The e-learning industry is predicted to grow to $325 billion by 2025. It’s never been a better time to start your own coaching business online.
But when it comes to pricing your coaching packages…
You don’t want to sell yourself short.
It’s important to know how much to charge your clients so you can make a livable income. And potentially much more!
Are you trying to take your coaching business to the next level but you’re not sure about pricing? We’ve got the tips you need to create and price your coaching packages.
Try Coaching Packages
If you want to make your coaching business a full-time career then you need to stop selling one-off services.
Instead, a coaching package is where success lies. You can market your services as a package that provides value for your potential clients.
Having a package will encourage your clients to pay upfront for the services you provide. It’ll also guarantee that you have ongoing work for the distant future.
There are two types of packages to choose from one result vs. ongoing results. We’ll go into each a little bit.
Provide One Specific Result
A package that promises it will deliver on one result could be, for example, someone selling cooking lessons. The package could promise that you’ll be able to serve three amazing meals by the end of the month.
This results in a clear end date for your services where customers will only need to buy the package once. The positive side to this is that these packages tend to be priced higher than ones with ongoing results.
These types of packages are based on time similar to charging an hourly rate. Therefore, this type of package has a monthly rate or a 3-month to 6-month price.
A coaching package with ongoing results may also be a membership or a subscription. This will ensure that you have a rotation of constant clients who will pay on a regular basis.
It may be more difficult to sell this type of package because you will first need to gain the trust of your clients. This way they know you will deliver on your promises. They are more apt to pay you money if they’re already confident in you and your services.
Serve Your Customers
It’s important to understand the distinction between the types of coaching packages because you don’t want to disappoint your client.
You don’t want to let them down by overselling a coaching service only to find out that your client was looking for a different type of service. Perhaps they want a more structured approach. Or maybe they are short on time and want results quickly.
Choosing between these two types of packages will help you narrow down your audience to the appropriate people.
How Do I Choose the Right Package?
The right coaching package depends on the services you offer and also your preference.
If you enjoy working on one specific results-focused package and then moving on to the next group, then the one-result package might be the right choice for you.
However, if you’d like to connect with your clients and continue to support them through a deeper relationship. Then ongoing results may be the right package for you.
There’s also the option of offering both. You could sell your results package and then offer ongoing support once your clients complete the coaching. Or you can do a combination of both throughout the year.
For example, you can have an ongoing support package. Then a few times a year you can run a results-focused coaching package that targets specific topics.
You can get creative and decide on the best combination for you and your clients!
How to Price Your Coaching Packages
When it comes to pricing your coaching package, you want to be fair but also create value around your services. Creating a package for your coaching will instantly allow you to charge more.
This is not only because your product will be more effective, but because you are creating a larger value in your customer’s mind. They are going to see the longterm investment they are making in their own lives.
Although benchmarks can be helpful, they aren’t going to give you the exact numbers because each coach’s specific demographic can vary greatly.
On average, you’re going to find that coaches charge around $200 per hour. However, they may charge different amounts depending on who is purchasing their services. For example, they may charge an individual $250 per hour but then charge $500/hour to a company that is buying the same services.
This can increase to over $1,000 if you are a well-known expert. If you’re not sure just how much you can charge, you should ask yourself the following questions.
How much can your customer afford?
Take a look at your client base and what they might be willing to spend on coaching services. If you are attracting business owners they may be more willing to purchase a high ticket item knowing it will be an investment in their company.
However, if you are attracting freelancers or self-employed individuals, they may have a lower income. Meaning they’ll be less likely to spend a lot on coaching services when they need to stay within their budget just to make ends meet.
What is Your Reputation?
You should also take a look at your track record and what proof you have to show your experience. These can be testimonials, data, case studies, and your own certifications or degrees that prove you are a reliable source.
Make sure you display this information clearly on your website and social media platforms. This will build trust with your potential client pool.
High Price isn’t Necessarily Bad
If you are charging for your services on the higher end of the market, it isn’t necessarily an automatic deterrent. When you have a lot to back up your price, you are showing that your coaching package is worth the cost.
Clients who value themselves and believe they are worth it, are willing to pay for the results that your services can provide. If you can prove you are worth it and state your cost with confidence, then clients will want to sign up because they trust in your expertise.
Some coaches will also promise results for a high cost. If they don’t meet those expectations for their clients, then they don’t get paid. This might sound riskier but if you are confident in your services then you stand to gain a huge paycheck using this method.
Prove You’re Worth It
Once you have created your coaching packages and figured out your value, it’s time to show that you’re truly worth it. You have a lot to offer others and you deserve to receive compensation for sharing your expertise.
We hope these tips will help you when creating a package for your coaching services. Looking for more great ideas? Check out how you can launch your own successful coaching business by enrolling in the Knowledge Business Blueprint course.