July 23, 2021 - Coaching Business
How to price coaching packages
Master the art of pricing coaching packages with a proven process. Learn how to set the right prices for any market and package type as a coach.
When you are setting up as an online coach, one of the most important things you need to decide is how to price your coaching packages.
You may be tempted to sell coaching at a lowball price, but this can often backfire. Prospective clients might feel that you are not the real deal or coming across as desperate.
How to price coaching packages that strike a balance
When you become a full-time coach, you need to understand the service that you are selling as well as your target market.
Not only are you offering your time, but you are also offering what could be years of expertise and lifelong learning.
When you think about how to price coaching packages, you need to find the balance between turning a decent profit, charging a fair rate, and offering good value for money.
You might be asking yourself: “How much should I charge?” Career coaches will tell you that you should always charge what you are worth.
Your time and skills are imperative when setting prices for coaching packages
To answer that question, you need to take three very important things into account. Your time and your skills.
Your time is critical. If you are holding one-to-one coaching sessions with a client for an hour per week, and 15 minutes of support per day, make sure you are getting paid for it.
You also need to factor in how much time you are spending on keeping up with the latest news and trends in your field of coaching.
You don’t bill the client for it directly, but you should factor it into your hourly rate.
Your skills are what your clients are paying for. Are you the go-to authority in your field? Do you have a proven track record of getting results?
Have you built a dossier of learning material that offers real tangible help? If so, you should be charging a fair value for years of building up your high-level skills.
Don’t worry too much about the competition’s price points. Concentrate on your own value.
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How to price coaching packages that sell
And now to get into the nitty-gritty of how to create packages around pricing models. There are several options available. The first could be by the session. So for example, you could charge a client USD100 per session on a pay as you go basis.
You could also charge them by the month for a fixed fee of USD400. But the best option to go for is to sell coaching programs by the package. So for example, you could sell a three-month coaching package for USD3,000.
Like all services, you should create a tiered pricing system and offer your clients the choice of how they want to be coached.
You can also subdivide your coaching business by offering packages to small groups, large groups, and one-on-one. You can vary your pricing accordingly, charging less for larger group coaching.
So if you had a group of 10 people on a 10-week course, you could charge them USD1,000 each. If the group was smaller at five, you could charge them USD1,200 each.
If you wanted to offer a VIP one-on-one package with undivided attention to the client, you could charge premium pricing at USD10,000.
Remember, this is your time and one-on-one sessions mean that you are missing out on coaching groups and the higher revenues that come along with that.
You can offer free coaching ‘taster’ sessions and then charge the client if they decide to continue.
During these free sessions, you should be completely present with your client. Listen deeply to their fears, concerns and desires. Then, work your magic and provide a glimpse into what they can achieve by partnering with you through the journey of self-realization. Quantify the value of what they will achieve together with you by their side. The objective is to convince them that you are worth the investment!
How do I manage the pricing of my coaching packages?
You can do this easily with CoachVantage.
Sign up to CoachVantage today for a 14-day free trial below. The platform allows you to set your pricing for each of your coaching programs.
You will be able to publish your sign-up pages on your website or social media channels or even allow clients to sign up from the client account portal. Once you have set the pricing, published your sign-up page and the client signs up, the billing and invoicing process is totally automated.