Last episode we talked about why every coach can (even should) be confident about charging for the space they create for their clients. “Just” being there for and with them, offering our undivided attention, helps greatly and often works wonders. However, many coaches are keen to increase their prices but don’t feel confident about it. In this episode our resident coaches Yannick & Siawash are picking up the thread from the conversation we’ve started and talking about the many factors that play into our coaching fees. Offering lots of practical advice and encouragement for coaches who are earning less than £5000/month, we’re talking you through the following list of elements that will (even should) influence and guide the kind of fees you’re charging. We’re confident that by the end of this episode you will feel compelled, and have a lot of solid reasons to increase your current fees. These are:
- Client's ROI/the value that the client is walking away with
- Market rates or what the competition (you care about) charges
- What you're comfortable with/what you can say or pitch confidently (which can be worked on/improved with practice)
- What resources the client has access to (salary, assets, savings, wealthy relatives/partners, sponsors, etc.)
- The cost of acquisition (advertising, time spend networking, writing proposals, tickets to community events, etc)
- What you've invested in your coach training/journey
- What you might earn if you weren't a coach or if you'd spend your time doing something different
- What it takes to get/keep the client really committed to the process
- How much would you like to/do you need to earn?
- Coaching experience/skills
- Time spent outside the coaching room (e.g. tendering a contract, pre-meetings with HR or managers, writing reports or emails, etc.)
- Expert knowledge, expertise or experience with what the client is struggling with (for coaches who offer guidance, advice or direction)
- How large is your niche is (the fewer coaches who can do what you do, the more you are worth)
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