Life Coach Fee Dilemmas: What to Consider When Starting Your Life Coaching Business
The life coach fee you charge is the one single greatest factor that will impact your life coaching business. No matter what you are making in your life coaching business at this time, you’ve got to think of the most important thing when considering your life coach fee: Your Client!
- Your coaching client’s budget for your life coach fee
- Your coaching client’s motivation to purchase services (at all) from your life coaching business
- Your coaching client’s chance to improve their income
- Your coaching client’s possible ‘coaching duration’ (how long they might stay in coaching)
- Your coaching client’s willingness to pay a particular life coach fee
The Life Coach Fee For One on One coaching
One of the myths in the world of life coaching business is that the higher your life coach fee, the better and more profitable your life coaching business will be.
The higher your life coach fee, the harder it is to keep your clients for longer periods of time. If your expertise in your life coaching business is pulling in brand new customers all the time, and you’re good at that, then by all means, charge exorbitant life coaching fees, but if you want to work by referral in your life coaching business, and you want to keep your life coaching clients long term, then you’ll need to think deeply about how affordable your life coach fee is going to be.
For instance, if you charge $250 per month for your life coaching services, then it’s much more likely that your client is going to continue working with you, even when they have a dull coaching month, because for them, $250 per month may not become a big consideration for them (although there are plenty of broke people that might consider even THAT life coach fee expensive).
If you charge $1000 per month for coaching, then you’d better ‘deliver the goods’ (and probably help your client make more money in the process!), or your client is going to run for the hills very quickly. Even high end clients won’t spend $1,000 per month without getting tremendous value in return. They’re not ‘cheap’ mind you, they just expect even more for their dollar (that’s probably what got them to the point where they could afford those kinds of fees anyway).
The Way Your Life Coach Fee Changes for Group Coaching
The nice thing about running a group coaching practice is that your life coaching business is not dependent on just a handful of clients. One or two clients can come and go and it’s really no problem, because you’ve got so many clients in your life coaching group.
When considering your life coach fee for your group coaching programs, remember that group coaching is usually not quite as effective as one on one coaching, so if you want to charge more than, let’s say $200 per month for group coaching, then the information you provide better be highly valuable (the perceived value of the information will outweigh the higher cost in the mind of your coaching client). For most coaches, they are going to charge UNDER $200 per month for their group coaching services.
A life coaching business seldom starts out with the primary focus on your life coach fee (unless you really think that starting a life coaching business is a cash cow). However, your life coach fee can dramatically change the quality of your life coaching business for the better or the worse.
By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just fill in the form at the top right and click the “Watch The Videos Now” button to get your master coach blueprint videos.
Jeffrey T. Sooey
CEO, JTS Advisors
Founder, Coaches Training Blog community