However, you can find coaches who are outside that range. The reason I don't recommend setting hourly prices is because it makes your customers believe that the value of your training lies in the time you spend on them. Determine how many hours of training and preparation your package includes and multiply that by your hourly price. About 4 years ago, taking a song from the Vistage hymnal, I switched to a membership model for my training.
Even the newest online trainers charge a relatively high fee for an hour or two of their time, not only because of the value they offer, but also because the individual coach invests time and energy that doesn't directly translate into billable hours. For this reason, group coaching tends to be a little cheaper compared to individual coaching sessions. Some coaches also offer discounts for multi-session packages or for long-term training arrangements. Or, if your company is struggling and you're not sure how to change things, a business advisor can help you get back to normal.
As a coach, the true value of your business lies in the results you can help your clients achieve, not in the time you spend with them. However, this pricing strategy may not be the best in the long run, especially if you plan to offer several training sessions or if your topic requires extensive training. When I was at the Coaching Institute Leadership Forum last month, I met the CEO of a coaching company in Colorado. Working with a personal trainer can give you the responsibility and support you need to succeed if you're struggling to make significant changes in your life.
Borrowing a pricing model from the oil and gas industry, it “sells coaches to companies for a specified number of days or weeks a month. Basically, this is a single price (which is paid in advance or in two parts, half as a deposit and the rest after three months) to complete the six-month training plan. The online life coaching industry is becoming increasingly popular because it's more convenient and accessible. For example, if you're a business coach who recently graduated from business school or who has a lot of courses and certifications, you may be able to charge more and charge a fixed price for your services, which in practice will take you away from your hourly rate.
And just like personal coaching, most online life coaches will require a minimum number of sessions (typically three to six) to help you achieve your goals.
