To ensure the most profitable life coaching business, how should you determine your life coach fees? Should you charge the highest fees so you can get the most out of each client? Or, should you charge the lowest fees to get the most clients?
Coaching fees Too High?
Charging the highest fees may seem like the smartest choice, but before you start charging astronomical fees, it is wise to take a few moments to reflect on this decision. Are you new to the life coaching business – if so, charging high fees is a good way to keep clients away. New coaches have to start out near the lower end of the fee scale and gradually work their way up. If you have been coaching for several years and have recently switched to life coaching, your life coach fees can start out closer to the middle of the fee scale. But, setting your fees at the high end of the fee scale is a sure-fire way to send your clients packing and have an empty office.
Coaching Fees to Low?
Ok, if you cannot charge the highest fees, how about charging the lowest life coach fees on the planet? This might seem like the best way to bring in clients, but becoming the Wal-Mart of coaching is not necessarily the most astute move. Low pricing works extremely well for Wal-Mart, but it does not work for professional services such as coaching. If a client is shopping around for a coach, the fee will certainly be a consideration when making a selection, but a low fee may reflect poorly on your service and the perceived value to the potential client.
Coaching Fees Just Right?
So – if the highest fee is bad and the lowest fee is equally bad, is the middle best? In a word – YES. Your life coach fees should be competitive with your peers and reflect your experience. For those with little experience, setting your life coaching fees at the low end of average is probably the best choice. For those with several years of experience in coaching or counseling, setting your fees at the higher end of average is most likely the optimum choice. Those coaches who have reached the upper echelons of their profession through books, seminars, or publicity can certainly set their prices in the upper stratosphere of coaching fees, but unless you have reached that level, shooting for the moon and stars with your fees is a recipe for disaster.
Finding the Balance With Life Coach Fees
Like many things in life, balance is a crucial ingredient in health and success. Finding the correct balance with your coaching fees may mean the difference between being a successful life coach or finding another profession. Before you set your fees, there are many factors to consider. These factors include the fees of other coaches, the highest fees in the field, the lowest fees in the field, your work experience, your certifications, your coaching experience, your reputation, and your life coaching niche, if any. Life coach fees are a critical component of the success (or failure) of a life coaching business – make sure yours seek a balance and are set for maximum profit.
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Writing Team, Coaches Training Blog Community