Hi there Coach, it's Carolin Soldo here, and my mission for this episode is to help you
never, ever undercharge and undervalue yourself ever again.
Deal?
Let's do it.
All about helping you go from Passion to Profits in your coaching business.
Hi there Coach, it's Carolin Soldo here again, helping you go from Passion to Profits in
your coaching business, and today I want to help you charge the right price for your programs
and services.
We actually specialize in helping new coaches just like you, launch and scale their coaching
business and charge their worth.
As always, before we dive in, don't forget to subscribe and hit the bell so that you
get notified when new episodes drop every Wednesday.
Make sure you stay tuned until the end of the video, because today I'm going to give
you the actual prices our coaching clients are charging for their coaching programs,
so that you can literally take the guesswork out of pricing.
So, let's talk about how to pick the perfect price for your programs so you never, ever
struggle to sell them, and you never, ever struggle to make enough money in your business.
The first and most important thing you want to look at is the value of your coaching program.
So many new coaches make this mistake of thinking that they actually charge for time.
They're charging for hours, maybe for workbooks and videos and coaching sessions, but that
is a big mistake.
You do not want your clients to evaluate you and value you based on how many hours of time,
and how much stuff you're actually giving them.
Instead, you want them to value you based on the results and outcome you're generating
for them.
Now you could be generating tangible and intangible outcomes of course.
Tangible outcomes could include things such as reduced medical expenses, reduced legal
expenses, increased sales, a better career, a more high paying job.
It could also be very intangible such as more joy, more happiness, a longer life, a better
life, a higher quality of life.
So you want to make a long list of the exact outcomes and all the tangible and intangible
benefits that you are providing to your clients, because that's what you're charging for.
The second thing you want to look at is the value of your time and how much time you're
actually investing in your program.
Now, of course you want to focus on the outcome of your coaching program first and foremost,
but your time does play a role because time is limited.
We only have so much time in our day.
Therefore, I want you to look at how many hours of your precious time you're actually
investing in your coaching, including one to one sessions, Q&A calls, responding to
email, responding to social media messages, personalized reviews, all the things you're
including in your coaching that take up your time.
Of course, an eight week program will be more expensive than an eight month program.
All of those things need to be factored in.
When we're talking about time, the other thing that's really important is how much money
you would like to earn.
So, let's say you're charging $3000 for your coaching program, and you're rolling out a
coaching program that is three months long and it includes weekly coaching sessions.
Let's say your calendar allows for about 10 sessions per week.
That means that you can take 10 coaching clients at a time, and you're enrolling these 10 clients
at $3000 each, which means that you're generating $30,000 in income.
Makes sense right?
So it's very important for you to look at the pricing you're choosing and whether you
can actually handle the amount of clients you want to bring in, in order for you to
hit your income goals.
In the beginning I promised to give you some actual benchmarks and so here's bonus number
one.
Let's talk about what our coaching clients are actually charging for their coaching programs,
shall we?
If you are a beginner right now, I would suggest you look at a price of $3000 for a two month
program.
Maybe a price of $5000 for a four month program, and a price of $8000 for a six month program.
If you're an expert, on the other hand, I might suggest that you choose a price of $5000
for a two month program, $8000 for a four month program, or $12000 for a six month program.
What you might notice is that the longer the program, the more of a discount you can give
your clients.
We want to go out there and reward clients for committing to us for a longer period of
time.
Now please keep in mind that these numbers are just benchmarks.
They vary from niche to niche, from industry to industry, whether you're a beginner or
an expert, and what exactly is included in your coaching program.
Let's talk about bonus number two.
I want to tell you a little bit about why it's actually good for you and your clients
to charge high prices.
First of all, I believe that the psychology of numbers and pricing really kicks in in
coaching, and people will believe that your coaching services are more effective, and
will actually work better for them if they're higher priced.
Right?
Think about it, when you go out there and you buy a new car, and you're looking at a
car that is $10,000 and a car that's maybe $100,000.
You naturally assume that the car that's $100,000 is more luxurious, has higher quality components.
Your clients have the same sort of pricing philosophy in their mind when they're looking
at you and your pricing, and they're comparing you to your competitors.
You want to go out there with a premium price, something that is still a good deal for your
clients, but something that is a little bit higher end to take advantage of this philosophy
and this thinking and actually position yourself as an expert and a high-end provider in the
industry.
But not only that, your clients will also take you more seriously and they will get
better results because they'll be more committed if they pay high prices.
So when you're charging low prices, you actually end up with clients that are less committed.
You're also going to end up with more clients on your schedule.
What does that mean?
Less time for you.
You could either take two clients and charge $5000, or you can take five clients and charge
$2000.
In the end, you're making ten grand, but the difference is with five clients, your schedule
is a lot fuller, you have much less time to dedicate to each client, and your quality
of service might actually decline.
Do yourself a favor and go higher-end with your programs because it's not only going
to help you earn more, but it will also help you provide higher quality services to your
clients.
The next thing you want to consider is giving your clients a volume discount, meaning the
longer they work with you, the longer they commit up front, the better deal they receive.
By the way, I'm curious whether you are offering discounts and sales.
Let me know below the video in the comments and let's have a conversation.
When it comes to offering payment plans, I think that's a great idea, but you want to
make sure that you charge at least 20% more.
For example, let's say you have a four month coaching package and the pay in full price
is $8000.
Well, you could offer a payment plan, but the payment plan needs to be at least $10000.
For example you could offer four monthly payments of 2500, two payments of 5000, but make sure
you're increasing the overall price by at least 20%.
Fast action rates and deposits, let's talk about those.
When you're offering a fast action rate, you might consider giving your clients an actual
discount, and I would say the difference between your fast action rate and your regular price
should be at least $1000.
It needs to be a significant amount for your clients to say, "Hmm, maybe it's worth it."
However, you also want to understand that some people have to have some time to rearrange
money, transfer funds, apply for credit cards, talk to a spouse, or whatever else they may
need to do to actually afford your services.
What I recommend is that you offer them a deposit option.
The deposit option actually locks in the fast action rate, so that they can buy themselves
some time and then do what they need to do to be able to pay the rest.
Now that you have a great idea on your coaching program price and how much you should be charging
for your services, you might be wondering, "Where are the clients?"
You might be excited about connecting with clients and selling your programs right now.
If you are, I want to invite you to sign up for our new web class, where I'm going to
share with you the three simple steps to get all the coaching clients you could ever want.
There's a link below the video in the description.
Sign up right now, it's free, and there's classes happening this week.
Today's episode was really important.
We talked about pricing, and about how much you should be charging for your services so
you never, ever undercharge for your true value ever again.
If you still have doubts, if you still have questions, I want to invite you to email us.
I have an email below the video in the description.
We look at every single email we receive.
Let us know what's going on.
Send us your questions, send us your pricing options, and someone on my team is going to
get back to you and help you.
That's what we're here for.
We're here to build a community, we're here to serve you, and we're here to help you go
from passion to profits in your coaching business.
If you like this video, make sure you subscribe, hit the like button, share it with your coaching
friends, and I look forward to seeing you next week.
Take care and I'll see you then.
Do you want to build a successful online coaching business, but you're not sure how to get started
and you're scared of wasting time and money on the wrong steps?
Let me be your coach and show you the right steps to quickly launch your business, attract
the perfect clients, and multiply your income.
To learn more, go to coachingbusinesstraining.com Don't ever undervalue yourself ever again.
Ever!
Charge enough.
It's key.