How to price your coaching services
I enjoy hearing the stories of how someone gets into coaching. This is a new profession and there are many streams to enter the river. Working as a coach with lots of professionals from the legal world, it is obvious this is happening there as well.
Professionals often study unrelated subjects, recognise law is what they want to do and move on to a vocational course such as the law conversion course, then onto a training contract with a law firm.
The coaching profession attracts entrants with both experience and knowledge. For me it is important to develop your understanding with a balance of academic rigour and practical application – for example through an ILM programme. Others may choose to take an alternative route, such as an MBA and then decide to take a coaching course.
Whatever the route into coaching, identifying your value within the marketplace is something many coaches struggle with, whilst on the other side of the equation some coaches seem comfortable to let the market decide and go with the flow.
This is obviously a market decision but setting off in the business of coaching needs some careful internal thought and reflection.
Here are a few tips on beginning the conversation with yourself on how to price your coaching services:
- Where are you as a coach? – not physically, but in terms of your mental and financial readiness?
- Financials – what sort of basics do you need to cover in order to survive?
- What sort of restrictions, if any, are you putting on your practice – and are these the right restrictions/parameters. For example – location and type of service you wish to provide.
- Values – what is it that you wish to achieve through coaching for yourself and your clients?
- How sustainable is your approach? Will this business become a business or are you there to support a particular lifestyle choice?
These 5 key questions and much more will be discussed in the ‘Planning & Pricing Your Coaching (and Mentoring) services’ CPD course.
You can read more and book your place here