Issue 6 - Pricing Your Business Coaching Services

Welcome back!?

In the last issue, I shared my tried and tested ways to attract and retain business coaching clients.

This time we’ll talk about the bane of a lot of small business owners – pricing your services.

Here’s how to price your coaching services effectively so they reflect their true value, stay competitive, and attract clients.

Don’t just price your services based on the time you spend in sessions. It’s also about the positive changes and results you help your clients achieve.

Think about these aspects when you’re evaluating your pricing:

• Tangible outcomes: If your coaching helps a business owner increase their revenue a year, that’s a huge return on investment that should be reflected in your pricing.
• Intangible benefits: If you bring them things like boosted confidence, improved decision-making skills, and a clearer vision for the future, that’s also worth something.
• Unique skills and experience: Ask yourself, “What skills, experience, and unique approach do I bring to the clients?” If you specialise in a certain field or have unique qualifications, you might have a higher rate.

Also, you need to consider the risk for clients without contracts. If there’s no commitment, clients can leave at any time, which adds risk to your business. This should be reflected in your rates.?

Think about all these elements when setting your prices.

You can price competitively without underselling yourself.

Start by checking out what other coaches in your niche are charging on their websites, social media, and coaching directories. You don’t have to match their prices exactly, but it gives you a good benchmark.

If most business coaches in your area charge a certain price per hour, you can start within that range.?

But, don’t forget about your unique value proposition. Again, if you offer specialised services or have unique qualifications, you might be able to justify a slightly higher rate.?

On the other hand, if you’re just starting out, pricing a bit lower can help you attract your first clients and build your reputation.?

Of course, as you gain experience, gather testimonials, and build your coaching skills, you’ll need to gradually increase your rates.

You should also offer different pricing tiers to cater to a broader range of clients.

For example:

• Basic coaching: For new or budget-conscious clients.
• Premium coaching: Includes more personalised support, exclusive resources, or longer/more frequent sessions.

Always make sure your prices reflect the quality and value of your services. If you’re delivering awesome results and your clients see big improvements, they’ll probably be willing to pay a premium for your expertise.?

Know your worth and make sure you’re pricing reflects it.?

A lot of people are turned off from business coaching because they think it’s overpriced or not worth it. Offering packages and payment plans can make your services more appealing and accessible.

Here are a few ideas:

• Starter package: Four sessions over a month, plus materials like e-books, workbooks, or email support.
• Growth package: Eight sessions over two months, bundled with additional resources.
• Ultimate package: Twelve sessions over three months, including comprehensive support and materials.

These packages give more value to your clients while ensuring you have a steady income stream.

Offering flexible payment plans can also help clients afford your services by spreading the cost over a longer period.?

There are many ways clients can pay for your services. Think about different payment structures like profit-sharing, commencement fees, milestone fees, or even taking equity in the client’s business.

At Brainiact, we charge a flat fee per month with no contract. It basically forces us to deliver constant value because if we don’t, clients can leave anytime.?

Get creative with your payment plans so clients are less hesitant to get on board.

Now it’s your turn. Take some time to research what other coaches in your niche are charging. Think about what makes you unique and how much that’s worth.?

Then, make packages and payment plans to make your services more attractive.

Remember, pricing isn’t just about making money; it’s about showing clients the value of investing in themselves.?

If you need help figuring out how much your services are worth, feel free to message me! I'm here to help.

Stay tuned for our next edition, where I’ll finally get to how to conduct an actual business coaching session. It’s gonna be a good one.?