Pricing your coaching services and packages can be a challenge since the cost of these services varies widely. In addition, pricing your coaching packages and services can be tricky, especially if you are new to the industry. But with some wise organizing and reasonable quality market investigation and research, you can create packages that will meet the needs of your clients and your business.
"A Price is what you pay. Value is what you get.”
Here are six tips for pricing your coaching packages:
- Research online or speak with other coaches to understand what others are charging for their services. Be sure to consider any particular circumstances, like whether they have more experience than you, offer additional benefits beyond coaching, or work exclusively with high-profile clients.
- Consider the typical budget of your ideal client and what they expect to get for the cost. For example, if you want to target people new to coaching, a lower rate might be appropriate to draw them in. Alternatively, suppose you're targeting more experienced or wealthy clients. In that case, you can set a higher price point that reflects the value of your services.
- You must be aware of how much it costs to run your business. Dealing with money issues is the only way to determine what fees will be profitable for you without sacrificing too much income. This includes accounting for overhead expenses like rent, utilities, or insurance. Even any additional fees for resources or support that help make running your practice more accessible.
- One common mistake inexperienced coaches make is assigning a set rate to each coaching session or package rather than considering all the hours spent on those sessions and packages. Factor this into your pricing strategy, so you're not unintentionally undervaluing yourself and your time.
- Not all clients have an unlimited budget for coaching. However, you can still cater to their needs by offering different price points or payment plans to better fit their circumstances and preferences. This allows clients who might otherwise be priced out of working with you to access your services. Which can help build a solid referral base and grow your business.
- Always consider your experience level, certifications, or qualifications, and what other coaches in similar markets charge for their services. As a general rule, do not set it below market value – while it may seem like a great deal now, this could hurt your reputation long-term if word gets out that your prices are too low.
Ultimately, it's essential to consider what payment methods you will accept – will you offer discounts for those who pay upfront or allow clients to pay per session? There are various ways to see it, but it is vital to have a precise payment plan in place. Everything works more smoothly when you and your clients know what to expect. Be sure always to set a clear cancellation policy, such as requirements for rescheduling or cancelling an appointment. Clear directions avoid misunderstandings with your clients and protect you from wasted time or lost income if they do not show up as scheduled.
A Coach's Dream Business Journal
Finally get the clarity and confidence you need to figure out what you’re here to do, what your dream coaching business will look like and how to start taking inspired action to turn it reality!
So, if you’re ready to...
- Get clear on what your dream coaching business truly looks like.
- Feel wildly confident in your unique swirl of skills & talents.
- Live your days on our precious planet the way you want.
Then, grab a pen and dive in.