Coaching is an awesome business to be in; it’s a business where you can set your own schedule, you get paid well for doing it, and you can work the way you want around your lifestyle. It’s also a really easy business to get into, actually. But the main problem that many coaches have is that they undervalue themselves and charge low hourly fees. Charging by the hour will keep you stuck and broke in the coaching business. So let me say it like this, “No more charging dollars per hour!” Unless you are charging fees of $5,000 an hour or more – charging by the hour is not the way to go.
To move from dollar per hour to a highly paid coach you must also learn how to effectively communicate the value that you offer and learn how to sell it effectively. When you deliver the best results and the ultimate outcome from your services, you can charge more because prospects see your value. People pay for results, solutions, guidance and accountability. They pay for the final outcome of your work.
Think about how you can tell others what you do in the form of outcomes. For example, share case studies about your clients who showed amazing results from working with you. Share stories of how you took your clients step by step through your systematized coaching process and helped them achieve their goals. People love to hear the success stories you have to share. Success stories and client testimonials help you sell your services. In fact, charging by the hour can actually be harder to sell than higher priced bulk packages because you are always selling your clients into more time with you and undervaluing your expertise.
Build more value by creating coaching packages
Break down your coaching services into packages that include your services along with personal coaching, email access, group calls, product, etc. Package your programs into monthly programs anywhere from one month to a full year and avoid the dreaded Dollar Per Hour Keeps You Broke Cycle.
Name your coaching packages based upon what you specialize in. For example, my two-month program is called a “Jumpstart Business Accelerator” and my extended five-month program is called “High Paid Expert Program.” Use titles that relate to your services and your expertise.
Create two or three levels at different price points. The best investment and the best value for your prospect would always be your largest coaching package. Your pricing would depend on your level of expertise, the number of prospects you currently have, what type of coaching you do, along with what the market will pay for your services. This is going to be different for every coach.
Once completing your coaching program details, post them on your website along with your pricing. You’ll want to have pricing on your website so that prospects can get a sense of what level your programs are. And as you get busier – give your-self a raise. It’s always a good day when you can give yourself a raise!