How Should I Price My Coaching Offers
Welcome to the Best Damn Coach Podcast, I’m Amanda Walker.
In this week’s episode, I’m diving deep into the topic of pricing coaching offers.
In this episode, I share my step-by-step process for helping you price your coaching offers so you feel totally confident, attract your ideal clients, and create profit. Pricing your offers is a struggle for so many coaches because they are looking for the “right” way. Spoiler alert: there isn’t a right way. I break down how to use your intuition and gut feeling as well as a specific process to find the place to start your offers so they can evolve with you and your business.
Also, join me on November 28th for the Know What To Charge Workshop. I’ll share the 3 mistakes coaches make when pricing their offers that keep them broke.
The Lack of a Magic Formula (00:03 – 02:21)
I want to start by making one thing clear: there’s no magic formula for pricing your coaching services. As a coach, you’re not a robot, and your relationship with money and pricing is unique. Let me share my journey, starting with my first coaching offer, priced at $50 monthly. Yes, you read that right! Listen to the full episode for how I went from $50 per month to thousands per month.
Pricing Mistakes (02:21 – 04:43)
One common mistake is pricing solely based on desired income, without considering client affordability. Another trap is relying on hourly rates, which may devalue the true worth of coaching. And then there’s the dilemma of setting prices too high or too low without validation or social proof. I’ll explain the importance of creating an ecosystem in your business in the full episode.
Creating a Pricing Structure (04:43 – 07:06)
So, here’s how I approach pricing: first, calculate the hours needed to serve one client for a specific coaching package. Let’s say it’s 15 hours for a 3-month package.
–> Then, set your desired hourly rate (mine is $100 per hour).
–> This leads to an initial pricing of $1,500 for the package.
But remember confidence in stating the price during sales calls is key.
Adjusting Pricing Over Time (07:06 – 09:32)
It’s crucial to adjust pricing as you gain experience and confidence. Instead of massive jumps, make gradual adjustments. Your pricing should reflect the value and transformations you provide.
The Upcoming Workshop
I have an exciting announcement! I’ll be hosting a workshop on how you should price your offers. This workshop will help you gain confidence in your pricing and tackle limiting beliefs.
Save the date: November 28th, 2023.
Conclusion (11:57 – End)
To wrap it up, finding the right pricing strategy is essential for coaches.
Keep learning, and growing, and stay tuned for more valuable episodes.
Until next time, keep coaching them up!