{"id":3759,"date":"2022-10-04T13:15:21","date_gmt":"2022-10-04T03:15:21","guid":{"rendered":"https:\/\/mindbodyfoodinstitute.com\/?p=3759"},"modified":"2023-10-04T11:23:42","modified_gmt":"2023-10-04T01:23:42","slug":"how-to-correctly-price-your-coaching-services","status":"publish","type":"post","link":"https:\/\/mindbodyfoodinstitute.com\/how-to-correctly-price-your-coaching-services\/","title":{"rendered":"How To Correctly Price Your Coaching Services"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3759\" class=\"elementor elementor-3759\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c3afdb8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c3afdb8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cae0f3\" data-id=\"1cae0f3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e89341a elementor-widget elementor-widget-spacer\" data-id=\"e89341a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d39e45 elementor-widget elementor-widget-text-editor\" data-id=\"3d39e45\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><em>What to Consider When Pricing Your Coaching Services<\/em><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-48ad4ee9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48ad4ee9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-44365d1b\" data-id=\"44365d1b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-449ff432 elementor-widget elementor-widget-text-editor\" data-id=\"449ff432\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A lot of new Holistic Life Coaches, and Health &amp; Wellness Practitioners struggle with setting their pricing and deciding whether to publish their fees on their website or not\u2026<\/p><p><em><strong>How much should I charge?<\/strong><\/em><br \/><em><strong>Should I offer a discount?<\/strong><\/em><br \/><em><strong>Should I put my fees on my website or not?<\/strong><\/em><br \/><em><strong>Am I charging enough for the value I offer?<\/strong><\/em><\/p><p>The following guidelines are taken directly from our <a href=\"https:\/\/www.mindbodyfoodinstitute.com\/launch-your-business-bundle\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/www.mindbodyfoodinstitute.com\/launch-your-business-bundle\/\">Launch Your Business course<\/a> which is conveniently included within our popular Dual <a href=\"https:\/\/www.mindbodyfoodinstitute.com\/holistic-life-coach\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/www.mindbodyfoodinstitute.com\/holistic-life-coach\/\">Holistic Life Coach &amp; Mind-Body Certification<\/a> course.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19fa874 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19fa874\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e932fa\" data-id=\"4e932fa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-218d977 elementor-widget elementor-widget-text-editor\" data-id=\"218d977\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>Pricing Your Services<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-198070a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"198070a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0c11fd6\" data-id=\"0c11fd6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-41baf95 elementor-widget elementor-widget-text-editor\" data-id=\"41baf95\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"padding-left: 40px;\">Pricing your products and services, particularly at the beginning of your business, can be a daunting task. Where do you start? What is the right amount to charge a client? You\u2019re probably evaluating yourself and asking questions like:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>What is my knowledge worth?<\/li><li>What will a client be prepared to pay me?<\/li><li>How can I gain new clients without scaring them away?<\/li><li>What are others charging?<\/li><li>I just don\u2019t know what to do!<\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\">Thoughtfully considering your pricing strategy now will greatly assist you in setting correct entry prices for your coaching business. The following considerations below are designed to help you.<\/p><div class=\"layoutArea\"><div class=\"column\"><h6><strong>1. Main Pricing Categories<\/strong><\/h6><p style=\"padding-left: 40px;\">Your business will most likely have a number of products and services to offer. Go through each of these and note down what you believe each is worth. At this stage there&#8217;s no\u00a0need to consider what potential competitors are offering as that may only confuse you\u00a0\u2013 focus instead on what it is\u00a0<u>you<\/u>\u00a0are offering and the\u00a0<em>value<\/em>\u00a0this will provide to your target client.<\/p><p style=\"padding-left: 40px;\">See below a list of product categories to help you get started:<\/p><ul><li>Coaching sessions and packages<\/li><li>Group coaching programs<\/li><li>Courses and workshops<\/li><li>Supplementary products \u2013 i.e. products that relate to what you offer \u2013 i.e. you might sell CDs, yoga mats, fitness equipment, printed e-books, essential oils etc.<\/li><li>Events i.e. workshops, retreats.<\/li><li>What other services can\/will you offer?<\/li><\/ul><h6><strong>2. Publish your pricing online?<\/strong><\/h6><p style=\"padding-left: 40px;\">There are advantages and disadvantages to publishing your pricing online. Here are a few considerations to help you determine what is best for you:<\/p><ul><li><strong>Consider your prospective customer<\/strong>\u00a0\u2013 What will they want\/think\/expect when they read about your products and services on your website?