In today’s guest post coach Christa Lynn Colletti looks at a topic many coaches, especially when starting out, struggle with:
Charging What You’re Worth
When starting out as a coach, it can be difficult to set your session fee. Although you have the confidence that you are meant to work with people towards greater success, actually quoting the price to them can seem daunting. If you charge too little, you undermine the value you offer and the client might have trouble taking coaching as a serious method for radical life change. If you charge too much, then you run the risk of turning away potential paying clients that you could use as hours for eventual certification. Here are some strategies to help you manage the uneasiness you might have about your fees.
Always Charge Something
If you are just starting out as a coach, always charge some monetary amount for your services, whether it be $1, $5, or $500. Pro bono hours will help you with honing your skills, but only count minimally towards certification. Also, with pro-bono coaching you might have issues with clients’ commitment to their coaching sessions; free stuff is easy to blow off. Bartering is another option and I have used it in my own practice. I currently have one client working on my logo in exchange for coaching. These hours do count as paid hours by the International Coach Federation and by bartering, you open up the option of working with clients who are greatly in need of your services but can’t pay your regular fee.
Have Conviction About the Value You Provide
When you settle on a fee, make sure it represents the full value that you feel you provide to the client. Clients who resonate with you and are serious about life change will pay your fee to work with you, but you must have conviction about your value to the client. This might mean you have to pass up some clients who can’t afford the fee and have nothing to barter with. However, if you are really interested in working with a certain client, you always have the option to work on a sliding scale.
Think About How Much People Pay for Luxury Services
If you are still unsure about your fees, think about how much money people spend on luxury services every day. By luxury I mean something that people pay someone else to do or something that isn’t necessary for daily life, yet people willingly pay these amounts every day. Here in my sunny part of Florida, USA, a massage costs anywhere from $80 to $200 per hour. House cleaning? $75 to $100 for two hours. Manicure? $30 to $50. Personal trainer? $50-$100 per hour, and the list goes on. People pay these amounts without batting an eye. How much is your potential client willing to pay for the chance to work with you to create lasting and positive change in his or her life? Think about this when stating your fees to any potential clients.
Make Adjustments Based on What Your Local Economy Will Bear
Despite all of this confident talk about charging what you’re worth, it must be tempered with consideration for the condition of your local economy. If you plan to do only face-to-face coaching with local clients, think about what people pay for luxury services in your area, and tailor it to that. However, I urge you to think bigger. Again this goes back to having conviction about the value you provide. Have national or international clients via phone call and lowering your fees won’t be an issue.
The Sliding Scale Option
I mentioned the option of a sliding scale in the beginning of my post and it’s also a possibility if you need to adjust your fees to fit your local economy. However I want to add a word of caution: Limit these generous opportunities you provide to 2-3 clients. Think of it as a special coaching sponsorship you are doing for a few select people. If the word gets out that you are flexible, people will come to you thinking they can haggle you into a better deal. How often are a consultant’s fees negotiable? What about a massage therapist’s fees or a counselor’s fee? Serious change takes a serious investment.
I hope that you find these strategies useful, and if you have some of your own, I would love to hear about them!
About the author
Christa Lynn Colletti is a professional Life Coach and the owner of Vivacious Living. Her passion lies with working with women who feel that they have been living someone else’s life. She also enjoys working with those in transition or those who feel stuck in life. Create The Life You Seek!
Find Christa on Facebook at: www.facebook.com/VivaciousLiving
Connect with Christa on Twitter at @VivaciousLiving