I’m just going to start this off with a reality check for ya.
I can’t tell you what to charge. (Nor can anyone else.)
Because there are way too many variables involved in deciding your prices.
It depends on the what type of experience you have (if any), who you want to work with (20-something women, Fortune 500 executives, stay-at-home moms, etc.), how much you want to earn (yes, you really do get to decide this), and how many clients you can fit in your schedule each month.
So, although I can’t tell you exactly what to charge, I do have a few guidelines that will help you zero in on a price point that feels just right.
4 Things to Consider When Setting Your Prices as a Coach
How long have you been a coach?
If you’re a brand new coach and haven’t actually had your first coaching session yet, I’d suggest doing it for free.
I know this is a controversial opinion in the coaching world, but I think it’s a good way to get started.
I mean you wanna give yourself a change to build up your confidence and make sure you’re actually GOOD at what you do. Plus, offering a few free coaching calls helps you get valuable feedback and then you can make the necessary tweaks to your service before raising your price.
In fact, this exactly what I did! I gave away 100 free coaching calls when I started Your Super Awesome Life because I wanted to be sure I felt comfortable coaching and that it was something I loved before I started charging for my coaching.
Like with any job, you’ve gotta pay your dues and get some experience before you’re paid the big bucks!
How much money do you want to make?
It’s almost too obvious, right? But this is one of the ways I decide what to charge. When I left my job as a counselor in 2013, I decided my goal was to make $2,000/month from my business. Once I had that number in mind, I was able to figure out what to charge so that I could reach that goal.
Look forward to the next 12 months and consider how much you’d be super excited to make. You wanna be stretching yourself in a good way, but also finding a number that’s NOT gonna break you.
Aiming for $500k in your first year of business is probably too big of a stretch for most of us, so you wanna be somewhat realistic.
If you want to make $30,000, and your coaching package is $499, you can crunch the numbers and figure out you need 60 clients to reach your financial goal. Easy peasy!
What price feels good to you?
If you’ve ever worked with me before, you know that I’m all about doing business in a way that feels good to you. It totally doesn’t matter what everyone else is charging, if you don’t feel good about your prices, your potential clients are gonna be able to tell.
You’ve got to find the number that’s an energetic match for you, your client, and what you’re offering.
You know you’re not gonna feel comfortable charging a number that makes you feel sick when you say it out loud. But you also can’t choose a number that’s so low it makes you resent your clients because you can barely buy groceries.
Play around with a few different numbers and choose the one that feels best for you. Maybe it’s $299. Maybe it’s $999.
Where’s your sweet spot?
How much is it worth to your clients?
Most new coaches make the mistake of pricing their services based on the number of hours they’ll be coaching. It’s the typical $60/hr set up. Don’t fall into this trap!
Of course, you should track how many hours you’ll be coaching each client, but that doesn’t mean it’s the best way to set your prices.
You’ve gotta take into account how important this service is for your clients. To shift theway you think about your prices, ask yourself these questions:
- How badly do your dream clients need help solving this problem?
- How drastically will the results change their life?
- What is that worth to them?
Thinking about your prices in terms of how (in)valuable your coaching is to your dream clients is a super awesome way to set your rates.
If you still want to read more about setting your prices, here’s my fav post on the topic.
Now I’d love to hear from you!
Which of these 4 ways are you going to use to set your prices?
Leave a comment below!
P.S. Join me for Dream Quest: Your Journey Begins Now, a FREE 10-day mini course and learn how to find your goal-crushing mojo + make 2015 the best year yet! Find out more here.