So… you have decided to create wealth using the information in your head. You are an expert and you know how to support people in getting where they want to go. The only problem, of course, is that you do not know what to price things at.
Here are a few ideas for you to price your program in a way that attracts the right clients and also does not leave you feeling hard done by. You are a professional after all.
- Do not go after the lowest priceYou may do some due diligence and investigate your peers and then decide that you want to be the cheapest. This is a bad way to go as you are basically telling the world and yourself what you value your work at. And who wants to get a life or business change from someone who does not value their work that highly?Stretch your comfort zone and really consider how much your knowledge and expertise is worth. Do not discount all the time spent implementing it yourself or working in a career that enabled you to build up the skill. Everything is worth something so do not diminish yourself.
- Consider The Value To The ClientSomething to consider when pricing your offering is the value to a client to lose weight, to generate leads in their business, to learn how to communicate more effectively with their higher power, to do whatever it is that you coach on. How much actual value will it bring to their life?And yes, if it is something you can directly connect to money then price based on how much money they will make. If you are a business coach, then you can command more money because if what you do works, then your clients are likely to make a lot more money than they currently are making. If you are a weight loss coach, then you can link it to money in that the client will be able to do more and therefore achieve more in business and career, or they will feel better about themselves and so again they will push for more opportunities and so if you can make that link, then price your offering based on that.
If you are unable or unwilling to link your offering to the monetary benefits it will bring your client then you will need to price yourself down accordingly. That does not mean rock bottom though!
- Consider The Delivery of the ProgramAre they working directly with you? For how long? Is it in a group?When you get an idea of how much time in hours each client will require to deliver the program well, answer these questions:
– How much did you make last year?
– Or if this is your first year of income generation since school, how much would someone doing your job at your level be earning a year?
– Or just start at the average income level that you want to achieve each year and split it between hours worked and get your hourly wage.
When you have figured that out, multiply your hourly wage by what you think the time spent with client will be and price your coaching program based on that.
There are three ways to consider your pricing for a new coaching program. And of course, you could just pluck a number out of the air based on what feels right to you. You will then have to test it against the marketplace and that is completely fine to do too.