Have you ever thought about whether or not your coaching price is too cheap?
I work in a holistic fashion with coaches, teachers, and heart-centered entrepreneurs. It’s what I love. Each week I write about something I’ve learned in my experience, that is pertinent to the journey of those I work with.
Every week I challenge you to a different aspect of the business you’re in.
This week, I want you to think about what you’re offering in terms of your pricing. Are you charging a “cheap rate,” a “quality” one, or an “overpriced” one?
Knowing your own brand takes time. It takes experience and feeling out the area you’re working in. Getting experience with clients and peers to know our place comfortably in the market.
It can be a tricky one for coaches and those who work holistically because if you’re working from the heart, you’re doing something for the love of it, not the money. So it can be easy to undersell yourself.
And to ask the hard question – is your coaching price too cheap?
Here’s are my key points when looking at your pricing for coaching:
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1. Work it Out
What are you offering people?
How will it benefit them? Will it benefit them hugely, or in a smaller way?
What is the quality and size of the product or service?
You need to know exactly what you’re offering people and the value your work is giving so you can compare this along side what you’re earning. Is it balanced?
Don’t just charge based on the time you spend directly with your clients, sit down and work out how long you spend on your work, developing it, marketing it and any other outlays and time. With this in mind do your rates seem reasonable to you?
Work out how much you’re charging per hour. Many people working in this industry start at a very low introductory price. But once your worth and experience increase, so should your price and value.
Sitting down and looking at exactly how much work you’re doing versus how much money you’re brining in is crucial. It has to balance.
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2. Your Price Signals Your Value
Know this.
Your price sets the standard for what your worth is in the market. Make sure you price yourself accordingly, and also watch out for starting out too cheaply, too.
You want people to know you’re of high quality. But this means you have to make sure you actually are, too. Back up your claims and work with integrity.
If you are charging “high quality” prices, this suggests and should mean you are providing a quality service. The opposite is true similarly. If you’re charging to little, people might feel your work is of a low quality.
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3. Know Your Value
This is what I mean in the last point, too.
You have you know your value. And price accordingly.
A lot of people don’t list their prices on their website, and it can be hard to know what the going rate is in areas. So getting consultancy on things like that are worthwhile. If you’re not sure about pricing, this is an area I can help you with, too.
Sit down and work out what your value is. Work with people on it and go with what feels right as well as makes sense given the notes above. It might take time, and you might not get it the first time. Don’t worry, especially if you’re new to pricing for yourself. It takes time to get this right.
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4. Be Realistic
When you’re charging too cheaply for your work, you’re not going to be able to make ends meet.
You need to honour the fact that you are working as a means to earn a living, albeit it being something you love – don’t forget that it is still meant to make you enough money to live off.
Review your pricing and really look at things. Are you earning enough to be sustainable and to meet your life’s needs? Should you be charging more to allow for this?
5. Differ in Range
Does your offering cater to different budgets? Like for example sake do you have a group offering at a lower rate and a more premium one to one rate for more specialist work?
This is can really open up your audience and bring in more potential clients.
Consider packages for your services, different “tiers” or subscriptions for monthly or weekly services. They all have their place. If you’re worried your coaching price is too cheap or too expensive in certain areas, consider categorising it and spacing it out into different access levels – to even it out. This even out different access levels to different clients, too. So everyone can get a look-in.
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I love speaking to coaches and empowering them to be the best versions of themselves they can be. It’s my passion. I love what I do and that’s why it’s my mission to help others do the same.
Check out my 1:1 mentoring program and see if working as a heart-centered entrepreneur or coach is something you’d like to do!