The ultimate guide to coaching prices & Packages

If there’s one thing coaches fear more than selling their coaching packages, it’s setting their coaching prices because - let’s face it - if you don’t believe in your worth, your potential clients won’t either.

Here’s the hard truth: coaching isn't just about transforming lives; it's about communicating value.

Every time you set a price, you're telling a story.

It's about who you are, your worth, and how much you believe in what you offer.

But reaching the sweet spot can be confusing, overwhelming, and flat-out terrifying.

Undercharge and you're under the radar. Overcharge and you're… well, overboard.

So, how do you set coaching prices and create packages that are just right for your ideal clients?

Let’s dive in!

strategies for coaching prices and fees

Let’s start with how you can price your services and grow your business smartly.

pricing categories

When we talk about prices, we’re looking at three major leagues:

Picture this: your client pops in, gets an hour of wisdom and transformation, and pops out—leaving you with a neat sum for that hour. Sounds simple, right? It's the classic choice, especially if you're just starting out.

Hourly rates make things easy-peasy. But heads up, this strategy can limit your growth in the long run.

Here’s where things get a tad complex. Instead of a flat per-hour rate, your price reflects the incredible value you bring. Think of a business coach whose guidance helps a startup rake in a cool million. Their fee? A fraction of that million.

This isn’t about the hours you put in; it's about the massive results you deliver.

We will discuss this in detail in Chapter 2.

For those dreaming of steady income streams, this one’s for you. Picture a client reserving your genius for a long-term gig.

It's like having a regular paycheck without the nail-biting unpredictability of not knowing where the next payment will come from.

pricing factors

Got your category down? Awesome! Let's tweak those numbers for perfection with some killer pricing factors:

pricing factor #1: monthly goals

Start with your dream monthly income. You know, the one that gets you that comfy life. Got it?

Now, reverse engineer. How many clients at what rate to hit that sweet number? Do the math, align with your values, and balance with the hours you’re willing to put in.

pricing factor #2: know your audience

Quick reality check: A corporate honcho might have deeper pockets than a fresh-out-of-college newbie. Dive into some detective work.

Peek into what other coaches, both rookies and the big shots, are charging. This will give you the low-down on what potential clients might be ready to shell out.

pricing factor #3: wear your experience on your sleeve

Being the go-to expert in your niche? Priceless! The big names can command the big bucks. Just starting? No worries. Everyone starts somewhere.

Hone your skills, collect those testimonials, and soon enough, you'll be the one setting premium rates.

pricing factor #4: location, location, location

Okay, in this digital age, you might wonder, "Does location even matter anymore?" Well, sort of. Living costs differ from New York to Nebraska.

While the online world has blurred boundaries, clients from posh cities might still be more open to splurging than those from laid-back towns.

Alright, future coaching superstar, with these strategies in hand, you're set to price like a pro!

Let’s make it rain.

how to price coaching packages like a pro

Have you ever wondered why coaches struggle with pricing their coaching packages?

And because of this, it becomes incredibly hard for a coach to be able to fairly and confidently price themselves.

So, how does one price their package?

Firstly, let's shed the age-old notion of hourly rates.

Your expertise shouldn't boil down to mere clocked hours. Instead, think of the tangible results you offer. The return on investment (ROI) your clients get? That's your ticket to pricing.

Start pricing based on the impact that you drive for your client.

Imagine you're a business coach. You guide a company to earn an extra $1 million. Now, charging only 10% of that added revenue doesn’t sound too much anymore, right? Express it this way: “You invest $10,000 with me, and I'll help drive $1 million to your business. Not just for a year but for years to come.”

The same goes for health or life coaches. Equate the results to real-world benefits. How does achieving their health or life goals impact their overall life and well-being?

For example, imagine your client wants to lose weight. What's the true significance of shedding those pounds? Is it increased productivity at work, leading to a potential promotion? Is it more vitality and well-being that increases their happiness? Is it increased confidence and its impact on their relationships and careers?

No matter what coaching specialty you have, you can create an ROI model that directly correlates to the outcome that your client is getting.

In simple terms, find an ROI that actually translates to their life.

Remember, it's all about connecting the dots between physical results and real-world impact.

What's your ideal annual income? Think of that number and divide it by 12 to get your monthly income rate.

Now, decide how many hours you wish to work in a month. Divide, and voilà – you've got your hourly rate.

Knowing this rate aids in targeting your ideal clientele. Perhaps you realize your services align better with a niche market that values and can afford your expertise. This clarity is pure gold!

Also, know this: Money is drawn to the power of intent.

This means when you assertively declare that you want to earn a specific sum this year and actively work towards it, you're setting the stage for success.

This has a stronger impact than wavering or approaching it with uncertainty.

Let's be honest. Starting out, some coaches practically give away their services.

While the intention is commendable, it's a no-win. Because clients who pay peanuts often lack commitment as they don’t have enough skin in the game.

This isn’t about your coaching chops, but their vested interest.

So, a quick benchmark.

Life and health coaches, your packages shouldn’t dip below $1,500. Business and high-performance coaches shouldn’t charge less than $3,000 for three months.

