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Pricing Your Coaching Services – Where To Start?

Pricing Your Coaching Services – Where To Start?

“I’m new at this, so I haven’t earned the right to charge much yet. I’ll aim for the low end of the market and hope that makes me more attractive to prospects. At least I’ll attract the bargain hunters and I can work my way up from there.”

This is what a new coach shared with me when he was determining his coaching fees. If you have had similar thoughts, I strongly encourage you to reconsider your perspective. When it comes to pricing your services, it’s natural and normal to feel the cold shadow of self-doubt creeping in but what if you were to consider your pricing strategy as a savvy entrepreneur and not through the fears and doubts of a budding entrepreneur? Where would you start?

There are many factors to consider when determining your coaching fees and to ensure that your most powerful self makes the decision, I encourage you to start with the end in mind!

Assess your financial goals.
It goes without saying (but I’m going to say it anyway) that your business exists to generate profits. It’s not a hobby or a non-profit organization it’s your personal money machine! Yes, it’s also a way to contribute to the world and exercise your natural talents. However, those considerations aside, your business needs to generate a certain level of financial results in order to stay viable and support your desired lifestyle.

So, before you even begin to think about products and pricing, you have to get clear on your financial goals. What is your business trying to achieve? Start with a good long look at your current lifestyle.

  • Do you want to work full time or part time?
  • Will you work from home or rent an office?
  • Are you going to be the sole breadwinner in your household or will you share that responsibility?

How much *net* revenue do you need to generate in order to support your vision of your life? Consider this question on both an annual and monthly basis. Don’t be vague, take the time to really know your numbers.

Massage your numbers until you arrive at a realistic understanding of how much your business needs to generate each month. Now you have a solid starting point of how to price your coaching services.  For example, let’s say you determined that you need to generate $8,000 a month and you will work 30 hours a week. Now ask yourself; what do my coaching programs need to look like so I can coach within these hours and generate the revenue I need to generate?  From here we can determine how to structure your business and set your prices.

Embrace the mindset of a successful entrepreneur, start with the end in mind and begin creating a business that will serve the life you want!

Passion into Profit Coaches Challenge: Do the above exercise and determine your monthly and yearly revenue goals and then begin to break down your coaching fees.

Do you run a coaching business or are you thinking of starting a coaching business? If the article above makes you excited, we recommend you check out our free Explore Entrepreneurship webinar happening on the 18th and 24th September!

About Author: 

Teresia LaRocque, a pioneer in the booming profession of personal coaching and founder of Teresia LaRocque Coaching and Associates, is well known for her ability to help people develop very successful careers and rich and fulfilling personal lives.  Her background includes work with Anthony Robbins and Associates as a coach and trainer (1994 – 1995). This experience was the catalyst to launch her business in January 1996.

Her 14 years of coaching and training experience, her training through Coach University, as well as her successful entrepreneurial career have given her great insight into all aspects of business and what it takes to achieve desired results. In 2005, she was named one of three finalists of the “Canadian Coach of the Year Award.”In continued support of the coaching profession, Teresia accepted the role of Director of Training and a mentor coach with Erickson College in 2006.

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