“How much do you charge?” A question dreaded by most life and business coaches in the world. You don’t want to scare a prospect away with fees that are too high or too low, and how you respond means the difference between getting a client or getting crushed.
When you set your coaching fees, your mindset takes over:
- “My clients can’t afford it.”
- “I am not experienced enough to charge more.”
- “I wouldn’t pay that much myself.”
…and other stories we tell ourselves. I recently discovered a great article by Kathleen Schulweis, an executive coach who specializes in workplace bullying, on the 8 ways to think about your coaching fees and charge more with confidence:
“A recent Harvard Business Review report noted coaching fees range from around 100 bucks to over 3K for a session. That’s quite a range. How do you figure out your sweet spot-the place your clients are willing to pay for your services? Ah, this is not a simple question, nor a simply answered question. But here’s what I know:
- You can’t charge more than you can comfortably ask because your discomfort will show through and hurt your credibility
- Your mindset influences your ability to set fees, therefore, as your confidence grows, so will your fees
- You have to determine if you’re a commodity service or a professional service: we bargain for commodities, we respect professionals
- Consider Packaging your Services: Many in private practice charge by the hours per month. But that’s not the only way to make a living
- Pay attention to your “league”. Are you in the majors, minors or varsity league? Plan out what it will take to move up, if you want to.
- Align yourself with bigger league players and practice, practice, practice. Even if you’re on the bench for a while, you’re hanging with the home run set and that increases your credibility.
- Work your skills and talents: All you do should be based on, please, your unique abilities, not other people’s pre-written seminars or models. It’s very difficult to be credible as a trainer IF you haven’t developed your own materials.
- Develop your unique skills: Coaching and training models can and should be adapted to suit the needs of your clients and the strengths you bring to the work. Your creative adaptations will make you uniquely qualified to serve your clients and charge your worth”
(Article source: Confidence Connections Coaching)
The most important point I want you to take away from this is that there is no such thing as “hourly coaching fees” – thinking this way makes coaching a commodity. Create ways to add more value to your coaching programs, so that your fees become irrelevant.