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Pricing strategies for new coaches. Have you ever thought to yourself, “I’m new coach, I can’t charge that much.”
Even worse. Maybe someone advised you not to charge much or do it for free. As a result you’re afraid and holding yourself back from charging more.
Between bad advice, not knowing how to do it and feeling a lack of confidence, it’s no wonder you feel confused about where to set your prices in your new coaching business. That’s one reason why I’ve asked seasoned coach for coaches Marc Mawhinney to join me on the show so we can talk pricing strategies for coaches.
In this engaging episode of Live With The Pricing Lady, Marc, a lifelong entrepreneur and expert in coaching shares with us his pricing journey. We dig into the intricacies of pricing as a fundamental aspect of building a sustainably profitable business. He shares his journey as a coach, reflecting on his initial pricing challenges and the lessons he learned about valuing his services correctly. We discuss the significance of setting boundaries, understanding the value you deliver and the common pricing struggles faced by new coaches. Marc emphasizes the critical role of consistency, confidence, and courage when approaching pricing.
Whether you’re a new coach or reevaluating your current pricing model, this episode offers invaluable insights to help you confidently charge for the value you deliver. Don’t miss these essential pricing strategies for new coaches and the wisdom shared in this episode. Listen now!
What to Listen out for:
- 03:42 Journey into Coaching and Business Beginnings
- 05:23 The Challenges of Pricing in Coaching
- 12:41 The Importance of Setting Boundaries
- 15:38 Strategies for Pricing and Client Management
- 22:42 Valuing Experience and Growth in Coaching
- 24:21 Key Takeaways and Final Thoughts
Favorite quotes from this episode
“For coaching, of course, you know that it’s (pricing) a wild west, right? You’ve got coaching that’s peanuts, you know, 25 bucks an hour. While you have free coaching all the way up to six figures a year. You got Tony Robbins, Steve Hardison is another one that comes to mind and, and everywhere in between. It can be difficult to set a price, especially if you’re a new coach.” Marc
“The market is such a noisy place. You have to put horse blinders on – to hear what does the market need help with.” Marc
“I’m not a fan of the bargain basement coaching fees, I just think it’s too difficult and I don’t think it helps the client either.” Marc
“(New coaches) don’t always put the proper value on their skills, experience and knowledge from the past. They might be new to formal coaching, but they have 10 -20 years of experience doing something that brings added value.” Marc
“Bob Berg wrote – money is an echo of value. He was saying you have to put value out into the marketplace, when you do it’s inevitable you’ll be rewarded.” Marc
“…in general, the more people pay they less likely they are to engage in “jackassery”…if that’s a word.”” Marc
Episode Links
Connect with Marc:
Website: https://www.naturalborncoaches.com/
LinkedIn: https://www.linkedin.com/in/marcmawhinney/
Marc’s Recommended Reading
Book Yourself Solid by Michael Port: https://www.amazon.com/Book-Yourself-Solid-Reliable-Marketing/dp/1119431220
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Episode Summary
In today’s conversation, I had the pleasure of sitting down with Marc Mawhinney, an experienced coach known for helping fellow coaches organically grow their client base. We dove into the heart of pricing strategies for new coaches and discussed what it takes to create a sustainable business. Exploring how to nurture strong client relationships that stand the test of time.
Understanding the Value of Consistency
Marc Mawhinney, who has been coaching for over a decade, emphasizes the importance of consistency. “It’s not the sexiest superpower,” he mentions, “but consistency is key to achieving long-term success.” Over the years, Marc’s dedication to daily tasks and a robust podcast series have cemented his standing in the coaching industry.
The Significance of Setting Boundaries
During our conversation, Marc and I discussed the crucial role boundaries play in pricing. In coaching, as Marc points out, setting the right price isn’t just about the money; it’s about the value exchange and maintaining professional boundaries. A robust pricing strategy for a new coach must include a clear set of guidelines for how you work and who you work with. This will positively impact business success. One strategy Marc refers to this as having a “red velvet rope strategy,” a concept he learned from Michael Port’s book “Book Yourself Solid.”
Pricing Challenges and Overcoming Them
One of the toughest challenges many face in their entrepreneurial journey is setting the right price. Marc recalls his own early pricing mistakes and the lessons learned along the way. Initially, he charged too little for his services, not realizing the impact it had on both the business and client perceptions of value. His advice? “Don’t undervalue yourself. It’s essential to have confidence in the value you deliver.”
Shifting from Time-Based to Value-Based Pricing
Marc’s journey led him to move away from time-based pricing models like monthly fees, a common development in the pricing strategies of new coaches as they mature. He advocates for packages that reflect the true value of the coaching relationship. According to Marc, selling a service on a month-to-month basis significantly undervalues the experience and results long-term partnerships can deliver. It also will not grow with you as you deliver more value.
Innovation in the Coaching Space
Reflecting on changes within the coaching industry, Marc emphasizes the need for continuous innovation and adaptation. With shifts beginning around 2023 in the online space, coaches have to rethink their strategies to effectively grow their business. This aligns closely with the discussion on aligning services with current market needs.
Pricing Strategies for New Coaches – Marc’s Take
For aspiring coaches, Marc advises against dropping prices to attract clients. Keeping fees at a level reflective of value not only benefits profitability, but also ensures that clients take the engagement seriously. Coaching is about impact, and the right pricing strategy can reinforce your expertise and bolster the client’s commitment to their growth.
Conclusion
Value is an echo of the investment we make. Marc and I highlight the importance of proper pricing strategies in creating a strong position in the market. By setting and maintaining boundaries, encouraging innovation, and embracing value-based pricing, coaches can effectively navigate the challenging waters of entrepreneurship.
Thank you for tuning in to Live With The Pricing Lady. If you found this blog post insightful, feel free to share it with your network. Stay tuned for more pricing insights and remember, pricing is not just a number—it’s a reflection of your business’s journey. Enjoy pricing!
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