The Formula for Pricing Your Health Coaching Programs
If you’re a health coach, you have likely wondered how to price your programs. This can be tricky because there are several options and delivery methods to consider, and it can keep you stuck in analysis paralysis. Because there isn’t one set answer about how to do this, we wanted to share a formula with you to help you make a plan that you feel good about, so you can check this off your to-do list once and for all.
The 3-part formula we are sharing in this episode, breaks down the following elements of the pricing puzzle:
- What Your Ideal Client Wants
- Your Revenue Goals
- Pricing and Program Model Options
Once you have these 3 elements figured out, you will feel more confident about what you are charging and the value you are providing to your clients.
Tune in for plenty of ideas and examples, so you can finalize or update your program pricing.
Grab your FREE Guide and Workbook that will help you with this even more: The Secrets to Pricing and Packaging Health Coaching Programs that Sell.
It’s important to note that how you price your offerings as a new health coach will change and evolve over time as you get experience and help more people. We covered the issue of increasing your coaching rates on episode 226, so be sure to check that out too, so you know how to update your pricing as you go.
Let’s dive in!
1. Know What Your Ideal Client Wants
The first step to pricing and packaging your coaching programs is to find out what your ideal client wants and needs so you can present the perfect solution. A coaching program that is general or vague will be hard to sell because people are looking for help with a specific issue, goal or challenge.
Here’s what you want to get clear about:
What specific problems or struggles are they facing right now elated to your niche?
How are they feeling about their current situation now, and what outcome or result do they want?
Here are a few ways you can find out your ideal client’s struggles and desires:
- Survey your audience – doing polls/questions on social media can be a great way to do this.
- Be observant of what people are posting on social media and in Facebook groups. You can check out similar social media pages and profiles to see what people are posting, commenting about and asking that relate to your niche.
- Look at the questions you see or hear the most from your past or current clients.
- Pay close attention to what people are saying during your discovery calls.
- Listen to podcasts related to your area of interest and expertise to get some insights about where your potential clients need help.
Now that you have some good insights and information, what do you do with it?
You will use this information in places such as your sales pages, social media content, blog content, livestreams, recorded video, your promotional emails, etc. When you can convey that you understand your ideal client and how you can help them, the right people will be drawn to you and they will want to find out more. Using the exact wording and verbiage of your ideal clients is very powerful because they instantly feel like you get them.
2. Know Your Revenue Goals – This is very important, but it’s often overlooked. If you want to have a business instead of a hobby, being clear on the revenue you want to earn is part of being a business owner.
- How much income do you want to earn? Be specific so you know what goal you want to achieve.
- Set short-term and long-term goals (30 days, 90 days, 1 year)
- Once you know your revenue goals, it will be easier to figure out how you’re going to achieve them, and we’ll be covering more on this in a bit.
Consider how many hours you have each month to dedicate to coaching clients. If you are working a part time or full-time job already, you will have fewer hours to dedicate to your business and that’s totally fine. The key is to figure out how to make it work for you where you are right now.
If your initial goal is to earn $2,000 per month, there are different ways to get there, and here are just a few examples.
- 10 one-on-one clients at $200 per month (if you see clients twice per month for 60 minutes, that’s 20 hours of coaching time each month).
- 20 one-on-one clients at $100 per month (double the time as the first example). If you see clients twice per month for 60 minutes, that’s 40 hours of coaching each month.
- 20 online group members at $100 per month (this format does not involve any one-on-one time with clients, but you could do weekly or bi-weekly livestreams or recorded videos).
- 5 one-on-one clients at $200 per month and 10 in an online group program at $100 per month.
- A monthly membership/continuity program at $47 per month with 43 members.
So, there are many ways to reach your revenue goals to fit into your life and your preferred way of working with people. Introverts will likely enjoy the online group format the most and introverts will likely crave some one-on-one interaction, so that’s something to keep in mind too.
3. Pricing and Program Model Options
There are several ways to price your coaching programs, and one thing to keep in mind is that the more specific your solution, the more you can charge (one more great reason to go all in on a niche).
Here are a few pricing options:
- Per session (generally not recommended but if you do this, you want to charge a higher rate for each session vs your other coaching options)
- Per month (if so, how many sessions per month?)
- Per package (example: 3 or 6 months)
- An online group program with a set start/end date that includes your support in a forum such as a FB group
- An online group membership/continuity program – low monthly fee ($29 – $47) with no set end date – recurring revenue with more people
Online group coaching programs are typically priced one half to two-thirds of your one-on-one program because it takes up less of your time, and people are not receiving individualized attention. Pricing will depend on your niche and what you include in your program (resources, how much support, etc.).
Other things you want to keep in mind as you decide on pricing is incorporating bonuses that can add more value to the program and make it seem like more of a no-brainer decision.
I hope you found these ideas and examples helpful.
I cover this and a few suggestions you can use in my free guide Secrets to Pricing and Packaging Health Coaching Programs that Sell, so be sure to grab that while it’s available. You’ll also learn some of the most common mistakes to avoid when it comes to pricing and packaging your programs, so you know what to do instead.