How To Price Your Coaching Services
As a business Coach supporting new coaches, I get asked all the time, “How much should I charge for my coaching services?” It’s a common question and an area where many get really stuck.
In this post, I’m going to cover how to price your coaching services to ensure they are profitable from Day 1. I’ll outline the big mistakes to avoid and key considerations when setting your pricing strategy.
But before we go on… I’m not going to tell you the exact price you should charge. What I will provide is a pricing strategy to help you determine the best price for you.
Hourly Rate Vs. Package Pricing
One of the first decisions you need to make is whether to charge an hourly rate or offer package pricing. Both have their pros and cons.
Hourly Rate
Charging an hourly rate can be straightforward. You simply set a rate and charge clients for the time you spend coaching. However, this method can sometimes undervalue your services and doesn’t account for the time spent preparing for sessions and any work you do after each session.
Package Pricing
Package pricing involves bundling your services into packages. This could be a set number of sessions over a specified period. This method often provides more value to clients and allows you to build a more predictable income stream. Clients also tend to commit more fully when they’ve invested in a package.
The Biggest Mistakes and How to Avoid Them
Under Pricing
One of the biggest mistakes new coaches make is under-pricing their services. This can make it difficult to be profitable and can undervalue the work you do. To avoid this, research market rates and ensure you’re charging a price that reflects your expertise and the value you provide.
Not Adjusting Your Prices
Another common mistake is not adjusting your prices as you gain experience, and your business grows. Regularly review and adjust your pricing to reflect your increased value and demand.
Lack of Clarity
Confusion around your pricing can often turn potential clients away. You must be clear and transparent about your pricing structure, whether you charge hourly or offer packages.
Know Your Numbers
To set a profitable price, you must know your numbers. Calculate your expenses, desired profit margin, and the value of your time. This will give you a baseline for your pricing.
Calculate Your Expenses
Include all business expenses, from marketing and software to rent and utilities. Knowing these costs ensures you cover them in your pricing.
Set Your Profit Margin
Determine the profit margin you need to achieve your business goals. This will help you set a price that not only covers expenses but also supports your growth.
Value of Your Time
Don’t forget to account for your time. Your time is valuable, and your pricing should reflect the quality and impact of your coaching.
Be Confident In Your Price
Confidence in your pricing is important. If you believe in the value of your services, your clients will too. Practice stating your prices confidently and be prepared to explain the value you offer.
Ready To Confidently Set Your Pricing Strategy?
Now that you understand the key elements of pricing your coaching services, it’s time to put them into practice. Avoid common mistakes, know your numbers, and be confident in your price.
If you’re ready to develop a profitable pricing strategy tailored to your business, I can help. My Pricing for Profit online course will help you create pricing strategy that ensures your coaching services are profitable from Day 1. Click here to access Pricing For Profit today:
Need More Support? Book a call and let’s build your pricing strategy together. Get personalised help to create a plan that works best for you. Book a time that suits you here:
Don’t let your pricing strategy hold you back from having a highly successful coaching business.
