Having trouble pricing your coaching program? A coach's difficult decision to make when determining your price is to consider value to your client and the your time not only to prepare, but also to coach..
Beginning coaches in all niches tend to price their time, content and value to the client way too low. You might charge as little as $97/month, while top business coaches can easily command $40,000, $50,000 or even $100,000 per year. Where will your program fit? A variety of factors affects this answer, such as:
- A year-long program is costlier than a 6-week offer.
- Certain industries, such as business, can demand higher price tags than others.Determining your price by comparison includes the value and end result for your clients.
- Beginners will be less likely to shell out big bucks for coaching than will more advanced clients.
- If your result includes an increase in profits for business, then a higher-priced program is possible.
In addition to these elements, consider comparable programs from your coaching colleagues. What do they offer and for how much?
Exercise: Determining Your Program Price for Length
Note: You can create multiple levels here as well. For example, you might offer both a 3-month and a six-month program.
Does the title Certified Parent Coach show up in your mind? Do you play the role of mentoring families in your head? Here is why you do, and it is good news.
People go into entrepreneurship for the freedom of managing their own time and resources. It is a good reason, but they need to plan their entrepreneurial journey.
3. Envisioning: To see in your mind the steps to business success are clues that depict two facts:
You can manifest the vision.
The steps will make themselves known to you. Your job is to watch for the positive (or negative) clues.
I see this quite often when professionals call ACPI about being a parenting coach. They think about it, and suddenly see the term online, and click through to the site. They have a dream about it. They've expressed interest in parent coaching and then meet a parent coach. You can call it synchronous, but I call it manifesting one's intention.
Th result is a clear vision of the plan or objectives of the business.
Planning gives the entrepreneur the ability of foresight enabling allocation of resources for any outcomes.
4. Being Determined
After the creation of the action plan, entrepreneurs decide to commit and maintain a high level of determination to attain success. Believe it or not, the determining and planning keep you interested and motivated enough to commit for the long term.
Sustaining is an extension of determination.
Business involves a commitment to the workload. Will you accept that the buck stops there with you? This challenge is enough to discourage an entrepreneur.
Before you embark on the journey, you must be fully determined to see the business through, and this will prop you up even when the pressure of the market mounts.
Learn from failures
Envision and plan for strong profits.
You have to start over again if a failure should happen. Claim the tenacity of building a better business
5. Be Passionate
Passion is the fuel that drives commitment and determination necessary to succeed on the entrepreneurial journey. As an entrepreneur, you have to appreciate what you do, and it starts with knowing why you went into the business.
Passion based on your business’s particular mission is an intrinsic drive that carries you through the long days and the long nights that consume your energy for life. Without passion, you will quickly cave into the stress, and the pressure and your entrepreneurial journey will be a short lived one. Passion provides the entrepreneur with an internal reward that sustains them between paydays.
Do you have an online business plan or are you flying by the seat of your pants? A yearly planning document that reflects your values and goals is the most useful tool in your business arsenal.
Your mission statement and your business objectives provide a road map that keeps your successful business moving in the right direction. However, the map is not enough. You also need a compass to stay the course and realize you are on track. Your values and vision comprise the compass.
A statement of values is a set of principles that guide the way you operate your business. For example, whenever you have an important decision to make, like setting a price for your services or for a product you sell, you would review your decision according to your values. The values and decision are congruent, not at odds. This process means you won't question your decisions or wonder if you are doing the right thing. You operate your business from a core of integrity.
A vision statement is a precise set of words that tells people what your successful online business does and how you do it. The vision defines what you hope to achieve.
The planning I suggest is a simple blueprint for how you intend to establish or grow your business. Use your business
plan to map out your goals, action plans, and financials while significantly increasing your chances for success.
Business Planning Benefits
1. A yearly business plan organizes you to take stock of your progress, examine what is working, and coordinate goals and actions for the upcoming year. Almost all of the very successful business owners will tell you that they create business goals and action plans on a regular basis like each month.
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2. A business plan reflects your most profitable path.
3. A plan shows you where are making mistakes or losing profits.
Planning a business includes these sections:
1. Description of your business model
2. Who are your customers, the target market?
3. What do you offer? How is different from others who offer the same thing?
4. What are your specific, measurable goals that you want to achieve and when?
5. What marketing strategies will you put in place and what is their timeline?
6. What are the tasks you need to complete and when?
7. How much is all of this going to cost on a monthly basis, and what kind of revenue will you expect? How long will it take to break even and make a profit?
A business plan is a living, breathing document that will grow and change along with your business. When first starting a new business, determine if you have a financially viable idea.
At the beginning of each year, it helps you to plan out your goals and strategies. Of course, if you need to raise money, people will want to see a detailed plan.
You need to revisit your business plan regularly. Why? Market conditions change. Laws or regulations change. Technology changes your results too, and this should be reflected in your plan.
Your business plan serves as your blueprint for success. Write it and live it for your best results.
What If you have a great business idea but still wondering about how to create a viable business plan?
Register for Successful Coaching Business Set-Up In Systemized Steps. This course will not only help you make a plan of activities, but it will take you step by step from planning, designing, marketing and making money out of your business.
Successful Coaching Business Set-Up In Systemized Steps