Many coaches set their prices based on an hourly rate, but this is not the only option. Different markets and customers have different needs, and it's important to consider the value you add to your services when setting your packages and prices. We asked a panel of members of the Forbes Coaches Council to share their ideas and strategies for setting their prices. One of the main reasons life coach prices are high is due to the perception that this type of coaching is an expensive, high-end service.
However, training packages with more sessions can offer savings per session. Coaches may also include or exclude various additional elements and services in their packages, making it difficult to get an accurate picture of the average or overall prices of training packages. If you think the value your clients receive exceeds the price you're currently charging for your coaching packages, you can raise it. You can set a price that seems fairer to you depending on the industry you're in, and that's more in line with what other coaches in your industry charge.
Hourly rates are quite simple and straightforward: the client pays you based on each hour of training they receive. If you are a well-known coach or a coach in demand in your field of expertise, your clients will be much more willing to pay higher prices to work with you. Letting them see how a coach would help them in their current state opened them up to seeing value, not price. The lack of regulation in the coaching industry has led coaches to charge a wide range of prices for their services.
There are many ways to set your prices for your coaching services, and the ideal pricing model for you will depend on your market, your experience, and your ideal client. It's possible to set a one-time price (paid in advance or maybe in two parts, half as a deposit and the rest after three months) to complete the six-month training plan. Life coach prices can be expensive, but the changes these coaches introduce to your life are worth more than the money you paid.