These figures aren't arbitrary but based on the tremendous value you provide.

Lastly, confidence is key.

When you quote your price, believe in it. If you waver, your client senses that uncertainty.

So, before facing the real world, practice. Rehearse your pitch, stand before a mirror, rope in a friend, or even record yourself.

The aim? Absolute conviction in your offer and price.

coaching pricing guide

*Note: The above benchmarks are relevant to the United States market and similar economies. You might need to adjust depending on where you or your ideal clients live.

how to select the right pricing model

By now, you're well aware that charging by the hour isn't the golden ticket to a thriving coaching business.

It's the quicksand pulling you into a pit of limited earning potential. But don't worry.

Let’s decode how to choose a model that fits you perfectly, brings in the bucks, and most importantly, adds value to your clients.

1. know your worth, but know your market

First and foremost, value your expertise.

Don't undersell yourself.

Remember, setting prices isn't just about what you think you're worth.

Dive deep into market research. Check out your competitors.

What's the average rate for coaches in your niche? What value-add do they offer for those prices?

2. mind the time

Time is money and, unfortunately, neither of them grow on trees.

How many hours can you realistically dedicate to coaching per week? Being 100% booked doesn’t equate to success.

Individual coaching essentially employs the “dollars for hours” model.

You charge for the hours you actively coach. It sounds straightforward, but it has its limitations.

After all, there are only so many hours in a day! Factor in personal time, breaks, and other life necessities, and the number of hours you can dedicate solely to coaching shrinks considerably.

Leave room for life, growth, and self-care.

3. think long-term client relationships

Continuous packages or subscriptions often yield loyal clients.

It's six times more expensive to attract a new client than it is to retain an existing one.

So, consider offering continuous packages that provide ongoing value.

This guarantees revenue plus a more profound, more transformational coaching experience for your clients.

4. your living costs matter

Here’s some straight talk: Calculate your monthly expenses.

Got that number? Now, aim to cover that and then some.

Your pricing should not only reflect your expertise and market value but should also sustain your lifestyle.

You’re in this for passion, sure, but also for a livelihood.

5. test and tweak

Not getting bites at your current price point?

Or maybe clients are rolling in a tad too easily?

Don’t be afraid to adjust. Most established coaches adjust their rates in their first year.

It’s not failure; it’s evolution.

6. balance life and coaching

And now, a heart-to-heart moment.

Coaching is not just your job. It’s a calling.

But just as you’d advise your clients, balance is key.

Don't become the coach who preaches self-care but works 80 hours a week.

By choosing a pricing model that aligns with your desired work-life balance, you bring authenticity to your role.

With a mix of self-awareness, market knowledge, and continuous adaptation, you can create a model that doesn’t just pay the bills but fuels a purpose-driven, sustainable, and enjoyable coaching journey.

types of coaching packages

Let's kick things off with a real-world scenario.

Say you're a foodie searching for a health coach.

Coach A keeps it vague: "I help people shed excess weight."

Meanwhile, Coach B paints a vibrant picture: "Want to shed those pounds, sleep like a baby, feel energetic, and rock those jeans in half a year?"

Who'd you pick? A no-brainer, right? That’s Coach B for the win.

This simple comparison lays bare the potency of well-defined coaching packages. They:

But here’s the thing: there’s no one-size-fits-all when it comes to packages.

However, two tried-and-tested frameworks stand tall. Let’s dissect them:

An SRP is like a sniper’s aim: pinpointed and time-bound.

They often command higher prices due to their targeted approach.

Here’s where we enter the marathon zone.

CRPs are expansive, offering ongoing assistance as clients grow.

A business coach might pledge: "Elevate customer base and revenue over 12 magical months."

Contrary to what many might suggest, there’s no “right” choice, and your niche doesn’t chain you to a specific package type.

Experiment, iterate, and refine based on feedback and personal preferences.

Reflect on your coaching style.

If you’re a stickler for structure, SRPs could be your jam. On the flip side, if you love to adapt as you go, leaning into CRPs might be more rewarding.

However, let's toss in a wild card.

Why not “mix and match”? Begin with an SRP, delivering that quick win, then transition your client to a CRP for sustained growth. This approach can be golden. It not only displays flexibility but also signals to clients that you're committed to scaling their journey.

Crafting coaching packages isn’t rocket science, but it does require strategy.

Understand your client's needs, assess your strengths, and select the most appropriate coaching package structure for your business.

A tailored approach, combined with a dash of creativity, can make your coaching services the toast of the town!

how to craft irresistible coaching packages: a comprehensive guide

How do you curate coaching packages that not only resonate with potential clients, but ensure they keep coming back for more?

If you’ve ever found yourself in a situation where each coaching session feels like a separate transaction, then you're familiar with the anxiety of wondering when, or even if, a client will return for another session.

Does it seem like you're stuck in a cycle, unable to fully transition into a thriving, full-time coaching business? Don’t worry, we’ve been there.

We will delve into the strategies that highly paid coaches have used to ensure consistent income and long-term relationships with clients. Let’s embark on this transformative journey together.

shift your perspective: they need solutions, not you

Read that again. It might sting a little, but it’s true.

