How to Price Your Offers as a Coach
Determining how to price your services as a coach can sometimes be overwhelming! In today’s blog, I’m going to walk you through the most important things to consider in order to determine how to effectively price your offers!
Get Rid of 9-5 Thinking
This may be the most difficult step of all but yet the most important. When you work in a 9-to-5 they let you know your value or worth based on your hourly wage. If you go into entrepreneurship with that same mindset you’re going to end up overworked and underpaid. So instead consider what it is that you want to earn at the end of the year. And then determine how you can break that down into manageable parts. If you know you wanna earn 120 K at the end of the year that means you need to be earning about 10 K per month. Then you can break it down even more determine what your weekly or hourly point of reference should be.
What is the Promise?
Understanding the promise and the return on investment is going to help you price your packages accordingly. For example, if you’re coaching someone for an hour at $197 and teaching them how to invest. They then as a result have a return making $5000. You have to note this more than their initial investment and their return is high! Considering this can help you structure your pricing to match. Many people wonder what do you do if there is no return on investment that is tangible. What you can do is you can determine what it is saving them. So for example if you help someone write a book in 30 days using your fail proof formula now they save themselves years worth of time or a certain number of hours trying to google something. Maybe you’re helping people find love and now they are saving money on paying for a dating service or time looking for love. So reframing the outcome and attaching its value or worth can help you craft your pricing. If you don’t know the value consider what it would be worth to that specific person!
Consider How Much of Your Time You Would Need to Invest for This Offer
Are you working with the client for one hour only? I What all goes into that? The truth is even if you’re only working with them for one hour how much time do you have to prep? How much work you have to do afterwards. This is the same for group coaching programs or even passive offers. Factoring in your time is crucial to creating a price that you don’t grow resentful of.
Factor in Your Expertise
you are the expert, but my friend you have to know that! Take time to consider all the reasons you're worthy of the income you’re calling in. Did you invest in a program ? Did you spend a certain amount of time doing research ? What changes are you facilitating for your clients? It’s important to understand your expertise and to factor this into your pricing model.
At the end of the day I always tell my clients to lean into a happy middle ground price that falls right in between resentful and ridiculous. What I mean by that is you don’t want to price your offers so low that you become resentful of it and you don’t want to price your offers so high that you’re no longer aligned with the price because it feels ridiculous and therefore you’re unable to sell it!
The truth is pricing does not have to be something that overwhelms you or confuses you. Follow this fool proof formula to create a price that feels aligned with your success.
If you are looking for more tools and strategies in support on the journey to being able to create both a profitable and impactful business I have just a thing for you. Use the link below to join my radical shifts for an abundant life mini course. Were you will learn the tools to shift your mind to align with creating the success that you desire and deserve. This program is truly unparalleled.
Join us HERE: http://www.nicolyawilliams.com/radical-shifts.
