If you’re transitioning into entrepreneurship — perhaps building a second or third business — it can be easy to fall back into the habit of following industry standards, especially with pricing. Many of us, even experienced professionals, slip into the role of “rule follower,” asking others how to price our expertise because we’re used to others doing the thinking for us. But to thrive in the mentorship and coaching space, it’s time to shift this mindset. Instead of adopting “one-size-fits-all” pricing, consider what you want from this business and create a model that truly reflects the unique impact you’re ready to deliver.
If you’ve been asking, “What should I charge?” because you’re unsure how to value your own work, here’s the big shift: Believe in what you want to build, and set your own standards — ethically, of course. Rethinking these “rules” will empower you to create a business on your terms.
The Mindset Shift: Moving from Rule Follower to Visionary
A Real-Life Example: The Event Planner’s Transition
Imagine you’re an event planner who charges around $2,500 per event. You excel at creating stunning experiences, styling tables, and managing teams seamlessly. People often ask, “How do you make this magic happen?” This constant curiosity about your process is a strong indicator — especially if you love teaching — that you could create a successful coaching business to share your expertise.
This is where the entrepreneurial shift comes in. You may be asking yourself, “Is this even viable?” Absolutely. Event planners and other professionals often limit themselves by thinking they can only manage one event (or project) at a time, with much of the planning process remaining “in their heads.” But this is exactly where the potential for a coaching business lies: transferring that unique, internalized knowledge to others. What if you created a coaching program that teaches aspiring planners how to create boutique experiences, manage teams, and build a profitable event planning business of their own?
Exercise: Interview Your Future Self
Here’s an exercise to visualize this transition: interview yourself as if you’ve already built a successful coaching business. Ask:
- How did I break free from the mindset of following industry norms?
- How did I design a business model that allowed me to impact more people and create more freedom in my life?
- What changes did I make in the way I think about pricing and value?
This type of self-reflection helps clarify your goals and encourages you to think beyond standard pricing.
Steps to Redefine Your Pricing and Business Model
Step 1: Clarify Your Vision
Ask yourself what you truly want from this new phase of your business. Are you looking to share your knowledge, create financial freedom, or have a larger impact? For example, if you’re an event planner aiming to help others, your goal might be to develop a coaching program that allows other planners to succeed using your methods. Define your “why,” as this will help you build a business model aligned with your vision.
Step 2: Price Based on Transformation, Not Industry Standards
Consider the change your clients experience by working with you. Your pricing should reflect the transformative impact of your expertise, not what others in your industry charge. For the event planner example, this could mean setting a coaching fee that reflects the high-level skills, tips, and resources you share with other planners — a value beyond single events.
Step 3: Design a Scalable Coaching Model
Map out how you can transform your expertise into a program, course, or mentorship model. Start by documenting the steps that make up your successful process. This serves as the foundation for building a scalable program where your knowledge and expertise can be shared with others through one-on-one coaching, group sessions, or digital resources.
Step 4: Trust Your Own Voice and Expertise
Transitioning from service provider to mentor requires a belief in the value of your expertise. Set boundaries, believe in the unique transformation you provide, and own your distinctive approach to creating success. Trusting yourself allows you to establish a business model that serves both you and your ideal clients.
What Is a Mindset-Driven Pricing Model?
A mindset-driven pricing model is based on the unique value you bring to your clients rather than conventional pricing standards. It’s about moving from “What’s standard?” to “What’s this transformation worth?” For instance, an event planner shifting into coaching can price their program based on the time saved and insights gained by new planners under their guidance. With this approach:
- You Decide the Terms: Instead of asking others, ask yourself, “What is my experience worth?”
- Reflect Your Growth and Expertise: Your rates grow as your skills, insights, and influence expand.
How Can Defining Your Own Standards Benefit You?
Moving beyond industry norms brings tangible benefits:
- Increased Confidence: Pricing based on your unique value builds self-assurance.
- Clear Boundaries: You set clear expectations and boundaries with clients.
- Enhanced Impact: With the freedom to customize your model, you serve clients in a more meaningful way.
Conclusion
By redefining industry standards and embracing your unique strengths, you create a business model that reflects your expertise and aspirations. This approach not only benefits your clients but also empowers you to lead with authenticity, transforming your business into a meaningful, fulfilling journey.
