Typical Life Coach Podcast
Ep #28: How much should I charge for coaching?
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Daneil Ek, the Swedish tech entrepreneur who founded Spotify was struggling in the early 2000s during the digital music era and the emergence of online platforms offering pirated or stolen music.
He had a vision for a business model that would allow a streaming service to pay record companies through advertising, but no record company would listen.
This is similar to the journey of life coaches and their struggles in the beginning.
Main point: coaches mostly sell their coaching by the session (hourly) or by the package.
Do not sell by the hour, it's about the commitment.
Sell by the package based on what the client wants to accomplish.
Check out "Typical Life Coach Podcast Episode 12 STOP Selling Sessions!" for more information.
Take the major step of saying "This is how I run my business."
Be a professional coach, clients are looking for a leader.
Everything you do should be in service to the client.
Clients might want to pay per session, but it's not in service.
Two options for charging, especially if you're earlier in your journey:
Option 1: Decide on a general fee for the amount of time you put in.
Example: $500 a month for 3 1-hour calls a month for 6 months.
Remember to believe in your worth as a coach, the more you coach the more you believe in your worth.
Make it easier for clients to sign up.
Option 2: Charge more based on the outcome or vision worth.
Example: Charge $3,000 to $4,000 a month, and never lower fees.
The people who come into your world will eventually be leveled up, do you have the patience?
John has tried different charging options, from making it easy to standing firm in higher fees.
Truth: what got you to this level is exactly what will keep you from reaching the next level.
Currently, coaching packages start at $20,000 with a commitment of $1,000 per hour.
Clients are people working on big things, so it's worth it.
The benefits of higher fees:
You make more money for the time you put in.
The level of commitment from the client increases and so does yours.
You get clients who are not struggling financially, allowing you to start from a higher place in their evolution.
Truth: "No matter what I charge, it's never enough."
Insight is priceless and lasts forever.
Truth: "You want to be coaching."