What type of life coaching fee do you charge? Are your life coaching fees too high…or too low? If you are like many life coaches, your coaching fees are probably too low.
3 Ways Coaches Charge For Their Services
There are three main ways that coaches charge for their services. They are:
- By the session ($100 per hour, etc.)
- By the month ($500 per month for x number of sessions)
- By the package (3 or 6 month packages for a specified fee – usually with a discount built it)
Many coaches like to offer packages because it helps to make their income more predictable and steady. But, whatever works for you is fine. It’s determining the amount that is the key to making the money you deserve.
Do You Charge Too Little For Your Coaching Services?
New coaches often set their life coaching fee lower than average in order to attract clients. This is not necessarily a bad strategy for new coaches. However, once you begin to build up a clientele and a reputation, your life coaching fee should begin to rise. Many coaches don’t do this because they fear they will lose clients. But, the more experience you have and the more satisfied clients you work with, your fee needs to rise.
5 Reasons Your Life Coaching Fee is Too Low
- You’re trying to sell your services to people who don’t value coaching. Some people may think $25 per hour is too much to pay for coaching. Forget those people – you will never make a living targeting them for your coaching practice.
- You don’t value your own coaching services. What do you think you’re worth? If you are a new coach, you might be right to value your coaching below the average, but with experience comes greater knowledge and ability. You become a better coach. Raise your fees – you’re worth it!
- You are coaching too many people. Sure, you can coach a shipload of people at lower rates, but there will come a time when you will prefer coaching fewer people – you’ll have more time and you’ll actually become a better coaching when you focus on fewer clients.
- You are afraid of losing clients. Sure, the more you charge, the more likely you will turn a few potential people away. However, most people view coaching as a professional, highly-personalized service. When you charge lower fees, you risk looking like a bargain-basement coach. If you can deliver dramatic outcomes for your clients, they will see the value and pay higher fees.
- You don’t see the value in coaching. Sounds odd that a coach might not see the value in what he or she does, but it is more common than you would think. It sometimes takes a few years in the business to really understand the impact you can have on people’s lives. It is much more than just a job or a business, it is a potentially life-changing profession, and you need to value yourself and your work. Set your life coaching fee accordingly!
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