How to price and package your coaching services

There are a million coaching niches, but there are only two types of coaches – those who make a living and those who don’t. It can all depend on how you price and package your coaching service.

How much should I charge? How should I package my coaching services to grow my coaching practice to five figures and beyond? Seldom wonder about these, right?

Drawing from my experience, knowing the right way to price and package your coaching services reflects professionalism in your business. It streamlines your coaching process and, at the same time, can help you largely beat your competitors.

Our team discovered that, during pricing, you are just picking a number, but that determines the pace at which your coaching business grows. And the good news is that you can change that number!

There are several factors that determine the pricing and packaging of your coaching services. This blog will revolve around that and much more. So, stay tuned till the end!

What does it mean to package your coaching services?

Simple! It is an opportunity for your clients to buy a bunch of your sessions and time at once!

For instance, suppose you are a fitness trainer. You can package 10 sessions per month at your gym. Packaging your coaching services brings benefits to both your BUSINESS and your CLIENTS.

How? Let’s look at the section below.

Why should you package your coaching services?

Our team discovered that there are two perspectives that we need to consider here. One on the client-side and the other on the business side. On the client side, packaging your services ensures that there won’t be any commitment gaps.

Based on my first-hand experience, your clients want to ensure that you are trustworthy. They should not regret the collaboration.

What if you are not up for the next session for any reason? What if you ran out of money and left your clients clueless? What if you face hurdles in your path and suddenly decide to halt your coaching services.

Through our practical knowledge, these are some of the questions that packaging your coaching services addresses.

In this way, you can fulfill the commitment gap so that your clients can engage with you in a full-time process to get what they want.

On the other side, packaging your coaching services means that you create payment plans. This way, you open the doors for more predictable income. Once you are aware of the predictable income down the line, you can concentrate on strengthening your services.

Just imagine it the other way around. You are worried whether your clients will renew the sessions or not, and hence your entire focus is on growth and sales. Phew!! Packaging your coaching services will help you avoid this situation.

Let me make this more clear with an example.

Suppose there is a fitness trainer who sets the following narrative:

Workout sessions for beginners to lose weight- $50/hour

And then there is this one:

Get the perfect shape for your body quickly in just one month- $400.

Both of the above require sessions of one hour. In fact, the second one charges more. Yet, our investigation demonstrated that the word “quickly” grabs the attention of the clients. Also, a specific period confirms to the client the ROI he/she will achieve.

By packaging your coaching services into a system that resonates with your clients, you can charge much more. That too for the same number of hours.

What are the kinds of coaching packages?

So, until now, we discussed what packaging your coaching services means and why it is important. Now I will highlight more about pricing and the kinds of coaching packages.

Generally, there are three ways in which most coaches charge.

1. By the Sessions ($150/Session)
2. By the Month ($500/Month)
3. By the Package (5-month package for $5000)

Speaking from first hand experience, the package approach appears best to me. Going this way removes any room for fear that all your clients will end in the same month. Also, you know beforehand how much your income will be.

Apart from that, going by the package way, you will get only those clients who are genuinely committed to your coaching services. Thus, you would get the clients you would like to work with. The ones who take coaching seriously and who strive for better results with full dedication.

While packaging your coaching services, there are two options that you can choose from.

1. Focused on one result
2. Ongoing results.

Focus on one result

Now, this kind of packaging is focused on one set goal in a defined time, hence the name result-focused packaging. Our research indicates that, similar to our fitness trainer example above, you would need to highly organize and plan each session to ensure that the client reaches the end goal in the specified time.

How to create a focus result coaching package?

Based on our observations, the very first step in building a focus result coaching package is to ensure that you get the results. You cannot just sell advice without first-hand experience. If you are new to coaching and would like to learn how to take a result-focused approach, follow the steps below:

Interview your target audience

You will learn about the pain points of your target audience only when you talk with them directly. What do they want? For what process would they agree to pay a good amount? Spend some time dwelling in their space, and then formalize your strategy in accordance with their answers.

