You’re setting prices for your life coaching services. What’s the most important factor to consider?

When establishing prices for life coaching services, the most crucial factor to consider is the value you provide to your clients. The impact, support, and positive changes they experience through your coaching should be reflected in the pricing. Take into account your expertise, the personalized nature of your services, and the transformative outcomes clients can achieve. Striking a balance between the value you offer and the affordability for your clients will contribute to the success and sustainability of your life coaching business.

Know your value as a coach. The service you offer of 'Listening' 'Being available' 'linking outcomes to internal factors' is priceless. If you are credentialed, you have spent years of training, education and put in diligent work, you have the right skills to support your client. You indeed have dedicated yourself to your industry. Know the value and value yourself and charge accordingly. It is better to have 2 high paying clients who value you, respect you and pay you then 10 low paying clients who demand your resources at low cost and do not understand what you have put in to create a space of coaching.

Life coaching is a rewarding and delicate industry. It’s extremely important to know your market. In addition, it’s also very important to establish roles. It is very easy for traits of mental health challenges to sneak in. It’s very important to show support and to encourage individuals to embrace professional mental health guidance. It is easy to confuse the two.

Do what Europeans did during Industrial Revolution when they had surplus goods in their markets and fell short of consumers. They discovered new geographical areas for their markets and raw materials. Instead of feeling dejected in your local zones where your value as a coach is not offered, find markets where you will be valued, appreciated and compensated. Coaching caters to first world markets more than third world markets. Third world population is still dealing with primary needs of physiological, safety, security needs. First World populace has met them and so they can grasp nuance of coaching format. So find markets where coaching thrives instead of breaking your efforts compelling your market to buy your services

Understanding your costs is essential in pricing life coaching services. Analyze both fixed and variable expenses, including operational costs like rent and marketing, and personal financial goals to identify your break-even point. Factor in the resources you invest in each client to ensure your pricing covers these expenditures adequately. This comprehensive view supports setting prices that sustain your business and financial well-being.

You can find people who are willing and interested to pay just about any rate if they know you can help them solve their problem. As a coach, confidence in your work is crucial. If you don't believe without a doubt you can help a person, they will feel it. You can increase your confidence by making a Google doc of all your testimonials and going through them weekly. Or make a list of all how you have and can support people. AND look over it regularly.

Balancing pricing with business and client impact is crucial. Regularly monitor your financial metrics and adjust prices as needed, considering market dynamics and personal goals. Implement feedback to refine your strategy, ensuring it aligns with your core values and supports a healthy work-life balance. This approach ensures sustainability and satisfaction for both you and your clients.

Coaching benefits all! But.. Third world countries are busy grappling with primary needs and safety, security issues. The problems they recount do not have answers in their internal systems but tied to external systems like dogmatic religious limitations, housing and finance issues, medical and such expenses. The questioning utilised so far in Coaching methodology aim at changing beliefs or behaviour. That works with a first world country citizen who debates between having a high stakes conversations with colleagues to choosing self care measures. A third world country citizen is busy struggling to keep the job and would have no conversation with the boss to keep the cash flowing! Coaching needs to evolve to meet this gap sensitively

Choose your market and serve them well. Coaches who try to serve everyone typically don't serve many. I've seen many coaches struggle because they feel uncomfortable charging for their services. Working on your money beliefs and limitations not only supports you, but it also supports the whole.