<\/li><li><strong>Personal choice<\/strong>\u00a0\u2013 What are you comfortable with? What feels right for you?<\/li><li><strong>Part Pricing\u00a0<\/strong>\u2013 You may choose to publish pricing for the basic\/standard products you offer and discuss\u00a0any programs or premium products with an enquiry\u00a0after an initial discussion. You then can verbally display your skills and knowledge to better demonstrate the value of your service.<\/li><li><strong>Contact<\/strong>\u00a0\u2013 Would you prefer your customer to contact you via phone OR email to ask your pricing? One advantage is that you can capture contact details of prospective clients along with their enquiry to open a discussion with them first before discussing pricing. One\u00a0<em>dis<\/em>advantage may be that if your marketing message isn\u2019t clear enough to capture\u00a0them, they may make assumptions about your pricing or value and not contact you at all.<\/li><\/ul><p style=\"padding-left: 40px;\">There is excellent opportunity to speak to your prospective customer if they contact you about your pricing (whether your pricing is visible or not). Speaking to a customer directly can get the customer excited about wanting to work with you simply by hearing your enthusiasm and knowledge about what you\u2019re offering.<\/p><p style=\"padding-left: 40px;\">Directly speaking with a potential client provides a fantastic opportunity for you to begin showing them the value of coaching by \u2018hearing\u2019 what they\u2019re struggling with and paraphrasing back that you have heard and understand what they are saying. This gives you time to connect with them and make a positive impression. When they can feel and see the potential of how much better their life could be by working with you, they will appreciate the value you offer and be more open to making a financial commitment.<\/p><h6><strong>3. Demand v Supply<\/strong><\/h6><p style=\"padding-left: 40px;\">Sometimes, the value of your product will be determined by demand and supply in your market.<\/p><p style=\"padding-left: 40px;\">Generally speaking, a product that is in high demand and with fewer competitors, means you will be able to set higher prices. If your product is in low demand and there are many competitors in the marketplace, your pricing would be lower. Consider your position in the marketplace with each of your products and services.<\/p><h6><strong>4. Competition<\/strong><\/h6><p style=\"padding-left: 40px;\">An awareness of what competitors are charging is a good reference point for you, but remember, every coach is unique. They each have their own strategies, goals, objectives, and cash flow decisions to make that will impact the price they offer. In other words, don\u2019t get hung up on basing your pricing solely on what a competitor is offering. Stay focused on the value that YOU offer.<\/p><p style=\"padding-left: 40px;\">The best evidence of your price being right or needs adjustment will be greatly influenced by actual results. For example, you say set your pricing then review again in 3 months. What result did you achieve in those 3 months? How many enquiries did you gain? How many enquiries did you convert? What value did your clients gain? Answering these questions will give you real data to help adjust your pricing.<\/p><h6><strong>5. Pricing Psychology<\/strong><\/h6><p style=\"padding-left: 40px;\">The psychology of pricing is a fascinating subject. Whether you know it or not, your pricing can strategically help you gain greater sales and attract the attention of prospective customers, or completely turn them away.<\/p><p style=\"padding-left: 40px;\">The following are some examples where pricing psychology will influence your price setting.<\/p><ul><li style=\"list-style-type: none;\"><ul><li style=\"list-style-type: none;\"><ul><li>Setting a lower market price<\/li><\/ul><\/li><\/ul><\/li><\/ul><ol><li style=\"list-style-type: none;\"><ol><li>You may achieve higher market demand<\/li><li>Potential customers may negatively judge your experience, knowledge and value based on you offering a lower price<\/li><\/ol><\/li><\/ol><ul><li style=\"list-style-type: none;\"><ul><li>$100, $99 OR $97<\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\">If the value of one of your products was $100 \u2013 would you offer it as $100?\u00a0 OR, are you better to market your price just under $100? Many studies have investigated this pricing psychology and you have more than likely seen this for yourself.<\/p><p style=\"padding-left: 40px;\">Which price looks cheaper? Obviously the $97 pricing is the cheapest. Consider the possible extra sales you could achieve by lowering your price by $3. The psychology of offering one-digit difference is huge.<\/p><ul><li style=\"list-style-type: none;\"><ul><li><strong>Bundling<\/strong><\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\">Bundling is about adding value by combining your offerings into one added value pack. For example, one of your services maybe a \u201cCasual Coaching Session\u201d of 1 or 1.5 hours. Let\u2019s assume that the price of this service is $100. What can you do to\u00a0<em>improve the value<\/em>\u00a0of this session for a prospective client?<\/p><p style=\"padding-left: 40px;\">You can consider including one sample bottle of essential oil (self-care), or a recipe booklet (health and wellness), a free membership to your paid online mastermind community (business), or free access to your 5-day challenge (any type of coaching).