Freelancing

Our analysis revealed that, rather than jumping directly into one-on-one coaching sessions, it is always a good choice to do some freelancing work. In this way, you will get a lot of exposure and will also know which tactics work and which do not.

Coach something that you already know

There are a lot of coaching niches. Don't let someone else's foundation influence you. Coach something that you already possess command over. Introspect yourself. As per our expertise, take your life experiences into consideration and then come up with something that you can proudly flaunt.

Apart from this, focus on the below points to add structure to the package of your coaching services:

1. Clear the end-result: You should clarify the end results and the steps that you would take to achieve them.
2. Set the deadline: By when will you achieve the result you have decided? Will it be a 4-month training program?
3. Frequency of one-to-one meetings: If it’s a group coaching program, will you take individual sessions? If yes, how and when?

Advantage of Focus-result coaching package: You can convert high-end paying prospects.

Disadvantage of Focus-result coaching package: After achieving the end goal, the purpose of your coaching sessions ends, and so does your collaboration.

Ongoing results

This packaging structure is priced based on time. However, unlike the hourly rate, the client must buy multiple sessions at a time (That’s what packaging means!).

This can be either a monthly, 3 months or 6- months rate.

Here, you operate as an advisor and accountability partner for your client. This way, the collaboration continues until the goal is achieved or the client discontinues.

Extensive research has consistently shown that providing ongoing support can be a brilliant chance for you to survive the famine that most coaches face. You just need to switch to a system that continuously offers new value.

You can go for one of the below:

Mentor

This is one of the most common paths that many coaches take. If your client is walking the same path that you once did, it becomes damn easy to help. You can coach your clients for whatever challenges they are facing.

According to reputable sources, you should ask various coaching questions to dive deep into your clients’ problems. These 44 coaching questions that every coach should ask will help you out.

Accountability guy

This is when you check in regularly to see how your client is performing at scheduled intervals. The basic idea is to behave as a source of external motivation.

You can become an accountability buddy even without much experience. Since here it is more about motivation than expertise.

Community manager

This is another way through which you can engage your clients. The group-coaching community is actually a group of like-minded clients who are ready to help each other too when you aren’t around (bonus!).

You would be equipped to disseminate your advice and knowledge to community members on an ongoing basis. These top skills will definitely help you as a community support manager.

Advantage of an ongoing coaching package: The flow of income is more consistent this way. In this way, you can foster deeper relationships with your clients. Also, you need to prepare less for the sessions, and most of it can be handled on the spot.

Disadvantage of ongoing coaching package: It becomes a bit difficult to sell. The end goal is not that strongly asserted. Hence, it becomes a bit difficult to convince your clients until you have built a solid authority for yourself in the niche.

Now, why should you take the difference into consideration?

Suppose someone is looking for an organized structure, and you, on the other hand, start each session with, “What’s on your mind?”. This is not what your client would be happy with.

This goes the other way too.

Suppose your client comes up with a new problem every week. Now you are driving consistently towards the set goal without even considering that it isn’t solving the client’s problems. I bet that this way, they won’t be around for long.

A deep insight in creating your packages for your coaching services

Step 1:

In order to package your coaching services well, first, you need to be clear about the ideal number of sessions/number of months/length of sessions that your client would require. 

Credible studies consistently indicate that this can be possible only when you are experienced with how much time a client in such a situation usually takes. Take proper consideration of how much coaching would be best for your clients, how much they desire, and how much they would pay you.

Step 2:

Now that you have finalized the frequency and length of your coaching sessions, decide what additional services your package will contain. There can be various things like check-in calls, email-access, readings, consulting, pre-recorded coaching modules, audios, etc.

Step 3:

Price your coaching packages. Take various factors into account when pricing your coaching package. From your target audience to your own business experience and expertise- count everything. Proven methodologies and rigorous analysis should also include the additional services that you are providing and the current market pricing structures in your niche.

And now you would be wondering how to set the right pricing structure