Since there are no standard business coach fees, you cannot look it up in the hypothetical big book of business coaching fees and then set your price. No, determining the right fees for a business coach practice takes some effort and homework.
Business coach fees have an extensive range and it is up to you to determine where in that range your coaching fits. Fees generally range from $100 to $500 per hour, but if you are just starting out in the industry, it is probably wise to stay away from the upper end. Some coaches set fees based on a monthly charge for long-term clients – this provides a discount for the client (an incentive to sign up), and provides you with guaranteed fees for at least a month.
Offering Discounts on Business Coach Fees
Every coach offers discounts of some type – whether it is on standard one-on-one coaching, group coaching, DVDs, books, or seminars – discounts are part of the business. However, knowing when and how much to discount your services is important to the health of your practice. Clients, especially new clients, are drawn to discounts. However, coaching is a professional service, not a retail shelf product or a commodity. Big coaching retail outlets do not dot the landscape. People will flock to Wal-Mart or Costco to get amazing discounts for any number of products, but they will not select your service on discount alone.
Discounts Can Turn Clients Away!
Offering discounts that are too deep may actually turn people away from your practice. They will be wondering why you are discounting your service so much; the perceived value of your work will be in question. If your business coach fees are too low, potential clients may discount the value of your coaching.
How to Set Business Coach Fees
Setting fees is not an exact science – it is more of an art perfected through extensive trial and error. There is no magical formula to determine the proper amount to charge, but there are some factors to look at.
The first thing to consider is what other coaches in your area are charging – this takes some research and homework. Once you have gathered enough information to create an average range of fees, you then have to consider your experience. If you are a new coach, your fees should be set at the lower end and correlate with what other inexperienced coaches are charging.
Once you have found the fee amount at the intersection of experience and location, you can mix in other factors, such as experience in the business world and any niche in which you coach. If you have extensive experience in business, you can adjust the fees upward. If you are placing your coaching practice in a niche in which there is little competition and a decent-sized pool of potential clients, then the fees can also be adjusted upwards.
Another factor is how to provide your coaching services – by the session, by the month, or by long-term contract. As a new coach, it may be difficult to sign clients to long-term contracts (several months at a time), but all these options can be considered. The longer the term, the less you charge per session – this gives the client an incentive to sign up while providing you with a regular income for an extended period of time.
Business coach fees depend on many factors – from experience to location to business experience to particular niche to extended contracts. Don’t be afraid to set a fee and see how it works. Likewise, don’t be afraid to set a fee and change it when it doesn’t work out. Your fees are an important component of your coaching success – take some time to get them right!
SPECIAL BONUS — If you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit. Go HERE to get it FREE.
Writing Team, Coaches Training Blog Community