by Christie Mims
This is part three of a 6-part series on how to start a successful coaching business. Part 1 and Part 2 are here and here.
So, you’ve started a coaching practice. Congratulations!!
You’ve got your niche and you know how to talk about what you do. But, what do you charge? And what do you even offer to begin with?
Let’s talk. 🙂
How to package your services
Having packages is important. Why? Because what you do for your clients is a process, and it often takes a little bit of time for you to help them achieve it. You don’t want your clients to be focused on an hourly rate – if that happens they often just look at the money and forget about the benefits. You want them instead to focus on the goal and what they want to accomplish.
A package is a great way to deliver amazing results.
A great place to start thinking about how to package your service is with your competitors. How do they package their services? What do you like/not like about what they offer?
Do your due diligence, and put on your fiercest hat of judgment. This is about what YOU like and what YOU feel comfortable offering. So, judge away :).
Next up, think about exactly what you coach your clients to achieve. Is it falling in love? Building their business brand? Getting promoted to an executive level?
Get concrete and specific on what you offer that you know your client WANTS and NEEDS.
Mistake #1: Most coaches give clients what they think that the client wants, not what the client ACTUALLY wants. Do not make this mistake!
Okay, you know what your client wants – how do you make it happen? If you could design a perfect journey for them to take with you that would give them their heart’s desire, what would you create?
What are the exact steps of that journey? Write them down in detail.
For example: You know that in order to get promoted most of your clients needs a couple of hours in-person with you to work on their body language and communication skills. Then they need a few hours over the phone at different points to execute their promotion plan where you coach them through each step of the way. These calls include pitching themselves, creating a promotion letter, and navigating the executive pitfalls. Finally, you know that a review of their wardrobe is also useful so they look the part of an executive. So, you create a package that starts with a half-day intensive to do a clothing and a personal confidence review, followed by four phone calls to execute on their promotion plan which cover each step of the process in detail.
That’s your first package!
Congratulations. 🙂
How to do your pricing
Pricing has many pitfalls and EVERYONE has an opinion. A good rule of thumb is this:
- In-person costs more than over the phone.
- Group coaching is cheaper than private coaching.
- Products and online services are the least expensive.
So, the more access to you, the more the cost.
But what do you charge?
Well, when you first begin I recommend you charge NOTHING. Or, almost nothing. I know! It’s a bold and controversial approach – and I don’t for mean you to continue on that way for very long.
Here’s my thinking: I want you to charge a minimal amount just for your first few clients. Doing so will help you build your system and experiment with packages, and also grow your confidence and your success stories as you first start out. But it’s not entirely free: In exchange for charging nothing, your clients agree to write a review of their experience – so voila! You now have testimonials.
These testimonials will help you more easily land paying clients :).
Mistake #2: Many coaches don’t charge enough once they get established. Coaches usually charge between $100-$500 an hour. What you can get for your coaching depends on a lot on your confidence level and belief in what you offer – and your ability to get results.
But pricing isn’t set in stone. So pick a number that you can say easily, but also is worth your time. You do not want to be working yourself to the bone and making no money. Once you get more confidence (and more clients) you can, and should, raise your rates.
So, what’s that number for you right now?
Pricing and Packaging: Put Your Hands Together.
Not everyone wants to buy a Ferrari. And not everyone wants to by a Fiat. People want choices for how much support that they get.
As you develop your pricing and packaging, it’s great to have at least 2 choices, if not three (try and not have more than 3 in any one area, it confuses people!). Apple understands this well, which is why they *almost* always offer 3 choices of any one product.
Ultimately, you are still coaching them to the same goal, you are just giving them more YOU in one package, and making it easier for entry in the other.
Here’s an example:
You are a dating coach who specializes in online dating to help people find love faster.
You offer two packages:
Online Date Refresh: This is a $100 package where you hop on the phone with someone and give them tips on how to update their online profile. In addition, you re-write their headline and first sentence with the goal of helping them attract more people.
and
2. Online Date VIP: This is a $800 package where you completely write someone’s profile for them, then offer 3 one-on-one private sessions where you help them navigate the online profile world, and give them a copy of your ebook on dating so they have help whenever they need it. Your goal here is the same: You want them to attract more and better-for-them matches, faster.
They aren’t so different in terms of the goal – but they get more YOU in the second one.
If you are a corporate career coach your packages might look a little different.
Team training: You come in and offer a 3-hour team training on leadership to any size group for $1000 with the goal of making the team more productive and focused.
and
2. Team mentorship: You offer a full-day training to a small team + do 5 hours of ongoing coaching with each manager, for a total cost of $25,000…with the goal of making the team more productive and focused.
You get the idea. 🙂
Now it’s your turn: What are your prices and packaging? Get to it!
Want Christie’s chocolate-covered help in building your coaching practice? Get her mentorship right over here… CLICK.
Christie Mims is a professional Career Coach, founder of the Forbes Top 100 Website The Revolutionary Club, and lover of anything covered in chocolate. Her other big love? Business building! (Because world domination is fun). She’s been paid to speak, write, and help other coaches build their businesses (and make thousands) – because more than anything else, she wants you to have work you love. In her opinion, owning a successful coaching business is a dream more people should be able make a reality.
Want her chocolate-covered help to solve your coaching business issues? Check out her magical coaching mentoring and her sparkly website right over here. CLICK. (It’s waaaay more fun than feeling stuck in your business).
