How to Set Your Rates and Create Coaching Packages

Pricing and designing coaching packages are two things that you need to consider when starting a successful coaching business. The way you charge your services does not only affect your income but also shows the value you have to offer to your clients. In this guide, we are going to look at how to price your services and design coaching packages that are appealing to your target market and at the same time uphold your professional integrity.

Understanding the Basics of Setting Rates

Know what is involved in pricing your coaching services before you decide on your rates. Your prices must be able to show the worth of what you are providing as well as competitive in the market.

These are the main points to remember when determining your rates:

Your Expertise and Experience

The amount of expertise you have also determines the prices you can set. In case you are a skilled coach and have many years of success in assisting clients to attain their objectives, you will be able to charge higher fees than a novice. You should also charge at a rate which reflects your experience and outcome you offer.

Market Research

Conduct market research to find out what other coaches within your niche are charging. This will give you an approximate idea of the cost of coaching services. Nevertheless, do not simply do what everyone is doing, but think about your unique value proposition. When you provide something that people do not, you can afford to charge more.

Target Audience

Think about your target customers and how much they are ready to spend. Your pricing strategy will depend on the financial power of your target audience. As an example, corporate clients can be ready to pay higher than those who want to be coached personally.

Time Commitment

Your time is valuable. Consider the amount of time you will be dedicating to each coaching session as well as any extra time you may need to prepare, follow-up and do administrative tasks. This will assist in making sure that your rates are matched with the time and energy you spend on each client.

Different Pricing Models for Coaching Services

Coaches can apply different pricing models, and it depends on the business style, audience, and the kind of coaching offered.

Some of the most frequent pricing models in the coaching market are mentioned below:

Hourly Rates

The easiest pricing model is charging by the hour. You charge a definite rate per hour of coaching. It is a typical model that is applied when doing one-on-one coaching, and it is suited to a client who requires occasional coaching.

Package Pricing

Package pricing is where a certain number of sessions are sold at a fixed price. As an example, you can provide 5, 10, 20 sessions of coaching at a lower price than the hourly one. This model encourages long-term engagement with clients.

Subscription-Based Pricing

The subscription pricing model enables the clients to pay monthly fee to receive coaching services. This model is fantastic when your clients require constant support and it is a source of predictable revenue to you as a coach.

Retainer Fees

A retainer is a monthly fee paid on a fixed number of services, e.g. a fixed number of calls or coaching hours per month. This model is often used for high-level executive coaching.

Creating Coaching Packages

A properly organized coaching package will make your services more attractive and give the clients a feeling of value.

Below are the steps to create your packages:

Define the Core Offer

Begin by determining what you are going to offer as a core coaching service. An average coaching session may include a phone call, email support access, and a post-plan. Your core offer must add sufficient value to your clients in order to enable them to attain their objectives.

Decide on the Duration and Frequency

Consider the duration and frequency of your coaching sessions. Will they require weekly sessions or they can reserve bi-weekly or monthly sessions? This is an essential part of your package structure.

Offer Additional Support

A lot of clients appreciate the support that is provided between the sessions. Your packages can include email or text support, worksheets or resources. This added value can make your packages more attractive.

Tiered Packages

Another option to consider is providing packages at varying prices to reach more people. This may involve a standard package to clients that require occasional coaching, a middle level package to clients that require more assistance and a high-end package to clients that require in-depth and continuous coaching.

Add Bonuses

You can also give bonuses to your coaching packages to make them more attractive. It may be additional sessions, a complimentary consultation, or a special workshop or online course.

How to Communicate Your Rates and Packages

After identifying your rates and designing coaching packages, you should make them known to your potential clients.

Here are some tips for presenting your services effectively:

Be Transparent

Always be clear and upfront about your pricing. Make sure that the prospective clients know what they are paying and what they will get out of it. This helps build trust and avoids confusion.

Highlight the Benefits

Instead of talking about the number of sessions, you should provide the outcome your clients can achieve. Testimonials and case studies will show how your coaching packages can assist other people to accomplish their objectives.

Offer Payment Plans

You can also consider giving flexible payment plans to allow more people to access your services. This may involve paying on instalments or providing pay-per-month option on longer packages.