What is life coaching worth? Or, what is my life coaching worth? This is a question often asked when coaches are starting out, and sometimes asked as those coaches gain more experience and build a reputation.

 

Life Coaching is High End

Life coaching is a highly-personalized service that requires patience, skill, knowledge, and talent. It should be highly valued. It’s professional and in demand – coaches should be able to charge high fees for such a prized service.

Life Coaching is Common and Readily Available

The life coaching industry is growing and there are plenty of life coaches competing for clients. The prices charged should be low to attract new clients and prevent existing clients from leaving for someone else. More coaches will mean lower fees, and less income for new coaches.

The Laws of Supply and Demand

What is life coaching worth? Well, remember back to your Economics 101 class. Remember the laws of supply and demand. They have some influence here – the supply of coaches and the demand for life coaching services will partially dictate the fees you can charge.

Higher Fees are More Attractive?

For many products, the lower the cost, the more people will buy it. However, this is not always true when it comes to professional services. What is life coaching worth? It depends on the value perceived by potential clients and the perceived value, specifically of your coaching. Though it can defy logic, sometimes a service sells better when it is more expensive.

What is Life Coaching Worth? More Than You May Think

Because you are a new life coach, you may think you need to set your prices at a rock bottom level. Or, because you have only been coaching part-time for three years, you may still feel you need to keep your fees low to attract clients. Even experienced coaches struggle with this.

There is no set answer to the question: How much do I charge?

It depends.

But, you may be charging too little.

7 Reasons Your Coaching Fees are Too Low

• You’re trying to sell your services to people who don’t really value life coaching.
• You don’t value your own skill and talents as a coach.
• You are attempting to coach too many people – keep the client list lower and the prices higher!
• You haven’t done a proper analysis on the coaching industry in your rea and your competitors.
• You haven’t set a financial goal.
• As you gain experience, you haven’t valued that experience correctly.

When you start out, you may not be valuing your other experience enough. Perhaps you are a new business coach who isn’t placing value on your years of business experience. Your previous experience counts!

When setting your fees, take into consideration all these potential issues that may cause you to set your fees too low. Also keep in mind that potential clients may perceive greater value in a coach who charges more than one who is the least expensive.

What is life coaching worth? It’s a very important question, and one you need to answer from the start of your career until you are ready to retire or leave the business. But, make sure to answer wisely – it may mean the difference between a long, successful career and one that ends far too quickly.

By the way… you’re invited to claim your FREE step-by-step “ 30-Days to Become a Coach” video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

Fred Philips
Business Coach
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