We 20x'd our coaching rates

When I was a kid someone told me a story about something like Ford (a successful company) had a problem with their manufacturing assembly line (what they do) that no one could figure out why it would break parts for seemingly no reason (specific problem).

After this happened for weeks and no one could figure it out (large impact) someone mentioned a specialist that had helped at another plant. They called them to come out, walked up and down the manufacturing line, took out a wrench, tightened a few bolts (specific fix), told them it was fixed, and said they’d receive a bill in the mail.

A few weeks later they got a bill in the mail for $50k.

They called the specialist for a breakdown on the invoice because it must be a mistake, they were only there for a couple hours. The invoice had 2 line items; Tightening the bolts: $500, and Knowing which bolts to tighten: $49,500.

Over the years I’ve heard versions of this with tightening bolts, drawing an x on defective gauges, or fixing one line of code in software.

But the punch line is always this:

Time is minimal, but the knowledge/specialty to know what to do is incredibly valuable.

This is why being an expert is so valuable. Because you can do things quicker, AND you can charge more as your solution starts to affect more important parts of businesses.

While reading 10x is Easier than 2x for our Biz Book Club this week, it clicked for me how we’ve been able to 20x our coaching rates simply by specializing what we’re offering.

Let’s look at the receipts:

In 2019 Jo started offering coaching for the first time at $300 for a 90 min call.

Over the next few years, we offered multiple versions of coaching, but it was mostly general biz coaching. We’d talk about the important things, but it could be anything.

Earlier this year we launched Capturing Luxury ($1000 price point per person), a group program for Branding Photographers around building out their offers. We were starting to get more focused on a niche and specific result we were delivering.

Then last month we offered Your Big Shift for the first time at $2000/month with a 3-month commitment ($6k total). This was specifically focused on how to create or revamp your offers to be more aligned with people who were feeling stuck or uninterested in their current offers.

If we look at the jumps (per person investment), from $300 —> $1000 that’s a 3.33x increase, and $1000 —> $6000 is another 6x jump.

But from where we first started in 2019 to today, it’s $300 —> $6000 or a 20x increase, simply by focusing in and getting specific on the thing that we specialize in - offers.

If we look at the 2 amazing business owners currently in Your Big Shift, both of them were feeling stuck before they signed up. They’ve tried multiple things and realized they needed help. And they didn’t know which “bolt needed tightening” (to use the starting story analogy), making working with a specialist incredibly valuable for them and justifying a “big” purchase if it would take their whole business to the next level.

One of my favorite reframes that the entire book 10x is Easier than 2x is based around is the idea that doing/making/achieving more doesn’t require working more hours or taking on more clients. It usually means thinking differently, being more specific about where you spend your time, and what you’re uniquely better than anyone else at doing.

If you’re in a period of burning out, stressing out, or not spending enough time with your friends & family, my challenge to you is to think about how you can provide more value, specialize, and do less all at the same time.

It’s normal if this question “breaks” your brain, keep asking it until it starts to make sense, it takes a few tries.

Have a great weekend,

Lyndon

PS, Speaking of Your Big Shift, if you’ve had your eye on it but you aren’t able to travel to Indianapolis for the 2-hour photoshoot in the next few months we’re now offering a version without a branding session for $1700/month (3-month contract). Hit reply or DM us on IG if you think you’d be a good fit.