Fortunately (yes, you read that correctly) there are no hardline industry standards for pricing your coaching services and programs. In fact, much like everything with coaching, your financial success will largely depend on how well you can overcome your own money blocks.
That being said, I do believe there are some ‘guidelines’ (nee some lil’ nuggets of wisdom) that I’ve amassed over the years of doing this, that can make your journey just a tad bit easier.
I learned these the hard way, so you won’t have to.
PRICING YOUR COACHING SERVICES
Never Price By Survey
Don’t ever asks other people what you should charge! Because most people will say the lowest price.
Most humans are naturally inclined to try and get the best deal. If you ask your target audience (or any audience, even other female entrepreneurs) how much they’re willing to pay, without a doubt, you will always get people who will say zero because they personally feel you should offer these services for free.
My favorite advice came from Denise Duffield-Thomas when she said, “When you ask other people what you should charge, you are pricing based on someone else’s money issues.”
Let that sink in.
Give Yourself A Raise
It’s easy to say ‘charge more’ or ‘increase your prices’ but if you’re new and still dealing with money mindset issues, this concept can be really difficult to implement.
That’s why you should try to reframe it. Even better, get methodical about it the same way Finance and HR would be in any other company.
- Consider your starting hourly rate (your base salary ÷ 2080) and add 20% to that number right off the bat. This is the minimum amount you need hourly to replace your income, so you need to at the very least be charging this much hourly. (ex. ($70,000 ÷ 2080) + 20% = $40/hr).
- Calculate your minimum offer amount based on how many sessions your offer will have (ex. 8 sessions x $40) at a minimum you need to charge $320 for an 8-Week Package.
But if you stop here, and just try to sell 1:1 coaching packages, you will end up like the other 80% of failed coaches within a year.
Structure For Scalability
If all you’re going to offer is an 8-Week 1:1 Coaching Package, you are about to find yourself very exhausted very quickly.
This is why you need to create an offer that is structured for scalability. This is how you really increase your income without going totally insane.
Scalability can happen by doing one or more of the following:
- Turn your 8 week 1:1 coaching into a group coaching program. So realistically you could have 1 call a week with 10 – 20 clients on each call.
- Increase your private coaching rate. This means you put in the work to improve your money mindset and double or triple your session rate. Meaning you take less clients.
- Create a value-pricing tier. This means the more access they get to you, the higher the value (and therefore cost). ex. Your lowest-priced offer is a self-study or DIY version of your offer, mid-priced includes group-coaching sessions, and of course, your highest-prices offer includes pricing.
These are the minimum things you should consider when pricing yourself as a coach. If you want to get that perfectly priced and packaged offer, then consider joining me over in The Focused Femmepreneur.