Clients are seeking solutions to their challenges.

They want to actualize their aspirations, meet certain goals, or overcome specific hurdles.

They don't inherently need you; they need the solutions you offer.

Many budding coaches make the mistake of believing they are indispensable.

The reality? Your services are a means to an end for clients. Avoid promoting them as standalone entities.

Instead, emphasize how they address specific needs.

Armed with this renewed mindset, proposing packages becomes easier.

Before diving into your credentials or past success stories, learn about your client’s current scenario.

Open up a dialogue. What’s on their mind? What struggles are they experiencing? What aspirations seem elusive?

If you're not in direct communication, perhaps consider a preliminary survey or questionnaire to gain insight into their world. Ask powerful questions.

Imagine this: A client, let’s call her Emma, comes to you.

She's overwhelmed, feeling stuck in her job, and dreams of launching her own business. She's buzzing with ideas, yet she’s paralyzed with fear and self-doubt.

Sounds familiar? That's because we've all been Emma at some point. Your primary job? Understand her current position.

Ask deep, engaging questions.

Where's she coming from? What’s her biggest challenge right now?

By identifying her starting point, you lay down the foundation for the entire coaching journey.

It’s like giving her a map where the "You Are Here" spot is clearly marked.

It's essential to dig deeper and unveil your client's true desires.

While some might be overt (like wanting relief from a pressing issue), others might need more exploration.

For instance, if a client is unhappy with their current salary, understand the underlying factors. Is it just about money? Or is it about respect, a better work-life balance, or professional growth?

What kind of business? How would success look to her? Maybe it's a bustling cafe or a digital marketing agency.

Understand her version of the endgame.

Picture it, make it tangible, and sketch out a clear 'destination.'

By this point, you've mapped their current situation and the desired destination, making it easier to bridge the gap with your services.

Though you've identified the starting point and end goal, there's a vast space in between.

And here lies the temptation for many coaches: proposing an extensive, comprehensive package.

However, such long-term commitments can be daunting for new clients.

They're still getting to know you, gauging if you’re the right fit.

Right, so we've identified the challenge. Now, how do we make these big transformations digestible?

Nobody said you should jump straight into a year-long commitment. Instead, how about offering a quick, impactful intensive? Think about a 3-4 hour deep-dive session. It's like a mini-vacation for the mind, without the jet lag.

For business enthusiasts, a 3-4 hour intensive can work wonders. By the end, Emma will be bursting with clarity. And guess what? Once she sees results, she’ll be more inclined to commit to a longer engagement. It's a win-win!

And if you’re more into life or health coaching? This model's still golden. Offer an intensive or, better yet, a 30-day package. Show them progress in baby steps and watch them eagerly stride forward.

It’s bite-sized, less intimidating, but still impactful.

Ever noticed how top brands package their products? Clean, concise, and crystal clear.

Don’t just wing each session. Create a go-to model for your short-term coaching package. Picture it: Every time a client like Emma comes, you'll have a clear roadmap. No more fumbling or guesswork.

For instance, if you’ve mastered the art of guiding clients through life's messy decision-making, create a signature "Clarity Intensive." Four hours of guiding them to make sense of the chaos. By the end, not only will Emma have a clear path forward, but she'll also be eager to continue the journey with you.

Your introductory packages, as impactful as they might be, are just the appetizer. Now, it’s time to present the main course.

By now, Emma’s seen results. She’s tasted the transformation. It's like giving someone a teaser of a blockbuster movie. They'll want to see the whole thing! So, remind her of the journey so far and showcase the potential wonders of the long haul.

“Emma, remember where we started? Now, imagine what we can achieve in 180 days! You’ve seen the change; now let's magnify it.”

In essence, this is your moment to shine. Offer a glimpse of the ultimate transformation and then, present your long-term coaching package.

Crafting magnetic coaching packages isn’t about piling on sessions or adding fluff. It’s about resonance, clarity, and the promise of transformation.

Every session and every package should echo this promise. By adhering to these steps, you're not just setting your practice apart; but on the path to unparalleled success.

Aim not just to coach but to inspire, guide, and elevate.

Your clients aren’t seeking sessions; they’re yearning for a journey.

Be the guide that charts that journey.

The DSP Framework

Oftentimes, while we are in the process of building our practice, we work from a place of lack. This makes us tweak our packages and services based on the client's needs.

It may seem like the right thing to do at first, but it often leads to poor client experience and a lack of results.

That's where the DSP Framework comes in.

The DSP (Desire — Solution — Package) framework is a 3-part framework for creating packages designed to create the ideal outcomes for your clients while making it easy for you to enroll them. It focuses on the Desire that your clients have and the Solution you have to offer in order to craft your Packages.

When you operate from the DSP framework, clients will have clear expectations, there will be clear boundaries, and you will be able to deliver the results that you promise.

Note that DSP is a framework, so you can fill it up the way you want and change the contents of the packages. DSP is designed to create a container for you and your clients.

Elements of the DSP Framework

coaching packages template & examples

In this chapter, we’ll be diving into the art of creating game-changing packages and the fastest and most powerful way to do this is to work with a coaching package template.