What You Need to Consider When Pricing As a CoachJan 26, 2023
There are so many elements you need to consider when it comes to pricing as a coach. A lot of things need to be brought to the table. What I come across most in my work is that people only bring a few of those things to the table, instead of all of them.
The key thing to remember is that all of these different elements intertwine and affect one another. So it’s really important to have that comprehensive approach.
Here’s how to do it:
Deep Dive into You
Obviously, as a coach, there are a number of services you can provide to your clients, and can tailor these to their specific needs.
But you need to take time to look at what service is going to provide the most value to somebody?
What can you deliver in the most efficient fashion?
Because if we don’t think about this, we find ourselves doing all sorts of different things and all sorts of different prices. It can eat away into your time, and therefore your income.
Look at what works best for you in alignment, what you want to bring to people, and how you can do it. Make sure it is aligned with your values, and go from there.
1. Who Are You Going to Bring the Most Value To?
Who is this going to benefit the most from what you do?
If you’re providing an excellent service as a coach but selling it to the wrong person, they’re not going to appreciate and get the most out of it.
That said, if you bring it to the right person, they’re really going to appreciate and value it.
Then, you need to look at:
2. What are Your Costs? What Do You Need to Live?
Very often I see that people don’t do the most basic of exercises.
For example; I have X amount of hours available to work each week/month. And over the course of a month or year – I need to earn X amount. So if I was to divide this down, what do I need to be charging per hour?
It’s a basic exercise but will help you see what you need.
Now, the caveat here is important:
The need is important, yes. As a baseline figure. But it’s also important to consider the level of value you’re bringing somebody.
Oftentimes for really good service providers, there might not be a huge cost to yourself in terms of time. And also, you might not necessarily have a huge want for money. That’s ok, too.
But, if your service is bringing somebody an enormous amount of value, it’s important that your pricing as a coach is proportional to that.
It’s also important that your price suggests value.
Because people associate pricing with value. And if it’s too cheap, they might doubt your quality of service.
Don’t let this be the case.
3. Don’t Just Price for Yourself, Price for the Consumer.
The “pricier” your service is, the more your clients will respect it. And as a result, will pay more attention and invest themselves into it. This means they’ll get more out of it, and will be happier with the service you provide.
If the price is too low, clients might not respect and prioritise it.
Like if you’ve priced tickets to an event cheaply. People might just forget about it, or not show up.
So it’s important that you price in a way that will encourage people to anchor themselves into what you are doing and commit to what it is they have paid for.
All of these things grouped together are the main cornerstones of pricing correctly in the coaching industry. If you’re wondering if your pricing is aligned with you – let me know, and I can give you some insight.