New coaches can find it hard to create new packages because they are so excited to serve. This can mean rushing to put packages together that unfortunately do not sell.
A great coaching package will sell itself and sell you as the best person to offer it.
But where should a new coach begin?
We interviewed Terra Bohlmann, a 7-Figure business coach working with coaches, to bring you a great article that helps you do just that. Here’s what she told us…
The first step is to be clear on who you serve and what their struggle is. You have to become their hero, so you cannot begin to put your packages together before you’re clear about these two things.
Coaching package creation
Once clarity is not an issue anymore, you begin by creating your signature offer. This may sound counter-intuitive because as a new coach it might seem like a tough first step to take.
But your signature offer is none other than a program that answers your ideal clients’ biggest struggle. There will be people who want more than this and people who want less, but your core, signature offer is the system that defines you.
You can have an upsell and a down-sell, but the main program needs to stay simple. A lot of coaches sell way too many things and this becomes really confusing to their potential clients. Everything else, all your other ideas, park them and do them later, because your clients will tell you what they need next. You don't need to figure out your whole business from the onset.
By creating your signature offer you become the creator of something for example “Terra Bohlmann is a business coach and strategist for women entrepreneurs and the creator of the Business Map Method.“
Your signature program is none other than the perfect solution for your perfect customer, that person you want to attract. And the more you can niche down the better. So for example, you don't want to just be a success coach. You want to be a success coach who helps women overcome debt. The more that you can niche down, the more people will refer you. And the more people will pick you because they feel you understand them.
Coaching Package Creation requires Niching
A very important first step is to niche down. For example instead of calling yourself an empowerment coach that can help women with money, productivity, relationships, happiness and business. You call yourself a Money Success Empowerment Coach so that people who know they need help with their money mindset know you’re the empowerment coach they need. Niching turns your marketing from ‘hunting’ to ‘attracting’, and that’s so much easier.
How far should you niche down?
Niche until you’re scared! says Terra!
If you’re new to coaching and aren’t sure which niche to pick, pick three. Create a package for each niche and the strongest one will always rise to the top.
Start off with one package across the niches. Create a safe starter coaching package, say six months at two calls per month, with some email support etc. Whatever you don’t sell one-off sessions, they can really undervalue you and it’s hard to keep clients after that. Instead, put them on a path that shows them that you’re the expert at leading them where they need to go.
Start with 3 or 6-month packages that can be paid in full at a discount or monthly and build long-term relationships. We’re talking packages that can be priced anywhere between $1,000 or $5000. You also want to have a cheaper say $500 offer and perhaps a VIP option. In any case, it’s always best to make an offer on a discovery call. Once you’re on the call you may realise that your Signature offer is not the best option for them and you can then offer them another package that’s a better fit. If you’re not sure which suits you better, you can share both offers and let the client decide.
Designing your down-sell and upsell
Your signature program will be based on a framework, which is basically the process you take your clients through step-by-step. Your down-sell is often the first step in your framework. You want to make sure it gives the client a win at a fantastic price. It’s also a great package to offer to clients you’re not sure are going to be great to work with as a way of winning time to understand if they’re really a good fit for your signature program.
Pricing your coaching packages
This is always a tricky one, however, a simple rule of thumb is to align it with your value. How much have you invested in yourself? How much are you worth? And how much are you comfortable selling for?
You need to find that number that you're comfortable with. And sometimes doing some market research can help you get comfortable with the right pricing. So take into account what you have invested in yourself and literally pick a number that makes you a little nervous, but that you're confident you can deliver enough value for.
For example, you can have a three-month coaching program and you've invested $20,000 in your education and training. So you could start off with say $1950 for the 3-month package if that sits right. Often we have to have the money mindset conversation. A lot of coaches feel that transformational work needs to be affordable - but you're changing lives here. So keep in mind that what you sell is not just worth the price, very often it’s priceless.
If this feels really uncomfortable you can start with a beta price and work your way up from there. As you sell more packages you will get the confidence to up-level your prices. Set yourself some goals. For example, upping your prices 10% every three packages you sell until you’re comfortable charging what you’re really worth or at least what your competitors are charging.
Now that you’re clear about creating your coaching packages, we’d like to invite you to create them within the CoachVantage platform. It’s so easy to create and you can instantly plug in your favourite payment platform and automatic onboarding. Register below to get a free trial.
Terra Bohlmann is a business strategist who helps fast-track women business owners with priceless Business Maps™.
As the creator of "The Business Map Method™, she has crafted over 160 custom business models for clients who have gone on to build six and seven-figure businesses.
Through her speaking, training, coaching, and live events production, she's impacted thousands of women business owners across the world. Terra has been featured in publications and podcasts including Forbes and The Huffington Post. She's also the host of The Fast-Track Woman Podcast with Terra Bohlmann.