if you are struggling with how to choose a price for your coaching programs then you are going
to love this video if you're wondering how to price your services as a coach and this issue is
causing you a lot of confusion and frustration then keep watching because i am here to help
if you're new to me i'm kim foster i'm an md turned wellness coach a business mentor to my
fellow health and wellness coaches and also the founder of the wellness coach academy an
online training school for coaches now i have worked with hundreds of coaches at this point
and i know that pricing causes a ton of stress and a ton of confusion especially in the beginning
you really have no idea what to charge so today i'm going to give you some concrete tips to help
you charge the right price for your programs and services right out of the gate and i'm
going to give you the real talk i'm giving you the actual prices that some of my clients are charging
for their coaching programs because i want you to know what's happening out there and i want to take
the guesswork out of it for you now before we get into all of that i just want to mention my free
guide to help you price your programs it's a complete guide and workbook that i put together
to walk you through the process of pricing your signature health coaching program and you can
download it for free by following the link in the description box okay that said let's dive in so
let's talk about how to pick the perfect price for your programs so that you never struggle to
sell your services and you never struggle to make enough money in your business the first thing that
you want to consider is the value of your coaching program so many new coaches make the mistake of
thinking that they should be charging by the hour they set their prices based on the amount of time
a client gets with them or maybe for the number of workbooks and videos and other stuff that you're
giving to your client but that is a big mistake you don't want your clients to assess your value
strictly based on how many hours or how much stuff you give them instead you want them to value you
based on the results and the outcome that you're going to get for them now those results can be
tangible or intangible or both but the best kinds of outcomes are very specific
highly desirable outcomes so some examples of tangible measurable specific outcomes are reduced
medical expenses reduced legal expenses increased sales or a better career or a high paying job
examples of intangible outcomes are things like more joy or happiness or a longer life or better
relationship but be cautious with these kinds of outcomes you really don't want to leave them
in this you know vague territory of more happiness and instead translate it into something specific
like never dreading monday again or something like that i recommend that you make a long list of the
exact outcomes and all the tangible and intangible benefits that your clients will experience
by working with you and that is what you're charging for the second thing you want to look
at is the value of your time and how much time you are actually investing in your program now
although the results and the outcomes are the most important thing to focus on your time does play a
role in how much you'll charge because time is limited we only have so much time in our day
so i want you to look at how many hours of your precious time you are actually investing in
this coaching program including your one-to-one sessions q a calls responding to email responding
to social media messages maybe personalized reviews and all the things that you are putting
into your coaching that take up your time and of course a six-week program will be at a lower price
typically than a six-month program so all of those things need to be factored in the third thing to
consider is what will the market bear essentially what are the going rates what are your competitors
charging what is even possible in the coaching marketplace now i want to mention a caveat here
while i do want you to be aware of what's going on in the marketplace i mean it's important to have
an awareness i also want to caution you against taking on other people's money stories meaning
if you see a competitor charging a certain amount for her program and you think it sounds kind of
low but you think oh well that's what the going rate is so that's what i have to charge also just
to stay competitive i don't want you to do that remember that under charging is very common in
the health and wellness space especially and you really have no idea what money stories and money
mindset issues led that particular competitor to set her prices but you can't take that on if you
allow her pricing threshold to dictate what you charge then that means you are being dictated
by her mindset around money so as i actually talk about real numbers here i want you to remember
that you get to set your rates and you do not have to adhere to what other people are doing
if you want to set your prices far above the numbers that you're seeing out there
then as long as you like your reasons for doing it then i say go for it okay so with that said
in the beginning of this video i promised to give you some actual benchmarks so here we go let's
talk about what my clients are actually charging for their health and wellness coaching programs so
for my clients who are brand new health and wellness coaches they're right at the beginning
what i usually encourage them to do is set their prices as close to a premium range as possible so
at the time of recording this for a 90-day program that's a private program with weekly
coaching sessions for example i suggest a starting price anywhere from one thousand to three thousand
some of my clients who are brand new to coaching they have actually set their prices at 2500 and
even 3 500 for a 90 day program or much more than that for a six month program and they have
enrolled clients at those rates now of course this is just a benchmark it's really going to depend
on lots of factors and it's something that i work closely with my clients and students to figure out
their own sweet spot pricing now for my clients who are more experienced coaches again i strongly
encourage them to push their prices into that premium range and we'll talk about why in just
a minute but when you are you know perhaps an intermediate or a more seasoned coach you can
command rates anywhere from four thousand dollars for a 90-day program up to six or seven or eight k
or more truly the more experienced and in demand you become as a coach the higher you can command
and again there are lots of individual variables like your niche your industry your specific
outcomes and things like that now the fourth thing to consider is really giving yourself permission
to charge your worth and specifically to charge premium rates so let's talk a little bit more
about why it's actually good for you and your clients to charge premium rates i believe that
coaching is a field that is highly influenced by pricing psychology so perceived value means
that when people see a higher price point they automatically believe that that product or service
is better that it's more effective or it will work better and this applies to your coaching
services so if you think about this for yourself you've probably experienced this effect let's say
that you're shopping for a new appliance like a coffee maker you look at the prices and one
model is priced at thirty dollars and then you see another coffee machine that's priced at 300
you will naturally assume that the coffee maker that is 300 is a higher quality it's maybe better
made it will do a better job of giving you a really great cup of coffee in the morning and
maybe it'll last longer right your clients will have the same sort of pricing philosophy in mind
when they are looking at you and your pricing and when they compare you
to your competitors so in most situations you want to go out there with a premium price you will be
able to benefit from this phenomenon of course but the thing is your clients will benefit too when
you actually position yourself as an expert and a high-end provider in the industry not only will
clients take you more seriously they will also get better results because they will be more committed
if they have more skin in the game when you're charging low prices you may actually end up
with clients who are less committed and it's not just a perception thing it plays out in reality
too because when you charge lower prices you will end up having to take on way more clients
just to meet your income goals which means more people on your schedule and less time for you in
your own life plus less time for each client so with more clients you have much less time
to dedicate to each client and your quality of service might actually decline so all of that is
why i definitely recommend that you go higher with your pricing because it's not only going to help
you earn more but it will also help you to provide higher quality services to your
clients okay so let's just recap the four things to consider when it comes to pricing your program
one is the value of your program two is the amount of time that it will take you to deliver
three is what the market will bear and i gave you some benchmark prices from my own clients
and then four is the importance of adopting a premium pricing strategy so i hope that this
helped clear up the highly confusing topic of how to price your coaching packages and how to
charge your worth so that you can earn a great income doing something that you absolutely love
if you've now got like a ballpark idea of how you want to price your program but you would love a
little more specific guidance and to actually make the decision and set your price structures then
you are definitely going to want to download my comprehensive pricing guide it's a free download
and it walks you through the decision making process of finally choosing the right
price for your program and you can grab it by following the link in the description box
below okay that brings us to the end of this video and what i've got for you in terms of how
to price your programs as a health or wellness coach and now i would love to hear from you
have you decided on the pricing for your program are you struggling with adopting a premium pricing
strategy let me know your thoughts and questions below in the comments and you know let's have a
conversation about it if you liked this video be sure to hit the like button and don't forget to
subscribe so you don't miss it when i upload new videos take care and i will talk to you again soon