BackgroundI am trying to develop a personal finance coaching business, targeted towards women in NYC in their 20's and 30's with student loans or consumer debt. The focus is on the emotional and psychological side of spending, with practical tips to overcome their biggest hurdles. My initial plan before going after paying clients was to gather 3 test cases and testimonials. I have three ongoing pro bono clients, who are all friends, and I've been honing my process with them. My format is going to be:
1) A free 15-minute phone call to assess whether I'm right for the client.
2) A $50, hour-long introductory session that will include follow-up research and documentation from me. This will likely include a guaranteed way to find them more than the fee in either easily cut spending or a targeted credit card bonus.
3) Ongoing email contact, and monthly meetings if desired. All future meetings will be $50/hr and quick emails will be free.
I became friendly with a woman I met at a Freelancer's Union event a few weeks ago. I helped her out with a free session, and she sent me a testimonial afterwards. I also plan on asking her for feedback on my Facebook page once it's set up, since I took a look at her website at the same meeting. When we had previously discussed me using her digital marketing skills, she mentioned rates for specific services, but we mutually decided I didn't need her yet. I had debated asking her for payment for our session, but ultimately didn't bring it up. I like her, put her in contact with a friend she might visit in Central America, and think we'll legitimately be friends once she gets back from traveling.
Main QuestionShe sent me an email today saying she told her sister how much I helped her, and her sister is interested in chatting with me. Can she connect us? Payment isn't mentioned.
My first thought was "AWESOME!" I really
did help her if she's talking to other people about me. Then I considered the money question.
I don't technically need income yet from this side gig, since I still have my 9-to-5, but at some point I need to pull the trigger and talk rates with real-live people. I have 4 clients, a solid grasp on how my meetings will go, and now a referral.
How should I handle this? Agree to yet another pro bono client, or politely let her know that I'm done with pro bono and want some skrilla? Charge my full price, or offer a reduced rate?My current plan is to respond with something like this:
I'd love to speak with her, and I'm so glad to hear I helped you enough that you told your sister about me! Since I am full-up on pro bono clients, I'd like to follow my standard process with her. We can have a 15-minute phone call to assess whether I can really help her, and if so, schedule an in-person meeting for one hour. The fee for the hour-long session would be $50 and include follow-up research and documentation from me, as well as an assessment of the best rewards credit card for her, which should easily net her more than the payment.
Let me know if this plan is workable for her. If she doesn't feel comfortable with the fee, I'm definitely open to having the phone conversation and helping her out as much as possible in that setting.
You're almost in S-Am! I'm vicariously excited for you.
A funny detail: we met at an event on how to set and negotiate rates. We workshopped this sort of thing together, and now I feel strange putting it into practice with her.