When it comes to pricing your services and training packages, location may not be the first thing that comes to mind. However, there are many other factors that can influence how much you charge for your program. If you're going to invest the time and effort into creating a series of courses and optimizing them to help your students grow, then it makes sense to set a price that reflects the value of your program. Generally, this is a single fee for the entire six-month training plan.
My clients pay a fixed amount each month for a package of benefits that includes a certain amount of training time. Additionally, if you charge by the hour, people will have an easy way to compare you to other coaches who charge by the hour, which is an unfair way of deciding who to hire. If you're looking to attract customers, these additional services may be an advantage and you can use them to make your program more attractive. If you have already created an outline or plan for your training package based on previous chapters, keep it handy so you can easily refer back to it when answering the following questions.
YOUR ACTION: Make a list of the benefits and reasons why you should carry out your next training program. Below, I provide an approach to pricing, examples of my own prices, and other ways of setting prices that coaches have shared with me. Some coaches, usually those who are newly certified, charge by the hour for training time, usually for the duration of the contract. After going through this process and gaining more students, your online education program will become an efficient system that will deliver excellent results. I was fortunate enough to attend a class on pricing during my MBA program at the University of Chicago, taught by Nobel Prize winner George Stigler. As an expert in coaching and pricing services, I recommend taking into account several factors when setting up your 3-month coaching program.
Firstly, consider the location where you will be providing your services. If you are offering online coaching sessions, then you don't need to worry about geographical location. However, if you are providing in-person sessions then you should factor in travel costs and other expenses associated with providing services in different locations. Secondly, consider the type of services that you will be providing during the 3-month period. Will you be offering one-on-one sessions or group sessions? Will there be any additional services such as access to resources or materials? All these factors should be taken into account when setting up your pricing structure. Thirdly, consider how much time and effort you will be investing in each session.
If you are offering one-on-one sessions then it is likely that each session will require more time and effort than if you were offering group sessions. This should also be taken into account when setting up your pricing structure. Finally, consider how much value your clients will get from your 3-month coaching program. This is an important factor as it will help determine how much you should charge for your services. Consider what skills or knowledge they will gain from working with you and how this will benefit them in their lives or careers. In conclusion, there is no one-size-fits-all approach when it comes to pricing a 3-month coaching program.
It is important to take into account all the factors mentioned above when setting up your pricing structure in order to ensure that you are charging a fair price for your services.
