The Ultimate Guide To Coaching Prices & Packages
How to Packages Your Services & Set Your Coaching Prices to Rapidly Increase Your Income & Impact
The following story has appeared in different places across the internet. Sometimes it’s shared as a joke and sometimes it’s presented as a cautionary tale:
This story accurately captures what most people think of when they think of sales and business, pricing and offers, and everything else that’s related…
At some level they think it's sleazy.
Yes, selling and pricing can be tricky, but here’s the thing -- it’s a make or break element in your coaching business.
The truth is, if you don’t package and price your services in the right way, it could mean the end of your business…
And it will probably happen sooner rather than later!
Due to the nature of work coaches do — that is, adding value to the life of the audience by helping them lift themselves to a better place — many coaches forget about the importance of the right pricing.
When this aspect is ignored, the entire process becomes less sustainable, and soon, many talented coaches move away from coaching. But all it took was to plan for and select the right way to present your services.
This Ultimate Guide is designed to help you grow a super successful coaching business.
You’re going to learn exactly how to package your services and set your coaching prices, so you can perform at your highest level with every single client and in every single coaching session…
And when you know the art of pricing and packaging, you’ll quickly achieve your highest potential both in terms of profit and potential without hitting burnout.
Isn’t that awesome? Let’s get started!
The (Ugly) Truth About Coaching Sessions
Types Of Coaching Packages You Need To Know About
Your Game-Changing Coaching Package Template
Sample Coaching Packages From The Real World
Strategies On Coaching Prices & Fees
Start Creating Your Coaching Packages
The (Ugly) Truth About
If you’re serious about building a successful coaching business and making real transformations happen for your clients, you need to step away from individual and one-off coaching sessions as quickly as possible, so you can start to offer coaching packages instead.
Individual coaching sessions are based on the “dollars for hours” business model and what this means is you can only coach and charge for the number of hours where you are physically present at a coaching session – no more than that.
This can only take you so far if you want to create a reliable income in your business and sooner or later it will lead to disillusionment and burnout. As a coach, that will impact both your life and your work.
Essentially, individual coaching sessions are a massive obstacle for coaches who dream of growing their business exponentially and in a way that is highly impactful, sustainable, and profitable.
Think about it like this...
We all have 24 hours at our disposal every day and more than half of those hours go to doing things that have nothing to do with coaching.
You spend hours each day sleeping, eating, spending time with loved ones and ticking to-do’s off your list like buying groceries, cleaning the house, taking the dog for his annual visit to the vet… and on and on it goes.
This leaves you with less than 12 hours a day and even if you set yourself up to take on coaching clients throughout the day in back-to-back sessions (and this is definitely NOT what you want to do because it’s unsustainable, not to mention damaging to your mental, emotional and physical wellbeing), there are only so many clients you can coach before you hit a very real, immovable income ceiling.
Here’s the thing…
No matter how much you love being a coach, it’s important to experience life outside of your work. Living a full life, which includes interacting with more people, will bring more depth, skill, and purpose to your work.
This is true no matter what your niche happens to be.
Whether you’re a business coach, health coach or life coach, being a truly great coach is about understanding people on a deep level and it’s about building trust in your relationship with your audience, followers and clients. This is a skill that is naturally and organically sharpened and honed as we live life out in the real world.
There are coaches who help people to attain a sustainable work-life balance. So, it is only natural that you, as a coach, need to focus on yourself. Not only does it give you breathing space to compose your thoughts but also helps you attain greater performance, effectiveness, and productivity.
Living a full life -- a life that consists of doing things and being with people outside of coaching – helps you become the best version of yourself as a coach…
And as a human.
Before you dive deeper into this Guide, it’s good to get clear on your overarching income and personal goals and targets for your coaching business. This way, you can ensure your coaching prices can meet your expectations.
If you’re an experienced coach and you’ve already identified your goals, it’s still a good idea to revisit and possibly rethink and rework your goals so they’re in alignment with your current wants and needs.
Answer the following questions:
Why do you want to grow your coaching business?
