How to price your coaching package?

Do you already offer a signature coaching package that is fine-tuned to your ideal client? Or are you still selling your services by the hour? If the latter, it's time for a change! Here's why:

When you set an hourly rate (say $100 per hour), and are onboarding a new client, how do you know how many hours will be needed to solve the client's problem or get her on the right path? Chances are that YOU DONT! And neither does your client.

From the client's perspective, it may seem like you're trying to hook them forever! It may take 10 hours, it may take 50 and there's no guarantee of any outcomes. Doesn't seem like an enticing offer. Nobody wants to commit an unknown sum of money for undefined future results.

The solution to this is to create a signature coaching package that solves a clear problem.

When creating a package, you can hone in on your ideal client and the problem they are facing ("How to Get Unstuck in Your Life", or "How to Find Your Life's Purpose" etc.). This allows you to be super clear in your messaging and what the package will include.

Chances, are your clients will not care what you will do to make their goals happen (what exercises you'll put them through), they just care how much it will cost, how long will it take, and what's in it for them (read: what's they'll be able to achieve).

Here are 5 questions you should ask yourself (and answer for your clients - either in person or on a sales page) before putting together a coaching package:

1. What problem are you solving for your clients? It's important to be clear about the issue you're addressing and how your coaching can help.

2. What results can your clients expect to see after working with you? Be specific and realistic here- no one wants to be disappointed by false promises.

3. What format will your coaching take? Will it be one-on-one sessions, group sessions, or something else entirely?

4. How often will sessions occur? Once a week, once a month, or on an as-needed basis?

5. What is your pricing structure? Will you charge per session or offer packages at a

discount?

Answering these questions will help you to create a coaching package that is both effective and appealing to potential clients.

How do I price my coaching packages?

It can be really tempting to just go with the hourly coaching model, because, no matter what, you'll be paid for your services. I get it. It's a much simpler way of accounting for your time. But, as said above, it's not an effective way of getting in new clients (especially when you're just starting out - because you don't have a proven track record yet).

If you're hesitating to create a coaching package with a fixed price because you might have to put in too much work for too little pay, consider creating a structured coaching plan for your signature coaching package! What does it mean?

Well, you might not know the exact time your coaching client will need, but you do know exactly what coaching exercises will be in your signature package (if you don't then that's where you should start!). And you do know how much time on average these exercises will take you to walk your clients through. Adding it all together + a margin for error will help you come up with clear pricing.

For example, let's say you're a life coach with one of your signature packages being "How to Get Unstuck and Live Up To Your Full Potential". In the package, you know that you'll have 1 discovery call (1 hour) where you give the client a couple of worksheets to get more clarity on what's holding them back. After that the next sessions will involve the "Wheel of Life", "Action Priority Matrix", "My Life's Journey", "Role Models Exercise", and "Mindful Choices Exercise", each taking you one hour to help your client through each one and help them reflect on what they mean (so 5 hours in total). When that part is finished then you might give them "Escaping Comfort Zone Exercise" and "Smart Goal Map" which will help them come up with clear next steps (1 hour each, so 2 hours in total). Maybe you have some other pre-recorded video coaching available for anyone signing up, that will take you another 2 hours to help them walk through the content.

By the way you can download all of the previously mentioned coaching tools here.

So all in all, it might take you 10 hours total (on average) per client.

Now you can just multiply that 10 hours by your hourly rate, which just an example sake, might be $100, add a margin of error ($200) and arrive at the final price of $1200.

It might seem like a lot, but it's much easier to sell to your prospects, compared to just open-ended hourly pricing, which might cost $500, but it might cost them $5000 in the end.

Especially if you have clear benefits and end goals that you can promise your client will achieve when they sign up for your package (more clarity on goals, step-by-step plan to overcome obstacles, hold them accountable to take action, etc.). If you write down all of the benefits on the sales page, then suddenly the $1200 price tag will seem like a bargain!

So what's the main takeaway?

Your ideal client will not care how much your coaching package costs, as long it really helps them achieve their goals. This is where you should be looking in the mirror to ask yourself if you really do believe you can deliver on what you promise in your package. If you can, the price is not an obstacle. Just stop selling your time by the hour and be more upfront and honest about what your clients can expect when they sign up for one of your signature coaching packages.