Setting a life coaching fee is one of the biggest dilemmas of a new coach. How do you know if your fees are too high? Or too low? This question is so tough that even some really good coaches fail to get on the courts and start getting paying coaching clients. How do you even begin to set your life coaching fees when you aren’t sure what the market will bear?
Jumping Right In
If you don’t already have 5 coaching clients per week, the first step is to find people to coach. Coach them for free if you need to. Start using your skills and making a difference. After awhile, you’ll probably realize that people don’t value your coaching as much as you think they should or they might not show up regularly. The reason why this happens is that coaching people for free is the toughest gig you will even have as a coach. Your ‘would be’ clients are not enrolled fully, they don’t have skin in the game, and at some level they feel they are getting what they paid for. In any case the faster you recognize that you are doing a disservice to yourself and your clients; the better.
How To Set A Life Coaching Fee You Can Live With
Your life coaching fee doesn’t have to be written in stone. The key is to get your first paying coaching client. Once that happens, your coaching hobby becomes a vocation. The faster you can get that first coaching client, the better off you are. Making sure you are perfectly ready only prolongs the agony and sets you up for making this a bigger issue than it needs to be. My first paying client paid $50/month for four 30 minute sessions. She was great, she gave me confidence.
After one month I looked at the rest of the people I was coaching for free and told them if they wanted to continue there would be a nominal fee. Most of them left, and I had room in my schedule. Those that stayed I put on a sliding plan that increased their monthly fee by $50 per month up to $250 per month as their incomes increased. It was a start. Then I realized that with childcare, taxes, etc. I needed to increase my rates.
The problem most coaches have when they start is that they don’t start. Only diamonds are forever, or then again as Hugh Hefner found out the hard way perhaps they aren’t. If you are serious about becoming a coach, set your life coaching fee, assess, and modify as you go.
JTS Advisors Designated Accountability Coach