Why do you want to create a positive impact on the world?
What is your current “head above water” monthly income goal?
i.e this is the amount that allows you to pay the bills and get by but with not much left over for fun extras like having dinner out on a regular basis
What is a comfortable monthly income goal for you?
i.e this is the income that allows you to easily pay the bills and have some cash left over for little luxuries like a great vacation a few times a year
What is your out-of-this-world-awesome monthly income goal?
i.e this is your stretch goal where you never have to worry about money and there’s more than enough left over for living the life of your dreams and this could include luxury vacations, a great home by the beach etc
Types Of Coaching Packages You Need To Know About
Now that you know there are serious drawbacks to offering just individual and one-off coaching services, it’s time to learn how to create coaching packages your ideal clients can’t get enough of!
Coaching packages can be irresistible to your ideal clients because they provide laser-focused clarity: your clients will understand what they can expect and the results they can look forward to when they choose to work with you.
Here’s an example of how that works…
Imagine that you’re looking for a health coach to help you lose weight and get fit, and you come across 2 coaches. Which of the following would you choose?
Most people will pick Coach B and it’s because the offer is crystal clear and potential results are outlined in a way that is easy to understand…
That’s the power of a clear, defined coaching package.
When you know how to create transformational coaching packages, you will:
Types of Coaching Packages
First thing to know as you begin designing a coaching package is that there are 2 key package frameworks to look at:
Package Framework Type #1: Single Result Package
This is a laser-focused package that is about helping your client achieve a specific result in a specific timeframe.
For example, if you’re a business coach, your package framework could be designed to help your client grow their audience by 10% in 2 months.
Type #1 packages are usually offered at a higher price point than Type #2.
Package Framework Type #2: Continuous Results Package
This is an open-ended, general coaching package where you provide ongoing support for your clients as they move forward in their life and work. These packages are designed to stretch out over a longer period of time such as 3 or 6 months or even longer.
For example, if you’re a business coach, your continuous results package might be around helping your client grow their customer base and their revenue over a 12-month period.
How To Choose Your Package Framework
It’s important to know that there’s no “right” or “wrong” when it comes to choosing a package framework for your business. A lot of coaches believe that the type of coaching package they choose depends on their niche but that’s not true.
Arriving at the right package framework might take some experimentation at first. As you become more familiar with your audience, you may want to change your package deliverables along the way.
However, when it comes to choosing Type #1 versus Type #2, it’s usually best to go with what you enjoy doing as a coach.
If you prefer structured coaching, go with Type #1 and if you prefer going with the flow when you coach, choose Type #2.
If you’re open to working with both frameworks, consider offering a “mix and match” option where your clients can start with a single result package and then move into a continuous results package for ongoing support.
This brings the focus to your audience, as they see you scale up with their progress. Such a process helps in your audience identifying and commending the attention that you give them as a coach.
In this chapter, we explored the power of defining what you do as coach and you were also introduced to 2 key types of coaching package frameworks.
Now it’s your turn…
Fill in the blanks to get crystal clear on what you do as a coach, then answer the questions below so you can have a better idea of the type of coaching package framework that you’re drawn to.
Identify Exactly What You Do
To complete this exercise, you need to know:
- Your ideal client – essentially the type of client that you want to work with
- Your area of expertise/niche
- How you want to help your ideal client
Fill in the blanks to uncover and identify exactly what you do as a coach:
I am <insert your title> who helps <insert your ideal client> to <how you help> so they can <their outcome or result>
Example: I am <a writing and copywriting coach> who helps <sensitive, spiritual entrepreneurs> to <write for their business in a way that’s aligned with their values> so they can <authentically offer their products and services and quickly grow a purposeful, profitable business.>
Coaching Package Framework
Do you love structured coaching (Type #1) or go-with-the-flow coaching (Type #2)?
Do you like building deeper relationships and working with a client for longer periods (Type #2) or do you prefer creating results quickly and then moving on to the next client (Type #1)?
Do you see yourself as a result-based coach (Type #1) or a long-term guide and ally to your clients (Type #2)?