For coaches, pricing their services can be a tricky business. It's important to consider the value you bring to your clients, the market range for your ideal client, and the quality of service they expect. To help you create a solid and lucrative practice, here are five key pricing strategies you can use. First, focus on the value you bring to your clients.
When providing advice and recommendations, think about how you can create the most value for them. This means looking at your coaching services through the lens of the value that you can ultimately create for your client. Second, consider the market range for your ideal client. Different customers have different needs and expectations, so it's important to understand what they're looking for and how much they're willing to pay.
Third, use the general rule that group training should cost each individual 30% of individual training fees. This is a great way to make your services more accessible and affordable for those who need it. Fourth, take price transparency one step further by sharing your fee structures with other coaches. This will help you get an idea of what other coaches are charging and how you can adjust your own prices accordingly.
Finally, stop underestimating your value. Even if you're a new coach with no experience, don't be afraid to charge what you're worth. Many senior coaches don't pay by the hour, but any contract eventually comes down to the price of time spent training. By implementing these strategies at the right time, you can create a profitable and purposeful coaching business. And don't forget to provide ongoing support to survive any famines that may come your way.