Collecting the Dough

This week's newsletter is on the vitally important topic of collecting money in your coaching practice. Cash, bucks, dinero, wonga, lolly, readies, moolah or whatever else you want to call it, the simple fact is that money is a crucial factor in the success of your coaching practice - and not just financially.

I find a number of coaches are unsure on how to go about collecting the fees for their coaching service so I've outlined a number of options below. How you go about discussing fees and collecting them is part of marketing your coaching practice effectively.

Oh, and by the way, it is common practice to obtain your fee for personal coaching in advance of your first session. With corporate and small business coaching you may find that you have to be more flexible or agree to their payment terms.

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> Options for collecting your coaching fees

Here are a number of options that are available for you to collect your fees in your coaching practice:

1. Cash - Yes - hard cash (i.e. the paper format) is an option but it is seldom used by coaches to receive fees. Choose from the options below instead.

2. Cheque - This is an easy way of receiving your coaching fee. It is also a method of payment that people are familiar with.

However, do remember that you'll need to wait to receive the cheque and then a few more days for it to clear in your bank account before seeing the money at your end. Plus, you'll need to either physically post it or go into your bank to deposit the cheque.

3. Bank Transfer - A lot of people are banking online today and it's easy for people to transfer the coaching fee into your account. Usually, all they need is your account number and sort code. For clients within the UK you can also ask them to do a BACS transfer or a CHAPS (by phone) transfer.

4. Standing Order - Here you send the client a standing order form with your banking details on. They then take this to their bank to set up a regular payment schedule from their account into yours.

This can be a very 'low maintenance' way of receiving fees for your coaching practice.

For example, a coach I worked with years ago had all the client standing orders set-up to be received on the first of every month. This made it very easy for him to monitor and manage the payments he received instead of scattering this 'administrivia' activity randomly over the month.

5. Credit or Debit Cards - Like them or loathe them, credit and debit cards are becoming a way of life now and offer people a convenient way of paying for your coaching services.

To be able to receive credit or debit card payments, you used to need a full merchant account. However, there are some other options that are much easier. For example:

WorldPay - With WorldPay you can accept payments via debit or credit card. However, you will need to pay an application fee to begin your account and you'll be paying ongoing monthly fees too.

2Checkout - They have a one time $49 set up fee and no monthly running costs. You only pay a percentage in commission for each transaction that occurs.

PayPal - With PayPal you can receive payments to your e-mail address which is linked to your account details. PayPal simply act as an intermediary between you and your client.

It is no longer a requirement that your clients need to have a PayPal account. Now they can pay you without needing to sign-up to PayPal.

NoChex - With NoChex you can also receive payments via your e-mail address.

The payment methods outlined above are some of the common methods coaches use to receive payments. If you use or know of any other methods, then please do let me know.

So, how are you collecting the dough?

With very best wishes,

Shaun

Authentic Practice
helping coaches to get more clients
45 Capitol Court
Old Coach Road
Wollaton
Nottingham
NG8 1GX

Website: http://www.authenticpractice.com

Tel.: (0115) 928 3070 or (0845) 123 5105
Mobile: (07811) 262 111

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I work with coaches who have a strong desire to help others but are currently struggling to get clients. I help them to attract more clients and create a stable coaching practice to make a difference in the world.

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