How “should” coaches price their work?
Let’s face it… the whole “materials + Labor + profit” equation doesn’t work.
And, I DO NOT recommend it, but if you were inclined to “Price” towards the middle, the middle is HUGE. Some coaches charge $5000 an hour, or $20K per month, and some are coaching for $97 bucks an hour.
This article will detail how NOT to price,
as well as HOW to price and
WHY pricing is so important to being profitable as a coach.
But, first… tell me if this is familiar.
You want paying clients.
You’re certified, and ready.
You’ve got the website,
and the social media profiles.
You’ve COURAGEOUSLY started offering “complimentary coaching sessions” in hopes of turning people into clients.
And, in your FERVOR,
you’ve schedule dozens of these conversations.
Only…
only…
it’s not working.
They’re RAVING about how AMAZING you are as a coach.
They’re saying you changed their life, or
whatever.
I mean, if att-a-girls could pay your bills,
or buy you that new Louis Vuitton bag,
you’d be set.
But att-a-girls can only take you so far.
You need PAYING clients.
And so, you think…
and — no doubt — have been told…
that THEY CAN’T AFFORD YOU.
SO, it makes sense to lower your fees, right?
To put yourself on the discount rack?
Maybe even the CLEARANCE rack?
(Maybe even in the “FREE TO GOOD HOME” box???)
But, even those discounted fees
STILL
don’t work.
You’re still getting ATT-A-GIRLS but NO
or (way) too few
CHA-CHINGS.
And even if you didn’t NEED the money,
this little dance you’re doing is…
well,
heartbreaking.
Two things:
I get it,
and
it’s not just you.
Here’s why the discounted fees aren’t working:
WHEN YOU DISCOUNT YOUR FEES,
YOU’RE APPLYING A PRICE SOLUTION
TO SOMETHING THAT IS **NOT**
A PRICE PROBLEM.
Listen, those who hire coaches,
life, health, business, or marriage coaches,
are a unique breed. 😊
They are THE MOST COMMITTED
among us.
They are HYPER-focused on something,
and they are hiring a coach because they WANT a superior result or experience.
They are NOT,
I repeat NOT
looking for the “cheapest coach.”
For nearly EVERY other industry,
there’s a buyer for EVERY price point.
Cheap cars, luxury cars.
Cheap clothes, luxury brands.
But for coaching,
you’re selling to the MOST committed,
the HIGH performers.
And so there’s not a lot of room for “walmart” brand coaches. People who are looking for the CHEAPEST coaches either want FREE coaching OR they’ll buy a program. They’re — essentially — on the DIY plan.
Selling to them,
AT ANY PRICE
will prove an uphill battle
both ways
in the snow.
So, that’s why all that discounting isn’t working. So, HOW EXACTLY should a coach CHARGE for their work? Follow these guidelines:
❌ Do not EVER
EVER
charge for the time it takes. (ever.) How much TIME you spend with your client is IRRELEVANT. The only thing that you charge for is….
✅ You DO charge for the DIFFERENCE you make. Plain and simple, charge for the difference you make.
✅ Charge what you KNOW you — and your work — is worth. Does that feel like a BIG amount? That’s fine. Practice saying your fee in the mirror until you can say it with a straight face.
Because wouldn’t you RATHER have a handful of clients paying you a LOT of money, and therefore getting RIDICULOUS results because they are all in…
rather than being fULLY BOOKED with a TON of clients, each paying you mediocre rates, being “half in” and getting mediocre results?
✅ Then, just when you think “there’s NO WAY anyone will EVER pay me that much money” do this:
BUILD OUT YOUR COACHING PACKAGE UNTIL IT’S SO AMAZING YOU THINK YOUR PRICE IS AN UNREASONABLE VALUE.
That’s how it’s done, folks.
Don’t overcomplicate it.
Tomorrow, we’ll talk MORE about how you build out your coaching package… and a bit about multiple income streams for your coaching practice.
Are you getting value out of this series I’m doing for coaches,
message me.
YOU NEED to be NAKED.
(in naked. it’s a 4 week program that will CHANGE everything for you. )
