How to price your 1-to-1 private coaching and consulting

by Feb 8, 2021Online Business0 comments

How to price your 1-to-1 private coaching and consulting

If you are wondering how to price your 1-to-1 coaching or consulting, today I want to let you in how I have priced mine over the years and how I advise my clients to price theirs. 

When you price your coaching and consulting this way when you are working directly with clients 1-to-1, you are setting yourself up for growth and the ability to scale your business. You are pricing with the long term goal of your business in mind. 

Before we dive into pricing…you have to know one of the most valuable lessons in life as a business owner. 

Money is renewable. Time is not. 

When it comes to any kind of 1-to-1 work, it requires your time. Your time is the MOST precious resource you have and will EVER have in your lifetime. It is linear… This means when the time has passed, it’s gone. 

Your time matters and you want to own that in everything you do in your business if you’re going to grow to the level that you want. 

Then there’s money. Money is renewable. When you spend money in the right places, you can relieve yourself of tasks you don’t need to do and can grow far faster. The same thing is true when you are deciding on your pricing. When you exchange your time for money, make it an amount that is worth it for you for not just the short term, but for the long term goal of your business. 

Because you are exchanging your time to work with one individual client.. here is how I recommend pricing your coaching or consulting based on where you are at in your business. 

Scenario 1: You are just starting out and creating your practice. 

When you are just starting out in your coaching practice, you may want to build up as much experience possible with clients. Because of this, your long-term goal for taking on 1-to-1 clients now is to gain experience working with clients and understanding how to best help them get the results they are after. Having this experience can only happen by actually working with clients, so it is invaluable to create the best programs down the road. 

When you’re working with your first several clients, you will also be gaining testimonials that you can use throughout your entire business that will help you to sell your paid offers even more easily, at higher price points down the road. 

When we’re doing ANYTHING in business, we want to focus on the long term goal it accomplishes before we do it. In this stage of business, we’re focused on gaining valuable experience and testimonials that will only help you to grow your business later. That is the long term goal.  

So what investment do you charge that makes it worth to you to take on a client in exchange for receiving valuable experience and testimonials?  

This is ONLY a question you can answer as it depends on a variety of factors that you have in your life. What do your bills look like? How much time do you have to work with clients in your calendar? How many spots do you have open for client work?

Some of my own clients will take on a coaching client for a small fee per month for a set number of sessions or months working together and then every new client they raise the price little by little until they are working at the end price they will settle at for a while. 

My favorite formula for deciding your price in this stage is to look at how much you want to make to cover: all your expenses in your home, all your expenses in your business, and add in a little buffer space… whatever that number is you can divide it by the number of open client spots that you have that you want to work with at a time. 

If you are wanting to leave your 9-5 job, the formula could be that you want to replace your 9-5 income with your private clients. In this case, take the number of hours that you want to work with clients then determine how many client spots that is. After this, take the monthly amount you currently make at your 9-5 and divide it by the number of clients you can take on and then voila! There is your coaching investment amount! 

 Scenario 2: You are ready to scale your business

When you have worked with private coaching or consulting clients to the point where you are just ready to scale your business because you have gained the experience you want and you are ready for mass growth, then pricing your 1-to-1 coaching and consulting starts to look different. 

When you scale coaching and consulting, you are creating a program that allows you to help an unlimited number of people at a time. This means that you create something one time and sell it to however many people at a time that you’d like. When you have a 1-to-Many program,  every time somebody new joins your program, it takes ZERO time away from you. 

So, suddenly you are in the position where the value that you give and the way that you serve others is INDEPENDENT of your time and you have complete time freedom, should you want it! 

As you grow your 1-to-Many program (whether this is a monthly membership or an online course), you are setting up the marketing for it that allows you to create passive income for your business. Once you grow your program to the point that you’d like, and it’s making as much income as you’re making with your private clients, then you are in the position where you can easily scale back your 1-to-1 clients if you want! 

When you reach this place, it’s completely up to you! You may not even choose that you want to continue with 1-to-1 at all! Or maybe you do because you love working with people on that deep personal level as well. 

But when you’re at this place, the long term goal really changes. Now, you have the experience and you have the testimonials, so if you choose to continue, you’re simply continuing because you WANT to, not because you have to in order to meet your revenue goal. 

At the same time every time you say “yes” to working with a client 1-to-1 you’re saying “no” to creating:

  • More group programs
  • More digital products
  • More marketing avenues for selling your current passive income products and programs
  • More time with your family
  • More time for traveling and creating new experiences beyond the screen

 

So, for the growth of your business, you have to love your reasons (and the investment you choose to charge) for taking on each 1-to-1 client that you decide you want to work with. 

Oftentimes, the investment you choose to charge will go up when you’re in this stage of your business because you have other programs that can help the client, but the client wants that 1-to-1 experience. 

So, have fun with this and the price that you choose to charge. You can charge as much as you’d like for 1-to-1! There is no set amount you need to make. Instead, what makes the most sense for you? Whether it’s $2,000/mo or $10,000… charge what feels good to you and that stretches you just a bit so you’re always growing and at the same time, realizing what is possible and inviting your client to go to that next level with you too! 

I always say that 1-to-1 pricing is completely whatever you want. No strategies needed. Charge what feels right to you and makes it worth it to you as you’re trading your time in exchange for it… the most precious resource that you have.  

1-to-Many is where the strategies or 1-to-1 using time from a team (if you provide 1-to-1 services and have your team handle the services for your clients) come into play! You have a lot more room to experiment and run the gammut of pricing strategies and different marketing avenues because you are helping far more people independent of your time. When your time isn’t tied to an individual person, you can use all the strategies. 

When your time is tied to a particular client and you decide you are taking on 1-to-1 clients, you’ve got to charge what feels the best to you for where you’re at in your business, keeping your long term goals for your business in mind. 

AND GO ALL IN with your 1-to-1 client!
Help that client get results!! That’s why we do this work. ❤️

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