What are you currently charging for your training programs?
How do you know if you’re charging too much or not enough? Finding that perfect number can be quite challenging.
There are a lot of details that come into play and your passion for helping clients will often leave you selling yourself short. That’s why today we’re talking about pricing and how you can find the right number to put in front of new clients.
Grab a notebook for this one…
Understand How Much You’re Investing In Your Business
Coaches love to give to their clients, and infusing your business with generosity can be an incredibly powerful way to grow your business and gain new clients. In our experience, generosity is one of the top three themes in any hugely successful business.
But when it comes to the prices you charge, it’s important that you’re making enough to keep your business not only running but growing. This starts with having a firm grasp of how much time and money you’re investing in your business. Ask yourself:
- How much time do I spend every month actually coaching clients?
- How much money do I spend on employees coaching clients?
- How much time do I spend studying, researching, and staying up to date in my education and credentials?
- How much time do I spend on admin tasks like daily emails, calls, and client responses?
- What about marketing, like blogging, social media, and email marketing? How much time and money do I invest in these areas?
- Finally, do I spend any time or money on business efforts like webinars, podcasts, and producing paid ads?
Get a good idea of how much you’re investing in your business before you move forward.
Side-Step Common Pricing Mistakes
As we’ve worked and talked with coaches over the last few years, some common mistakes appear time and time again when it comes to pricing.
Here are the 3 money mishaps to avoid:
Pricing Too Low
Many coaches are undervaluing their work and underpricing their services. Your knowledge and time are valuable—price it that way! Coaching your clients—whether in nutrition, fitness or mental wellness—will have a potential long-term impact on their lives. Your work is worth your clients’ resources.
Missing Your Target
While you offer value to your clients, make sure that the people you want as clients can afford you. For example, if you’re targeting college kids, consider their income means, what they can afford, and if your price reflects the same.
Too Many Choices
More choices are better, right? Wrong. Too many choices can lead to decision paralysis. Simply put, decision paralysis is when someone is so worried about making the wrong choice that they make no choice. Even though they may desire what you offer, they shut down out of fear of a bad decision. Don’t overwhelm potential clients with too many options. Keep the first step easy and clear.
How to Price Your Training Programs
Now let’s look at your product lineup and how it all fits together.
We like to tell coaches to try the three-headed system:
The first and most common stream of income is from the one-on-one work you do with clients. Most likely, you’re already set up and working with clients. If so, ask yourself:
- How much do I currently charge for one-on-one coaching?
- Does my current rate fairly match the effort and experience I put into these client engagements?
We’ve seen one-on-one coaching cost anywhere between $50 to $2,000 per month and there’s a market for prices well beyond. Your one-on-one offering should be your most expensive product. Anyone getting direct access to you should pay handsomely for that luxury. This is the least scalable aspect of a coaching business and must be reserved for those willing to pay a premium to make it worth your time.
Your Golden Goose Group Training Program
The biggest push for your business should come from a core group training program. As a coach, group programs—whether you’re sending it out to 3 clients or 3,000—will be that big-buck, scalable income stream that your business can ride to the next level.
With a primary program set up (like Amanda Nighbert’s 7-week LEAN program), you can provide your clients your top resources, advice, and information even while you sleep. While one-on-one coaching is tailored to one person, your primary program should be general enough to benefit anyone in your target audience.
At SPRNG, when we’re helping coaches move to and manage a group training program like these, we’re constantly encouraging them to hop off the hamster wheel of one-on-one coaching. Over time, we’ve found that this is the key to boosting your health and fitness businesses’ earning potential. As for pricing your group training, this program needs to be priced lower than your one-on-one offering so it’s enticing. You want folks choosing this over your 1-on-1 coaching. The pricing difference doesn’t need to be ridiculous, but there needs to be clear savings over hiring you to work with them 1-on-1.
A Monthly Membership Program
If your primary group training program is the heart of your business, a monthly membership is the soul. This gives those people who went through your group training program a next step to take. We call this a product funnel and it simply means that your group training program funnels people straight into a monthly membership that drives ongoing income for you. The larger your monthly membership grows, the more income you know you’ll have at the start of the next month.
Reserve your monthly membership for clients who have gone through your group or 1-on-1 training. This program should be priced the lowest of your three offerings. The specific pricing depends on how much value and involvement you offer in your membership program.
Give Your Clients a Steal No Matter What You Charge
Getting your price right is critical before you start pulling in loads of clients. Your time, target audience, and specific services will influence the final cost of your online fitness programs.
Regardless of your price tag, you can deliver life-long value to your customers. The best coaches are the ones that work to provide their clients with an experience that makes them feel like every dollar they spend on their program—whether their spending $10 or $10,000—is well worth it.
Ready to get those programs pumped out and start pulling in clients and cash?
Let’s get you set up with your own Apple and Android app. Sign up for a free demo of the SPRNG platform today. Or join in with the other coaches and hop on our weekly newsletter to learn more about making top-dollar as a coach.