Pricing your programs/offerings is often confusing for ‘transformational’ entrepreneurs such as coaches, healers and other service-based professional. Here’s the first tip — it has nothing to do with how your colleagues price their programs or how your competition prices their offerings!! Pricing has less to do with competition but more to do with how you VALUE your services! (YUP – it could be that you have some beliefs about money that are keeping you underpaid for your services!!).
Mindset aside, how do you go about pricing your services? First thing I’d like you to consider is to STOP working by the hour. Getting paid by the hour is very limiting — there are only so many hours in a week and this places a ceiling on how much you can get paid! A better way is to create a Signature Program/Offering (more about this in a later post) and to price this Program/Offering so that you are paid for the overall ‘value’.
Here’s a couple of factors to consider. Choosing a pricing strategy should never be random — when people decide to invest in themselves, they are investing in the results they will get through you!
1. Brainstorm then write down the RESULTS that your dream client gets from doing work with you. Can you start to put a dollar value to that ‘transformation’? Start with your best guess.
Transformation Value $$ = ___________________.
2. Consider your expertise and your training. Did your certification cost you dollars; years of training; skills set acquired, etc.? As a coach, I say that my 30 years of expertise has a dollar value; i.e. 30 years x $10,000 per year = $300,000; never mind the thousands of dollars I’ve invested in coaching, training and skills learning!
Expertise & Training Value $$ = ______________.
3. What does it cost you to run and operate your business yearly? Convert your expenses to a monthly number.
Average Monthly Business Costs $$: __________________.
4. How much money do you want to attract to your business each year, excluding expenses?
Attraction $$$ excluding expenses: ___________________.
5. How many clients do you think you can serve during the year? Remember, you’ll need to consider time to not only serve the clients but to marketing, create content, to work ON your business. How many hours of time will that require? _________
Now look at your Attraction $$$ and divide by the number of clients you’d like to serve.
That will give you the Minimum Investment Level for Clients to work with me $$: _________________.
These are just some of the considerations in order to price your programs/offerings for the balance of the year.
If you have other suggestions, post them in my FB Group – Grow, Prosper, Succeed!