One of the most universally challenging aspects of developing your coaching package isn’t determining what’s included or what perks you’ll offer as extras – it’s setting the price! Deciding on the price of your package is one of the key stages in designing your packages.
If you’re just starting out, you’re probably curious about average pricing rates. The truth is pricing varies widely and can differ based upon what type of coaching services are being offered – relationship coaching, life coaching, business coaching, and so on.
There are many factors to consider as you set pricing for your coaching packages.
Consider offering a variety of pricing options – a lower priced, “entry-level” choice, a mid-grade solution, and a pricier, high-end option – to appeal to different members of your target audience.
As you work to set pricing, consider your experience:
- Are you new to the field?
- What experience sets you apart from others?
- What about your educational and professional backgrounds?
- Do you have any special credentials or memberships in relevant professional organizations?
Perhaps most importantly, what proven results do you bring? For instance, maybe you have a history of working diligently with clients to help them overcome challenges in some unique way. Or maybe you have a way of relating well to certain types of clients that motivates them to bring about the results they desire.
Don’t neglect obvious business expenses, either. As a business owner, you must have a clear picture of your expenses – and what dollar amount you need (or want) to end up with at the end of the day, month, or year.
Development Costs
What expenses have you incurred developing your package? You’ve likely spent time and money in the research and development phase, not to mention the cost of any materials you purchased.
Marketing Costs
This is a big one! You can’t expect to sell your packages if you don’t market in some way. You might have spent money on advertising, networking, search engine optimization, promotion via social media…and the list goes on. Remember to include the costs of printed materials as well, from brochures and business cards to custom logo design and sales copy.
Website/Blog Costs
You probably have a website and may also have a blog. Did you hire someone to design your site? Are you paying someone to maintain or update it? Does someone help you write your blog posts? Even if you’re doing this on your own, you’re still paying for the costs of website hosting, your domain name, email accounts, and possibly an ecommerce setup.
Bookkeeping, Billing, and General Admin Costs
Let’s face it – invoicing clients, handling payroll, filing, scheduling, emailing and other administrative duties can take up a considerable amount of time and money, whether you hire out or actually perform these types of tasks solo.
Location Costs
Even if you don’t rent or own an actual office and are working from home instead, you still have to set up an office area with at least a desk and basic office supplies. Factor in utilities like phone, internet, and electricity, since these are all costs that go into running your business.
Even after you’ve gone through the factors we’ve listed above, stop for a moment and ask yourself if you’ve left anything out. If you’re just starting out or are doing many of the tasks we talked about above on your own, don’t forget that you’re taking your time to perform these tasks – and time is money!
All of this can seem overwhelming, but remember that setting a price for your coaching packages is an integral step in meeting (or exceeding!) your business and financial goals.