<\/p><p style=\"padding-left: 40px;\">There are plenty of products you can merge to create added value. Consider then whether:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>To keep your price at $100, OR<\/li><li>Increase your rates from $100 to $120 or $140.<\/li><\/ul><\/li><\/ul><ul><li style=\"list-style-type: none;\"><ul><li><strong>Discounting<\/strong><\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\">Whilst discounting your product or service may initially create new enquiries for you, it\u2019s not recommended long-term. In most cases, discounting not only hurts your own business but can also negatively impact your industry. Lowering pricing can place expectations to the market that these particular services can be purchased regularly at lower prices. Or worse, some savvy customers may dismiss considering you all together because you seem too cheap!<\/p><p style=\"padding-left: 40px;\">Discounting your pricing sends a negative message to the\u00a0<u>market<\/u>\u00a0that:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>You are a struggling business<\/li><li>You don\u2019t value what you offer<\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\">Discounting your pricing sends a negative message to your\u00a0<u>potential clients<\/u>\u00a0that:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>You aren\u2019t adequately qualified or experienced<\/li><li>You don\u2019t value your time so they shouldn\u2019t either<\/li><li>Don\u2019t underprice the value your skills, time and energy can provide to others<\/li><\/ul><\/li><\/ul><\/div><\/div><p><em>[Copyright, MindBodyFood Institute, 2017-2023. All rights reserved. Not be used or reproduced without written permission.]<\/em><\/p><p>\u00a0<\/p><p><strong>Ultimately there are many considerations when determining your pricing.<\/strong><\/p><p>We take you through all of the considerations when starting a new holistic coaching or wellness practitioner business so you can lay the right foundation and strategy that works best for you, offering the kind of authentic service and value that best represents you.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0693294 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0693294\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f17cfa4\" data-id=\"f17cfa4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-899fb8d elementor-widget elementor-widget-text-editor\" data-id=\"899fb8d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Featured image by <a href=\"https:\/\/unsplash.com\/@amyhirschi?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener\">Amy Hirschi<\/a> on <a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener\">Unsplash<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4859a147 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4859a147\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5644bb98\" data-id=\"5644bb98\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-197e18b4 elementor-widget-divider--separator-type-pattern elementor-widget-divider--no-spacing elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"197e18b4\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\" style=\"--divider-pattern-url: url(&quot;data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; preserveAspectRatio=&#039;xMidYMid meet&#039; overflow=&#039;visible&#039; height=&#039;100%&#039; viewBox=&#039;0 0 117 26&#039; fill=&#039;black&#039; stroke=&#039;none&#039;%3E%3Cpath d=&#039;M3,1.5C5,4.9,6,8.8,6,13s-1.7,8.1-5,11.5C0.3,21.1,0,17.2,0,13S1,4.9,3,1.5z M16,1.5c2,3.4,3,7.3,3,11.5s-1,8.1-3,11.5c-2-4.1-3-8.3-3-12.5S14,4.3,16,1.5z M29,1.5c2,4.8,3,9.3,3,13.5s-1,7.4-3,9.5c-2-3.4-3-7.3-3-11.5S27,4.9,29,1.5z M41.1,1.5C43.7,4.9,45,8.8,45,13s-1,8.1-3,11.5c-2-3.4-3-7.3-3-11.5S39.7,4.9,41.1,1.5zM55,1.5c2,2.8,3,6.3,3,10.5s-1.3,8.4-4,12.5c-1.3-3.4-2-7.3-2-11.5S53,4.9,55,1.5z M68,1.5c2,3.4,3,7.3,3,11.5s-0.7,8.1-2,11.5c-2.7-4.8-4-9.3-4-13.5S66,3.6,68,1.5z M82,1.5c1.3,4.8,2,9.3,2,13.5s-1,7.4-3,9.5c-2-3.4-3-7.3-3-11.5S79.3,4.9,82,1.5z M94,1.5c2,3.4,3,7.3,3,11.5s-1.3,8.1-4,11.5c-1.3-1.4-2-4.3-2-8.5S92,6.9,94,1.5z M107,1.5c2,2.1,3,5.3,3,9.5s-0.7,8.7-2,13.5c-2.7-3.4-4-7.3-4-11.5S105,4.9,107,1.5z&#039;\/%3E%3C\/svg%3E&quot;);\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-147f6bfa elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"147f6bfa\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-619ed4b7\" data-id=\"619ed4b7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2eebd257 elementor-widget elementor-widget-heading\" data-id=\"2eebd257\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Author:\n<br>Viki Thondley<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-44088af2\" data-id=\"44088af2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1814fba5 elementor-widget elementor-widget-text-editor\" data-id=\"1814fba5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Viki Thondley-Moore is an Integrative Holistic Counsellor, Brain-Based Coach, Clinical Hypnotherapist, Mind-Body Somatic Practitioner, Wellness Coach, Meditation Teacher, Educator and Disordered Eating Specialist. Viki is founder of <a href=\"http:\/\/www.mindbodyfood.net\/\" target=\"_blank\" rel=\"noopener noreferrer\">MindBodyFood<\/a>\u00a0and Founder\/Director of the\u00a0<a href=\"https:\/\/www.mindbodyfoodinstitute.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">MindBodyFood Institute.<\/a><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A lot of new Holistic Life Coaches, and Health &#038; Wellness Practitioners struggle with setting their pricing and deciding whether to publish their fees on their website or 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