WHAT SHOULD I CHARGE?
That may be the single most intimidating question you have to ask yourself!
Of course there’s the competition to consider, your own skill set, what you think your skill set to be (yes, the second and third are different for most of us), what your market will pay, your location, and many other variables. Figuring it all out can feel like a mountain you can’t climb.
So what can you do about it? Well, there are some strategies you can employ. One popular method is to use a calculator such as the one found on Melissa Ingold’s Time Freedom Business. These will quickly tell you what you need to be charging to reach your income goals, and they’re a great place to start.
But you have more questions, right? We all do at first! Creating a solid pricing structure requires you to do a little more digging. So with your starting number in line, take a look at:
- Your Competition.
Okay, so this one may take a bit of researching, since a lot of coaches and service providers don’t publish rates. But if you pay attention to their websites and social media, ask a few discreet questions, and get on their mailing list, you can figure it out.
Always be sure you have a realistic view of who your competition is. Don’t undervalue or over-sell yourself. In other words, make sure you’re comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.
- Your Skills.
This may be easy for you in some ways. There are certifications and educational programs that allow you—by virtue of having achieved them—to charge a certain rate. If you’ve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.
Taking a look at your track record is a good place to start. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)? Have your former clients moved on to bigger and better coaches after working with you? (That’s a good thing!) These are all reasons to maybe consider a higher price range than you might have first thought.
- Your Market.
As far as your rates go, it’s your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.
One example would be if you want to be someone who helps newbies out, you’ll need to expect lower rates since most newbies aren’t able to invest big time yet. That’s not a bad thing—everyone has to begin somewhere—but it does need to be acknowledged. If, on the other hand, you’re target market is more established and economically stable, then a higher fee isn’t just warranted—it’s a must. They will expect a higher price, and will not find value in the lowest-cost provider of anything, whether it’s coffee beans or business coaching.
Lastly, don’t forget that pricing is never set in stone. It’s flexible. If you find you’re attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.
This is YOUR business. YOU get to call the shots.
After you’ve set prices, its time to start marketing! If you’d like 1 on 1 help with pricing OR marketing for your products or services, we would love to talk to you! You can schedule a complimentary call with our chief Business Strategist & Productivity Coach Angel Santos at schedule.growmybrand.org or call us at 713-348-5157.
Can’t wait for a call? Check out our Business Building Bundle at http://growmybrand.org/index.php/training/!