coaching site, I offer a discounted ($499) first month trial period and then a custom rate moving forward. It's www.woodfinbookcoaching.com.
Hi Jennie, You’ve described my mindset perfectly. I often work with writers who will have to pay at every step to get their book into the world, and they are ordinary people with an average income. I want to be of service, so I don’t charge steep rates, despite 20 years of experience as a freelance editor. Somehow, the idea that We Should All Be Millionaires feels offensive, and emotionally I can’t take that leap. Yet I do feel down about earning less than $30,000 a year, Canadian!
I'm not sure what the exchange rate is right now, but that income seems outrageously low to me for someone with 20 years' experience and (what I assume is) is a full client list. If you feel down about it, you're not going to be able to keep doing it! And the thing I hear you saying is that "writers can't pay" -- which is perhaps why you said I am describing your mindset. The questions I would ask yourself is 1.) Are you SURE they can't pay? Do you have EVIDENCE? 2.) And if you do, are these particular writers part of your mission? If NOT, you could find new writers. If they ARE, you could design some programs or packages that could scale (serve more people at lower prices) for one cohort and perhaps design a higher priced package for another cohort who wishes to support those writers.
Those are somewhat simplistic responses, but they are a start..
And I would absolutely urge you to read the Rachel Rodgers book. The idea that we should all be millionaires is actually incredible empowering! You might finish that book with a completely new mindset. And if you DON'T, I would be interested in hearing about that...
Such an important topic! I particularly resonate with the importance of pricing based on value. But not what I, as the coach, feel is most valuable--rather what my ideal client considers valuable. Any business is built around the value that a consumer places on the service or product, and we are no different!
Also, I think there’s a habit of editors and coaches undercharging because the work they do is “easy.” But it’s easy to them, not necessarily easy to the client. My editor offers invaluable feedback that I’d never be able to uncover on my own, but I doubt she considers editing my books to be hard--in fact, she often seems to enjoy it. She should charge what it’s worth to me, not less simply because she has fun with it.
Jennie,
I'm an Author Accelerator Certified book coach in fiction who has spent forty years practicing law and about 20 years writing novels. I see a lot of parallels between book coaching and the practice of law because one of the first things a lawyer has to do when he hangs out his shingle is learn how much his work is worth. My experience as a young lawyer was that if I took everything that came in the door and undercharged for it I would end up worked to death with little to show for it. Also, clients that wanted the cheapest hourly rate they could get were usually the ones who acted unhappy at the end of the representation.
I spent three years working with a book coach when I decided to get serious about writing, and that experience was priceless. There is nothing like the relationship between a writer and a book coach. It is a relationship to cherish.
Oh this is so interesting about the parallels with the lawyer's path. The result is indeed exactly the same -- worked to death with little to show for it. Given your experience working with a book coach, how are you doing in terms of pricing your own services?
On my book coaching site, I offer a discounted ($499) first month trial period and then a custom rate moving forward. It's www.woodfinbookcoaching.com.
Hi Jennie, You’ve described my mindset perfectly. I often work with writers who will have to pay at every step to get their book into the world, and they are ordinary people with an average income. I want to be of service, so I don’t charge steep rates, despite 20 years of experience as a freelance editor. Somehow, the idea that We Should All Be Millionaires feels offensive, and emotionally I can’t take that leap. Yet I do feel down about earning less than $30,000 a year, Canadian!
I'm not sure what the exchange rate is right now, but that income seems outrageously low to me for someone with 20 years' experience and (what I assume is) is a full client list. If you feel down about it, you're not going to be able to keep doing it! And the thing I hear you saying is that "writers can't pay" -- which is perhaps why you said I am describing your mindset. The questions I would ask yourself is 1.) Are you SURE they can't pay? Do you have EVIDENCE? 2.) And if you do, are these particular writers part of your mission? If NOT, you could find new writers. If they ARE, you could design some programs or packages that could scale (serve more people at lower prices) for one cohort and perhaps design a higher priced package for another cohort who wishes to support those writers.
Those are somewhat simplistic responses, but they are a start..
And I would absolutely urge you to read the Rachel Rodgers book. The idea that we should all be millionaires is actually incredible empowering! You might finish that book with a completely new mindset. And if you DON'T, I would be interested in hearing about that...
Such an important topic! I particularly resonate with the importance of pricing based on value. But not what I, as the coach, feel is most valuable--rather what my ideal client considers valuable. Any business is built around the value that a consumer places on the service or product, and we are no different!
Also, I think there’s a habit of editors and coaches undercharging because the work they do is “easy.” But it’s easy to them, not necessarily easy to the client. My editor offers invaluable feedback that I’d never be able to uncover on my own, but I doubt she considers editing my books to be hard--in fact, she often seems to enjoy it. She should charge what it’s worth to me, not less simply because she has fun with it.
Yes, exactly! The customer has to value the service. It's our job to determine what they find most valuable. I love that take on it.
Thanks, Jennie. The struggle is real, but I am learning to value my own experience, expertise, and coaching abilities. Thanks for this!