If there’s one question that I hear from coaches more than any other it’s this,
“How do I price my services, Ajit?”
Pricing is one of the biggest stumbling blocks to building a profitable business.
Price too low and you’ll have trouble paying the rent.
Price too high and you’ll feel stressed about delivering the level of expertise that your clients will come to expect.
So how do you navigate the tricky terrain of pricing?
Follow these 3 tips.
Tip #1: Price for Results
First, know there’s no such thing as the “right” price in the coaching industry.
There’s only the price that is right for you and the phase that you’re at in your evolution as a coach.
But before you settle on prices, I want you to take a mental step back and shift your thinking.
Here’s how that will look…
If you’re a weight loss coach and you can help a client lose 20 pounds in a month, what’s that result worth? Price for that.
If you’re a business coach and you can get your client to $10k months in 3 months, what’s that result worth? Price for that.
Never make the mistake of pricing based on how much you value yourself because let’s face it…
Most of us undervalue what we’re worth and what we’re capable of.
Next thing to do is...
Tip #2: Research
Look at what other coaches in your niche and at your level of experience are charging…
Then, look for your personal “sweet spot.”
What’s the price – the magic number – that lands between “scary” and “exciting” for you?
What’s a number that feels good yet challenging?
Go with that…
And don’t stop there.
Tip #3: Re-Evaluate
Re-evaluate your prices every few months.
As you become a better coach, you’ll need to keep raising your prices to match those skills.
Keep in mind that when you’re just starting out, it’s all about gaining the experience you need to deliver real results for your clients.
Most coaches start with an hourly rate but pricing by the hour locks you into a number that’s measured in time, not results.
This is a mistake and it will stunt the growth of your business (and it will keep you working around the clock!)
So, start offering long-term packages to clients as soon as possible (I go deep into this in Chapter 4 -- Create Powerful Packages).
When you’re just starting, think about creating a “boutique” practice where you work with two or 3 clients for 3, 6 or even 12 months.
Do whatever it takes to surprise and delight them.
The key is to go above and beyond their expectations…
When you’re just starting out, it’s your first run with clients so your no.1 goal is to give your clients an incredible coaching experience and awesome transformations.