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Pricing your coaching can feel
like one of the hardest parts
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of building your business.
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You don't want to charge too much
that nobody buys, but you also
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don't wanna charge too little that
you are undervalued, and you really
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don't want to put people off.
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So you end up somewhere in the
middle, hoping it feels just about
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right, and often that is where things
can start to feel really difficult.
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If we haven't met before, I'm
Jo Lott, a business coach, and
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I help qualified coaches get
clients with honesty, not hype.
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I've helped hundreds of people
to grow their business now, and
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really excited to help you today.
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I'm fairly new on YouTube, so I
would really appreciate if you hit
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subscribe and like this video, and
even bonus points for commenting.
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It would be so, so appreciated.
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And at the moment, while I'm new, in
my first month on YouTube, I will do
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a draw, so anyone that has commented
and liked and subscribed, I will
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add your name to a hat and do a draw
for a one-on-one session with me.
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So do hit like, subscribe.
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I will really appreciate that.
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In this episode, I want to talk
about pricing your coaching services,
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how to think about it, but also
how to make it sustainable for you.
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We'll also talk about how to move away
from guessing what your price should
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be to making something so much clearer
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Pricing can feel really hard
for a few different reasons.
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One is confidence.
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Maybe you're asking yourself,
"Am I worth this price?
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Will people really pay this?
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And what if they say no
or think I'm greedy?"
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And the second is a lack of clarity
because your offer isn't fully clear, and
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therefore pricing becomes really hard.
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So instead of being grounded in
something useful, it can become a
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bit like guesswork So here's a way
you can start somewhere practical
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with your actual numbers and goals.
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One of the biggest shifts for me
was understanding what I actually
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needed to generate in my business.
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So let's say, for example, you want to
make 5,000 pounds a month, and you're
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charging 250 pounds per client per month.
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That means you need 20 clients to
reach your goal, and when you see
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it like that, you can start to ask
different questions such as, "Do I
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want to work with 20 clients at a time?
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Do I have the capacity for that?
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Is that the sort of
business I am building?"
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And sometimes the answer to these
questions is no, and that is
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where pricing becomes a design
decision, not just a number.
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So if instead you were charging 1,250
pounds per client per month, you
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would only need four clients to reach
that same 5,000 pounds per month,
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and therefore everything changes.
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Less time in your calendar, less pressure,
more energy for each client, and often
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better results for those clients as well.
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And this is where I think pricing
becomes really interesting because
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it's not just about what you
charge, it's about how you want your
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business to feel and how you want to
position yourself in the marketplace.
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This doesn't mean you can just charge
more without changing anything else,
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because higher prices need to be
supported by a clear and valuable offer.
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And this is where many coaches get stuck
with going in with super high prices.
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But maybe you haven't got the proof yet,
or your messaging clear, or the value
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isn't obvious, so it feels harder to sell.
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So this is where I would
bring in a simple structure.
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Three things to focus on here.
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So the first is to clarify your promise.
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So who do you help?
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What do you help them with?
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And what is the result
that they actually want?
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Once this offer promise is clearer, it's
easy for them to see the value, and it's
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easy for you to price on that value.
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Second, create your package.
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So what does the journey
actually look like?
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What are you helping them move through?
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And what support do they get
in terms of logistics as well?
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You might also want to consider how this
is different from other options they
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might be considering at the moment too.
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And the third one is to choose your price,
and this is where you're going to look at
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the value of the results that we talked
about earlier, your time and your energy.
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Your business model as to whether
you're offering one-on-one, membership,
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group, what that looks like.
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Then you are going to test it and be
committed to refining it as you go.
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You don't need to get
perfect straight away.
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You can raise your prices as
your confidence grows and as
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your proof compounds as well.
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This is how I've done it in my business,
and I've just gone up little by little,
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maybe 250 pounds per time while my
confidence has grown and as I've
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gathered more case studies from clients.
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So it's a really great way of doing
it for your nervous system as well
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because you don't get to that place
where you've tried to have this big
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hike, therefore you don't want to show
up and market your business anymore.
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So go easy with all of this.
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It is an internal thing as
well as an external one.
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Because underneath all of this, there
is that deeper shift which is moving
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from what will people pay to what
is this actually worth, and what
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kind of business do I want to build?
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When you say the first question,
you tend to underprice.
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When you move into the second
question, you start to build
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something more sustainable for you.
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For me, this has always been really
important because I have super limited
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hours, school hours only, which is
essentially four hours a day, and term
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time only as well, which has meant my
time is really limited, so my pricing and
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business model has grown to support that.
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Little by little, I didn't
start doing group work.
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Usually, you need to do one-on-one
to build that audience and build that
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momentum, but eventually it is possible
for you to really think about what you
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need to grow your business sustainably
and make it work for your life.
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A few things I see often are charging
low prices to feel more comfortable,
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trying to compete on price, I would
never recommend that, avoiding talking
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about results that you can provide to
people, and keeping the offer too vague.
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All of these make pricing
harder, not easier.
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So if pricing has been something
you have been unsure about,
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let's bring it back to this.
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What do you want your business to generate
in terms of income, and how many clients
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do you actually want to work with?
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Now ask yourself, how can
your pricing support that?
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Because pricing isn't just a
number, it's really part of
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your business design as well.
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If you would like more support with this,
I have a blog post which breaks this
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down in way more detail on my website.
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I will share the link in the
description or the show notes below.
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And thank you for being here today.
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I hope this was helpful, and like I
always say, trust yourself, believe
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in yourself, and be the wise gardener
who keeps on watering the seeds.
