Transcription
So, let me ask you something. You've decided what you want to charge for your coaching. You've even written the number down. And then, you can't bring yourself to say it out loud or even put it on your website or tell a potential client what it actually costs to work with you. Does this situation sound familiar?
Hi, I'm Christy Mims, the founder of Coach Pony, and we've helped over 30,000 coaches build profitable coaching businesses. So, trust me when I say you are not alone. Pricing your coaching is one of the hardest things that new coaches do. Not because there's some sort of like secret formula that's hidden from you, but because it is deeply, uncomfortably, personal. You are asking people to pay for you, and that is terrifying.
Here's the thing though, you can set your price to be almost anything. Whatever number you're afraid to say out loud, well, there's already a coach in your niche charging that, and a coach charging half of that, and one charging twice as much. I've literally seen thousands of coaches pricing. High end, low end, and everywhere in between. The market is big enough for all of it. And the good news is that your price is not static. It's not a one-time decision that you have to live with for the rest of your life. You can change it anytime that you want, which I hope will take some of the stress off of you and let you set a price that works for your business today.
So, in this video, I'm going to walk you through a full guide on how to price your coaching sustainably, smartly, and in a way that you can actually stand behind. So, with that, let's get into it. Pricing for the long run. Let's start with the biggest mistake that coaches make when it comes to pricing, and it is not charging too much. It's actually pricing from a place of fear.
So, here's what that looks like in real life. You sit down to figure out your rates, and within about 30 seconds, the gremlins show up. You know the ones. They say things like, "Who are you to charge that much?" or "Nobody is going to pay you that." or even my personal favorite, "You aren't even certified yet. How can you charge for coaching?" And so, you do what feels safe. You price low, way lower than you should, because it feels less risky. Like, if you charge $200 instead of $2,000 for a coaching package, at least nobody can call you out. But, let me be crystal clear. No healthy business is built on fear-based decisions. When you price from a place of insecurity, you are not protecting your clients. You are protecting yourself from discomfort, and that is not a business strategy. That is a survival mechanism. So, before you set a single dollar amount, ask yourself honestly, am I pricing from a place of confidence or am I pricing from a place of fear? So, that's the question I want you to consider.
Next up, let's talk about the pricing formula. So, now that we've addressed what's going on in your head, let's talk actual real numbers, because I know you came here for a real answer, not just a pep talk. So, here's the thing. There is no one-size-fits-all price for your coaching. Your coaching package price will depend on your lifestyle, your niche, your offer structure, and your goals for yourself. Remember, there's always a coach charging more than you and a coach charging less than you in the same niche. And I personally find this freeing, because it means that you can set a price that works for you. But, if you want a formula, a real concrete starting place, here's one I use with coaches all of the time.
Start by asking yourself, "How much money do I want to make in a year?" And please be honest. So, not what feels super conservative, not what feels safe, not what feels wildly unrealistic. What do you actually want and need? So, don't be wildly out of touch with this number, but do make sure it covers your costs and it's a legitimate price. So, let me give you an example. Let's say your goal is to earn $90,000 a year, which is a solid full-time coaching income. Now, I want you to ask yourself this. How many private coaching clients can I realistically serve in 1 year? So, personally, I recommend starting with 30. I know that might sound like a lot or like too little, but here's the math behind it. 30 clients over 12 months is only two to three new clients a month, which is a very achievable number even for coaches who are just getting started. And honestly, it's actually a conservative estimate. You can work with more people. But, if we go back to 30 clients a year, $90,000 divided by 30 clients equals $3,000 per client. That means your coaching package price should be around $3,000.
So, did you feel your stomach just drop a little? If so, that's okay. We're going to talk about that in a second. But first, here's why this formula works. When you reverse engineer your price from your income goal instead of just picking a number that feels comfortable, you force yourself to think like a business owner. You are not guessing. You are not copying what someone else charges. You are building a pricing structure that actually supports the life that you want. And you can adjust the variables. Maybe you want to make $120,000 a year. Maybe you only want 20 clients or less. Maybe you have a group program that changes the math entirely. So, that's completely fine. The point is to do the math. Get out of the vague guessing zone and get into real data that will support you. Because here's what I see all of the time. Coaches who price at $500 or $600 a package or $50 an hour wonder why they're exhausted and not making money. And then, when we sit down and run the numbers, the answer's always the same. They would need 150 or 200 clients a year to hit their income goal, and that's not a coaching business one-on-one. That's a fast track to burnout. So, do the math once, set a price that feels good, and build your business that way.
Okay, I have some tough love for you. Here is the part where I have to tell you something that you might not want to hear, and please know I say this with love. Your price should make you a little uncomfortable. I tell this to my Builderal business students all of the time. When setting your coaching price for the very first time, or raising it for the first time, it's supposed to feel like a stretch. Not terrifying, to be clear. Not so high that you literally can't say it out loud, but it should feel like a little bit of a stretch. Because if your price feels completely safe and completely comfortable, it's probably too low. You've defaulted to what your gremlins have approved for you. And your gremlins, bless their hearts, are not running a profitable coaching business. The goal here is to find the sweet spot. The number that makes you think, "Okay, that's a little scary, but I can say it." That's the number. That is your price.
And to be clear, my very first price scared the crap out of me. I charged my first client $2,000 for a 10-session coaching package, and I had to walk around my apartment endlessly saying it out loud over and over again, so that my voice wouldn't shake when I shared it with prospective clients. And doing that work, because the first time I shared it, my client said yes. So, here's something I want you to notice. When you set a price you're proud of, even if it makes you uncomfortable, something really shifts. You show up differently to sales conversations. You pitch differently. You coach differently. Because you are no longer apologizing for your value from the very first conversation, and clients feel that. They really do.
And here's one more thing. You will not get it perfect the first time, and that's completely fine. Remember, pricing is not a one-time decision. It evolves as you evolve, and you can change it at any time for new clients that you onboard. And as you get more experience, and more great client results, and more testimonials, your price should go up. That is how this works, but you have to start somewhere and you have to start at a number that actually supports your business for the long run so that you can stay in business. So please take the formula and use it. Do the math. Find the number that makes you just a little bit uncomfortable but in the best possible way. And then say it out loud. Say it to your mirror. Say it to your best friend. Say it to your very first potential client. Make progress on your business by setting a price that actually works for the long run. And I just want to say congrats for doing this work. Seriously, you've done really well.
Let's do a quick recap. Stop pricing from fear. Do the math with the formula to set a price that will sustain you and your business and find a number that makes you just a little bit uncomfortable in the best possible way. So that's all I've got for you today on pricing, but now that you have a price, you probably want to find some clients to pay you. So go right now and grab my free blueprint all about how to find a paying client in the next 14 days. Yes, 14 days it can be done. I'll put the link right below this video so you can grab it. And in the meantime, I am cheering you on. You are doing great.