Written by: Cheryl Thacker, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As a coach, you know that packaging and pricing your services can be a difficult task (I know it was for me!). You want to make sure that you are charging enough to cover your costs, bring in a profit and reach your income goals while also providing a fair price for your clients. In this article, we will discuss the different ways that you can package and price your coaching services and tips for getting a fair rate.
When it comes to packaging your coaching services, there are a few different options. You can offer single sessions, package deals, or even create a subscription-based service. The key is to find what works best for you and your business. You also want to make sure that your pricing reflects the value that you are providing. For example, if you are offering a 6-month package, you most likely will give a per session discount over someone signing up for a 3-month package. Also if someone is paying in full upfront they typically pay less than someone making monthly payments. It is also important to consider how you will be delivering your services. Will you be meeting with clients in person? Offering phone or video calls? Or perhaps sending them weekly emails? The delivery method will play a role in how you price your services. For example, if you are meeting with clients in person, you will likely charge more than if you were offering phone or video calls. Or if you are offering email sessions they most likely would be even less. Once you know how you are going to package and deliver your services, the next step is to set fair rates. When it comes to setting your rates, there are a few things to consider. First, think about how much experience you have as a coach. If you are just starting out, you may want to charge less than someone who has been coaching for years. Second, consider the type of coaching that you are providing. Is it business coaching? Relationship coaching? Health and wellness coaching? The type of coaching can affect your rates. Typically, business, executive and leadership coaching has higher rates than say life or relationship coaching. Finally, do the market research. What will your ideal client be comfortable paying? What are other coaches in your space charging? You don't want to price yourself out of the market, but you also don't want to undervalue your services. When in doubt you can always ask your prospects what they are willing and able to pay. This will give you a good idea of how much to charge for your services. Another option if you are not exactly sure what to charge is to negotiate your rates before starting to work with a new client. Take into account your time plus expenses and the outcomes the client is looking for. Then you can use that experience to make adjustments for future clients until you are comfortable with the rates you are setting.
Finally no matter what you charge, or even if you coach pro-bono, get everything in writing! Make sure that you have a contract that outlines your rates, services, considerations and refund policy. This will help avoid any misunderstandings later on!
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Cheryl Thacker, Executive Contributor Brainz Magazin Coach Cheryl Thacker, PCC, BCC is the CEO and Founder of Successful Coaches Enterprise, creator of the Coaching Biz Accelerator program and host of the Master Your Coaching Biz Podcast. She has helped hundreds of coaches create the freedom they crave in life by building successful sustainable businesses. Cheryl believes that every coach has a unique gift to present to the world and it is her mission to help them gain the confidence, skills, and knowledge needed to master their business.
