OH NO – How do I Set My Personal Coaching Fees?

When starting out in the coaching business, there are many decision that need to be made, but none are as dreaded as decision to be made on your personal coaching fees. How much do I charge? Will it be too high? To low? Will it keep clients away? Or will it bring them through my door?

Questions Abound!

  • Will my clients be able to afford my rates?
  • Will low rates bring in the wrong types of clients?
  • Should I charge less than the competition because I am new to coaching?
  • Will potential clients think I’m a bad coach because my rates are so low?
  • Will I drive myself absolutely nuts trying to figure out if my personal coaching fees are too low or too high?

A recent study detailed in the Harvard Business Review reported that coaching fees ranged from $100 per hour to over $3,000 per hour. That hardly narrows it down for a beginning coach. Most rookies in the business will start at the low end of that range, but there can still be a low to high range for newbies in the coaching field.

Personal Coaching Fees – the 20% Rule

There is some business folk wisdom that goes like this: If more than 20% of your clients complain about your fees, then they are probably set too high. If less than 20% complain, then they are probably set too low. However, if the average complaint rate for your personal coach fees is around 20%, then your fees are the perfect rate. Whether this is true, you will have to find out for yourself, but it may be a good place to start!

Personal Coaching Fees – Don’t Charge too Little

If you do make a mistake setting your personal fees, the worst mistake is to charge too little. If you charge too much, and clients avoid you like the plague, then you can just lower your fees. No harm, no foul. However, if you charge too little, potential clients may see this as you undervaluing your service and they may think your service has no value. Once your coaching services are seen as having little value, it may take quite some time to change perceptions. Don’t underestimate the value of your coaching ability and what you have to offer to clients.

According to a study by Sherpa Coaching, the majority of professional coaches average six clients per week. If you keep your fees at the low end of the scale, six clients won’t bring in a superstar salary. However, you don’t want to see too many clients each week because you will not be able to give each client the attention they deserve. Spreading yourself too thin won’t help build a successful practice.

By the way… you’re invited to claim your FREE step-by-step Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

Personal Coaching Fees – Too High or Too Low?

When deciding on your personal coaching fees, you often ask yourself the question, “How much should I charge?” It is often a dreaded question because the rate you charge has a significant amount of influence on how many clients you will attract and how successful your coaching practice will be.

When deciding on your personal coaching fees, you may ask yourself several questions:

  • What if my clients can’t afford my rates?
  • Would I pay myself that much?
  • Should I charge less because I am lacking experience?
  • Should I charge more due to my years of experience?
  • What if potential clients think I’m not a good coach because my rates are too low?
  • What if clients don’t think I am worth the high rate I charge?

Personal Coaching Fees – Too High or Too Low?

You can scare potential clients away by having personal coaching fees that are too high…or too low! A recent report from the Harvard Business Review found that coaching fees range from around $100 to over $3,000. Wow – that’s a huge range! Your task is to find what is best for your personal coaching business. How do you find that sweet spot – that perfect price where you hit the ball out of the park and land all the clients you can handle? It is not easy – but here are a few helpful suggestions.

  • Setting a fee is related to your own confidence. As you gain experience, your confidence grows and so does you fee. But remember, confidence is a factor of experience and clients know that – you cannot start out by charging fees that are exorbitant because you are confident ( arrogant?) before you have even helped your first client.
  • Don’t charge so much that you appear uncomfortable when you state the price. Clients will pick up on this and think you are trying to gouge them.
  • Do everything you can to appear professional. Coaches are professionals, but when we start out, we often try to scrimp and save on amenities such as a well- furnished office, a website, nice clothes, and other trappings that present a professional image. Coaches sometimes delay obtaining certifications. Don’t be merely a commodity (people bargain for commodities!), be a professional!
  • Consider packaging your services – group rates, monthly rates, or coordinating your services with a coach in a different field and offer multiple services to your clients.
  • Pay attention to what others are charging. Know your market, know your competition, and know your peers. Find out the range of personal coaching fees in your field and then blend that with your experience. If you are just starting out, place yourself nearer the lower end of the range. If you have been a coach for years or previously worked as a therapist, or have special skills and knowledge to offer because of your work or life history, then you can charge fees nearer the higher end.
  • Develop your own unique techniques and style. Learn from others but make your coaching style your own. Your unique style is worth more money and can push your personal coaching fee higher.

Your style, knowledge, education, innate talent, and skills create the foundation for your coaching practice, but your personal coaching fees are the foundation of your business. determining the right price at different times of your career will be an important component of your success…or failure.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community