In any sales process, I say to my clients that if your prices aren’t published somewhere, you should introduce them into the conversation nice and early. That way, no-one is surprised and those that don’t want to make the level of investment needed for your services can take themselves out of the process before anyone has spent too much time and effort.
That’s right; you want prospects to deselect themselves if they decide they’re not ready to invest.
Business coaching is a difficult service to cost; should it be presented as an hourly rate, or a monthly/quarterly fee, or something else?
Coaching helps a business owner to reach their full potential by providing guidance, a sounding board and accountability. It empowers individuals to find a solution for themselves and, for many, really boosts their self-belief. For the first time, business owners really believe that the success they are striving for is possible. How much should that cost?
I always introduce the fees for coaching as an ‘investment’ because, like any investment, you should expect a return. For some, that’s a direct financial return (more on the bottom line), but for others, that return could be confidence, knowledge or some other form of personal development.
It’s hard to put a price on knowledge – if I teach you something about leadership today that you use for the rest of your life, what should I charge for that? If I show you a new and effective system to get people to pay you on time and your aged debtor problem reduces by 80% forever, what is that worth?
I look at it this way; the coaching fee includes an element for the years of experience and expertise of the coach. It includes an element for the time you spend with the coach in the session. Finally, it includes an element for the impact of the coaching on you and your business now and in the future. Still doesn’t make it easy to come up with a figure for the investment though, does it?
My 1-2-1 coaching services range from £995 per month to £2495; that’s just you and me, focused only on your priorities, working our way from where you are right now to where you want to be. It can be intense, it can be emotional, but it will be the beginning of a new way of thinking and acting for you.
Group coaching is engaging, fun and community-based. Up to a dozen business owners get together twice a month for a couple of hours to share, to learn, to be coached and to focus on their business. For people who find it difficult to take time out to plan the future of their business, or who are specialists that need a broader understanding of business, this is a great environment. It’s available from £99 per month.
If you love to read and want to learn from the best thinkers and speakers in the world, my Business Book Club monthly fee is just £40. It’s fun and interactive learning in a relaxed and sociable setting.
When you find a good coach, who feels just right for you, the investment will become a secondary consideration. The challenge and support you’ll get, along with the clarity and focus, will give you a great return on your investment. Good luck in your search.