Coaching is a service and should be treated as such. You need to set the right price point for your coaching services so that you are not under-charging or over-charging. Here are a few crucial things to consider when pricing your coaching services.
There are many different pricing strategies that you can adapt to price your coaching services. Your options are:
The first and simplest way to price as a coach is by charging hourly rates. You can set your own hourly prices, which means you will get paid for the time it takes, but experts at Fairly Even don’t recommend this option. Our experts don’t recommend hourly pricing in most cases because it trains your customers to believe that the actual value of your coaching lies in the time you spend with them.
However, the truth is your worth and value are not in the time spent with your clients. As a coach, the real worth and value you have lies in your clients' results. And that is more valuable than the hours you spend with them to achieve those results.
So in our opinion, hourly pricing is not the best way to go in most cases. Thus here are some other options for you when pricing your coaching services.
You can also charge your clients with a retainer rate. In this method, your customers will pay you a fixed amount on a monthly basis. Of course, you will have to negotiate with them, and they should agree beforehand to pay a set amount every month.
However, experts at Fairly Even don’t recommend retainer pricing for coaching services in some cases, especially if you are a fan of boundaries and want to enjoy your life outside of the business.
The point here is to set and define the boundaries with your customers. This is crucial no matter how much you love your job and customers. Defining boundaries and limits are vital to preserving your sanity.
However, most coaching service providers opt for this pricing model, and it is the most common on the market.
The last option is to price according to packages or programs. For example, you can charge customers for a two-month coaching program with 12 calls.
As per Fairly Even’s experts, this is the best pricing strategy or method for coaches as it lets them position their coaching and pricing as per the result that your clients will get with your coaching package. This entirely shifts the conversation from what “you’re valued” or your time’s value.
Here your customers will get their desired results, and your coaching will help them in achieving those results. This pricing method puts you in a more stable position, and it’s a win-win pricing strategy for you as well as for your precious consumers.
So, we hope now you understand how to price your coaching services and programs. Do let us know in case of any queries and questions at [email protected].