3 Incredibly Simple Strategies For Pricing Your Health Coaching Program
The Kick Off
Hey there, fellow health coaches! Are you ready to learn the best ways to price your coaching programs? We’re here to share with you our top 3 incredibly simple strategies to help you set a fair price that aligns with your goals and values as a professional.
We have asked some of our Flowell mentors to chime in and spread their wisdom around this topic. You will also hear from Flowell’s very own Paula Fournier, Success Specialist and private practice owner!
We’ve seen many new coaches struggle with pricing their programs. It can be tough to know where to start, especially when there are so many factors to consider. But fear not, my friends! With these strategies, you’ll be able to confidently set your coaching fees and start building your coaching business.
1.Know Your Worth and Stay True to Yourself
Know your worth and stay true to yourself! That is first and foremost. It’s essential to recognize the value of your services as a health coach. You have a unique skill set that you’ve worked hard to develop, and you should be compensated fairly for it.
However, it’s also crucial to stay true to yourself and not try to follow in other coaches’ footsteps. It’s tempting to look at what other coaches are charging and set your prices accordingly, but that’s not always the best approach. Every coach is different, and you need to find a pricing structure that works for you and your clients.
Take some time to reflect on your values, your goals, and the services you offer. Consider the time and effort you put into each session, as well as any research or correspondence outside of 1:1 coaching sessions.
Once you have a clear understanding of your value, it’s time to set your pricing structure. One common method is to charge per hour or per session. However, you may find that charging a flat fee for a program works better for you and your clients. Whatever you choose, make sure it aligns with your values and goals.
2.Determine Your Hourly Rate
Strategy #2. Are you ready??
This can be a challenging task, as there are many factors to consider. You want to make sure you’re charging a fair price while also accounting for your time spent with clients 1:1, researching, and corresponding outside of coaching sessions. This is Paula Fournier’s number one tip for new coaches.
Now, let’s reverse engineer determining your hourly rate:
- Start by figuring out how much money you want to make per year. Then, divide that number by the number of hours you want to work per week, keeping in mind that you’ll need to account for time spent on administrative tasks and marketing your coaching business.
Let's say you want to make $100,000 per year, work 30 hours per week, and coach a maximum of 10-15 clients per month.
To keep things simple, we'll assume that each coaching session is 1 hour long, and you spend an additional 30 minutes outside of sessions communicating with each client via email or text.
To determine an hourly rate, we'll divide your annual income goal of $100,000 by the number of hours you want to work per week (30) and then by the number of weeks in a year (52).
$100,000 ÷ 30 hours/week ÷ 52 weeks/year = $64.10 per hour.
So, you would need to charge at least $64.10 per hour to reach your income goal.
3.Set Realistic Goals for the Number of Clients You Want to Work With
The final strategy is to set realistic goals for the number of clients you want to work with. It’s easy to get caught up in the idea of working with as many clients as possible to make more money, but that’s not always the best approach.
Take it from us, working with too many clients can lead to burnout and may affect the quality of your coaching sessions. That is a BIG no-no. We never want to sacrifice quality for quantity. It’s important to find a balance between the number of clients you work with and the amount of time and energy you have available.
To set realistic goals for the number of clients you want to work with, consider how much time you can realistically devote to each client each week. Take into account the time you’ll spend on research and correspondence outside of coaching sessions, as well as any administrative tasks.
Once you have a clear understanding of how much time you can devote to each client, you can set a realistic goal for the number of clients you want to work with. Remember, it’s better to work with a smaller number of clients and provide high-quality coaching than to work with too many clients and sacrifice the quality of your coaching.
It’s also important to consider your overall business goals. Do you want to focus on building a larger client base, or do you want to work with a smaller number of clients at a higher price point?
Decisions, decisions…Also, remember that there is no wrong answer here. This is your business. Each approach has its benefits and drawbacks, so take some time to think about what works best for you and your coaching business.
Let’s not forget to calculate your business overhead!
This little bonus tip is not so little. Many new coaches often neglect including their overhead costs into their pricing strategy. You may find that you need to raise your prices over time as you gain more experience and build a larger client base. Alternatively, you may need to lower your prices to attract more clients or to better align with market demand.
Remember, pricing your coaching program is not an exact science. It’s a balancing act between your financial needs, your value as a health coach, and the needs of your clients. By staying true to yourself, determining your hourly rate, and setting realistic goals for the number of clients you want to work with, you’ll be well on your way to building a successful coaching business.
The Wrap-up
Pricing your coaching program can be a daunting task, but it’s an essential aspect of building a successful coaching business. By following these three simple strategies and one bonus tip, you’ll be able to set a fair price that aligns with your values and goals as a health coach.
Remember to stay true to yourself, determine your hourly rate, and set realistic goals for the number of clients you want to work with. With these strategies in mind, you’ll be well on your way to building a thriving coaching business that helps clients achieve their health and wellness goals.
