Talking about money is difficult. Even the most seasoned relationships sometimes crumble at the very mention of finances and ‘the benjamins.’ Which means hashing out the specifics of payments and pricing with a stranger/potential client can be nerve-wrecking. Especially when we live in a society that tends to encourage money issues to be kept hush-hush.
When it comes to pricing your coaching services this is no different. So to help you figure out the pricing game once and for all, I have put together my top five tips to get you and keep you on the right track. Of course complete confidence in your coaching abilities goes hand in hand with comfort-ability charging what you are worth. In other words, you must know the value of your intellect and abilities before anyone else ever will. With that, let’s dig in!
1. Decide on your hourly rate and stick to it.
Having an hourly rate you feel good about will help you price your packages and anything else you create in the future. Whenever you create programs, your time in is a huge deciding factor on the final cost of the program. With an hourly rate it will be much easier for you to avoid selling yourself short. It will help you price your sessions and it is a clear way to break down your costs to clients. When I began coaching I charged $75/hour. I felt good about this rate given my level of experience and I felt comfortable quoting this rate to clients. As time went on and my experience and knowledge grew, I adjusted my rate to reflect that.
2. Offer different levels of coaching packages.
Your clients want to know what they are getting for the price you are charging them so making your packages as specific as possible will help clarify this in your clients mind. You should also have packages that come in at different price points so your clients have options at each level. The best way you can break this down is by offering four levels of options.
- Self-Lead: This can be in the form of a webinar or video series, an eBook, or a workbook that can be purchased and completed on your clients own time. These are the lowest price point packages you can offer and should really be used to upsell clients into one of your larger packages or coaching. This is a way to bring about small change in their lives and familiarize them with your capabilities as a coach.
- Bronze: This is your smallest beginner coaching package. My bronze coaching package consists of one 45-minute coaching call every two weeks. This is the bare minimum clients can purchase from me when it comes to coaching and I have found that most clients upgrade into one of my larger coaching packages after completing a month or so of bi-weekly coaching. Again, this allows me to prove myself in a way the clients don’t feel overwhelmed with the buy-in.
- Silver: This mid-level package is my most popular because it allows my clients to have more access to my services, to bring about change and growth quicker than the bi-weekly or self-lead packages. With this package my clients receive once a week 45-minute coaching calls, weekly emails, and a workbook from me. This is the coaching package I promote the most because it offers my clients the most ‘bang for their buck.’
- Gold: This is a specialty package for my high-end clients. It is not for everyone but the clients who are willing to pay more are really paying for exclusivity and access to my services around the clock. They know they will receive special treatment and they don’t mind paying for it. I cram this coaching package full of every perk I can. Before we ever begin coaching, my gold-level clients receive a coaching package in the mail that consists of a coaching journal, a workbook, reading materials, and tons more goodies! I do the legwork for these clients because they are paying me to spend the time on it, all the way down to printing their coaching materials for them so it is one less thing they have to worry about.
Pricing on your packages will vary depending on the hourly rate you decide upon but remember this: every minute/hour/day you spend on clients should be paid. This is your career and you deserve to be compensated for your time spent. If you are unsure of how long it takes to create a coaching package or to email clients, time yourself, track it in a journal or online, and don’t forget to factor that time in.
3. Create the perfect pitch.
If you think it’s difficult to price your coaching packages, try selling them without preparing your perfect pitch. It is one of the most difficult things coaches do. Sure, selling is a part of your everyday life as a coach, but if you don’t know how or why you are selling your coaching services, nobody else will either. In the beginning of my coaching career, I cannot tell you how many potential clients I lost before I ever had them because I did not have my pitch down. Nothing feels quite like the humiliation of knowing you could’ve had that client if you had only prepared better. When it comes to creating the perfect pitch, you must grab their attention from the very beginning. They must be emotionally invested and on the edge of their seats anxiously awaiting the next line. You must tell them their own story in a way they’ve never heard it before. Not your story, their story. Lastly, you must always focus on what they could have, what they are missing out on instead of what they “need to do.” The internet is full of everything telling everyone what they “need to do.” They don’t want to hear it from you too.
4. Prepare for excuses.
At the end of your pitch, be prepared for excuses and have specific rehearsed responses ready to go. Let me give you an example. The most common excuse I hear from clients always has something to do with timing. “It’s just not a good time for me to start coaching.” Once I realized this, I prepared a response that really made my clients think twice and usually brought them back within just a few days. It looks something like this, “Yes timing can always be tricky. I am actually a firm believer in the timing of the universe. I don’t think you and I would be here right now, paths crossing, if it weren’t meant to be for some reason or another.” I always made sure my responses were bigger than just my coaching or my clients “timing.” Once you have decided how you will handle excuses, practice-practice-practice. Perfect your responses along with your pitch so you can avoid the embarrassing deer in headlights stare and fumbling over words. If you already know the right thing to say, it will help the conversation to move flawlessly forward. It is quite alright to dedicate 30-minutes a day to speaking in front of a mirror or trusted confidant as you prepare.
5. Stop focusing solely on money.
At some point in the pricing process you will have to decide to stop staring at the piggy bank and start looking yourself in the eyes. As a coach, you are doing this out of passion. You are contributing of yourself to help others, to make a difference in their lives, to be a change agent in the world one life at a time. Create everything you will offer in the shadow of this rather than in the shadow of money. If you are genuine and showing up for your clients for the right reasons, they will know it and they will show up too. It is part of our human nature to smell a fox from a mile away. Avoid coming across as being too “sale-sy” and generic by tapping into the genuine reasons you are coaching and focus on that as you develop your prices and message. It will show.
Bonus Tip: Don’t throw the party of the year and forget the invites.
Once you’ve got your packages, pricing, and pitch perfect… get out there! Let the world know you are there and awaiting their arrival. In order for potential clients to take advantage of your wonderful services they have to know you exist. Building a strong network and letting others get to know you is the absolute best way to grow your coaching business. Whether it be online or in-person, commit time each day to growing your network of potential clients.