What Is the Most Common Mistake In Pricing Coaching Services?
Posted: Friday, July 24, 2009
by Shmaya David
ecoachingsuccess.com
In every business, pricing can be the difference between success and failure. This is just as true of coaching as of any other business. Price to low and you will not make a living. Price too high, and again, you will not make a living. These are simple truths.
Naturally, most beginning coaches do not price themselves very low, though some do this mistake for a while, before they wise up starving speeds up this process, or go out of business. Only a few beginners dare price themselves really high. Maybe this is why so many coaches make the mistake of pricing themselves in the middle range.
1) This is where most of the competition is. How can you stand apart if you are in the middle?
2) Pricing is also a matter of branding. The middle may appear a safe choice, but 'middle' is also synonym to mediocre, common, and plain. Is this how you wish the prospective client to regard you?
3) Maybe you didn't quit a job to get rich, but should your self employment at least give you a comfortable life style? The middle range isn't much different then being on somebody's payroll.
4) As a coach, you are basically selling the precious hours of you life for money. This is a rare commodity, and in short, non-replenish-able supply. It should be priced accordingly.
Therefore, all things considered, the right level of pricing your coaching services is not on the low side, and in the middle range, but in the upper 25% of the market. If you are new and inexperienced, and you do not feel that you give good enough a value to merit this, than do start lower. But your goal should be to gain the necessary experience and get up to the high levels as soon as possible. Do not allow yourself to be stuck in the middle for long. It is not a good place to be.
Do you wish to know more about selling your coaching services? Go to http://www.ecoachingsuccess.com/default.html
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