How to price your coaching packages and products

How to price your coaching packages and products

Once you've determined the coaching programs you will offer, you are ready to walk through a pricing exercise to determine your rates and prices. There are a few elements that go into pricing but the three most important to consider are:

  • your income needs and goals

  • what the market is for comparable products and services

  • what your ideal clients are able and willing to pay

You may have to do a bit of research and surveying but it shouldn't be difficult coming up with baseline figures for your coaching packages, group sessions, online courses, or whatever programs you are offering.

On top of those baseline figures you should think long and hard about the value you are adding. If you bring a lot of experience to the table, have a strong track record, or help clients tackle particularly intensive challenges you might consider charging a premium over these baseline figures.

Whatever you do, don't underestimate your worth. So long as you can justify the pricing and find clients ready to pay you are in a good position. Read on for more about pricing your programs or enroll in our e-Course on starting a coaching business where we dedicate a full module to this step in your coaching business plan

Contents

  • Determining your income needs and goals

  • Evaluating the market for comparable programs

  • Figuring out what your ideal clients can pay

  • Refining your initial pricing figures

  • Assessing the value you will deliver

Determining your income needs and goals

The first step in pricing is being upfront about your personal financial goals. Sort out what you need to make in order to survive because you can't support your clients if you can't support yourself.

For instance, if you want (or need) to make $100,000 in your coaching businesses then that roughly translates to $8,333 a month and $278 a day. Keep these figures in mind because they'll come in handy shortly.

You may read the inspirational article about some coach who built a million dollar business. But if you are new to coaching or haven't even reached the six figure mark yet, it's not feasible to set higher unrealistic goals.

We like to use the 100,000 income goal because although it's aspirational for most coaches, it’s also attainable.

Evaluating the market for comparable programs

Next, take a look at a few coaching peers that coach on your topic or niche and see how they rate their packages and services. Also look at any organizations, blogs, or companies that create similar content and review their pricing.

You want to get a sense of what prices your market can support by seeing what's already out there. Synthesize your market research by creating average price points for each type of coaching product you will offer (be it private coaching packages or online courses).

Figuring out what your ideal clients can pay

Now that you have an idea of what your different programs can demand in terms of average price, you need to refine your figures a bit more by figuring out what your clients are willing to pay.

You may already have a sense of their demographic makeup (including income) from the work you put into the persona. This may give you a sense of what they can afford and whether it aligns well with the market averages.

Additionally, don't be afraid to survey current or potential clients and tweak your numbers even more based on direct input.

Refining your initial pricing figures

At this point you have a clear sense of what you will need to charge. For instance, if you decide to only do private coaching, you may only have the capacity to take on 15 clients a month so will need each client to pay about $555 a month.

Now ask yourself: is this feasible given your market and your ideal client's income? Would it be more efficient to create a minimum monthly package instead of offering services by the hour?

Play around with the numbers until you land on a pricing scheme that feels right given all the above considerations.

Assessing the value you will deliver

There's one last question to ask before finalizing your pricing: is it truly reflective of your worth? Be sure to evaluate your expertise and background and think about all you bring to the table.

For instance, do you have a professional degree or several years experience in your chosen field? Have you come up with a coaching method that has already proven to yield outstanding results for clients?

If you bring exceptional value to the table then that justifies marking up your draft figure. If you can back it up it won't be difficult to convince clients to pay a bit of a premium to get access to you and your work.

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