How To Price Your Coaching

I get asked time and time again about how much to charge for coaching.  It’s a really tricky one because a lot of pricing is tied up with our own self-worth.  We have this whole, “Who would pay me that?” thing going on.  It’s not a simple answer where someone tells you a set price, it takes a bit of figuring out.  I know when I started out I’d have thrown everything into the mix just because I was so grateful to get a paying client!

 

I have 4 rules for pricing;

1. Don’t charge what you’re worth, charge what your services are worth. They are two different things.  So often we equate our pricing with what we think we’re worth.  When you price according to what you think you’re worth and someone says, ‘no’, then what happens?  You think you’re worth-less and that’s just crazy!
2. Know your ideal clients – be really clear on who your ideal client is.  When you know this everything is so much easier, your message is clearer, you know who you’re talking to/writing to.  With that knowledge comes a better understanding of how much to charge
3. Don’t throw in everything - it just devalues what you do, so while my little image above is a bit tongue in cheek, actually there’s a lot of truth in it.  So many coaches, more often women, undercharge or think that throwing in lots of bonuses is the answer.  It isn’t!
4. Check out the competition – but only use it as a guide.  Be YOU.  People want to work with you, not a carbon copy of another coach that you think is offering what you should.  What if they aren’t even offering what you’re offering?

How much do you want to earn?  Think about how many hours a day you want to work, how many days per year.   Once you know what you want to earn you can break down how many clients you need to work with to make that money, then you can figure out where to focus your efforts.

So to figure out your pricing start by looking at people that offer similar things to you to get a rough guide, then ask yourself how much feels right to you?  If I say to you, I think you should charge £30 an hour you might tell me where to go, equally if I say £150 you might do the same.  You will have a rough idea in your mind about what you want to charge for it to be an acceptable exchange of your time for money.  Start lower and then think about how you’d feel if you doubled it?  Still too much, ok what about adding 10% or 20%.  Keep playing with it until it feels right to you.  Say it out loud to someone as a practice run and notice what comes up for you.  Remember whatever price you charge you can always put them up later.  As I say to so many of my coaches please don’t undercharge, you have spent hours and hours of time to get qualified, you probably already have a lot of life experience.  All of that needs to be included when considering your price point.

Once you know your basic pricing you can then start to think about how you can add in value for your clients, so that you can create some great packages. You can charge by the hour but remember there’s only one of you.  How many hours will you really need to work to earn what you want?   There are other ways that you can leverage your time; through passive income, group coaching, membership clubs etc.

We cover pricing and packaging in my Coaching Rocks Bootcamp.  If you’d like to really get into how to figure out your pricing strategy you can buy the individual modules in MY NEW SHOP or put your name on the waiting list for the next course that’s going live in January.   Oh yeah, I forgot to tell you I’m SO excited – I have my very own little shop, just a virtual one, but another step forward on my overall business plan.

So how much do you charge and what value do you add?   This week think of how you can add value to what you offer.  Let me know how you get on in the comments below.