WW 210: Pricing Strategies and Payment Options for Financial Coaches - Solo Show
In this episode, I want to answer all the various questions I get around pricing, not only so you have those answers, but also so that you know WHY you need to do certain things in your money coaching business. I’m talking about different pricing strategies but also explaining a few different payment options that you can utilize so that you have all the answers you need to easily get paid! Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)
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Resources FROM THIS EPISODE
The Client Attraction Content Matrix is here! Jump inside and get a year’s worth of content in a matter of hours! (Hint: There’s a special deal if you buy The Pricing Formula, first!)
Feel frustrated with pricing your services? Join The Pricing Formula to help you start charging the right price!
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A Quick Recap from this episode
In this episode, I want to answer all the various questions I get around pricing, not only so you have those answers, but also so that you know WHY you need to do certain things in your money coaching business. I’m talking about different pricing strategies but also explaining a few different payment options that you can utilize so that you have all the answers you need to easily get paid!
Let’s start with the basics.
When you have a business, you need to charge like you have a business. It’s easy in the early days to feel like you’re doing a service by coaching for free but in order to really show up in the right head space and be committed to helping your clients get results, there has to be an exchange of investment.
Now that you know why you need to be charging, let’s dive into how to find your baseline price point. Typically this is an in-full price point for your coaching, and you can find that out by going through the Pricing Formula.
A big mistake that I see a lot of coaches making is charging by the session or even selling single session coaching. It’s a mistake for both you and the client, because most clients need ongoing touch points and accountability. A lot of financial problems exist because of something behaviorally, so usually one single touch point isn’t going to get your clients the results they’re looking for (unless it’s some kind of special intensive with the intention of selling them into a program.)
This also includes offering the first coaching call for free. It’s one thing to do a sales call, but you shouldn’t call it a free coaching call, because it’s priming your audience to believe that coaching is free. The ultimate goal is to build out your business and you need your audience to know that coaching costs money. When you’re doing these discovery calls, you shouldn’t be giving money coaching advice that’s reserved for paying clients…you should be getting to know them and giving them information about the program.
Now that we know that, let’s circle back to your signature coaching package:
1) When it comes to actually offering payment options, you can absolutely offer an in full payment, and typically this is going to be the cheapest option because when you get paid up front and in full you’re taking on the least amount of risk.
2) There are a couple other ways you can take payment from a client. In one case, if they want to join but don’t have a full payment now, you could take a deposit and then work out a date for the remaining in full payment, and time your coaching to start when the in full payment is made.
3) The third option is to do a payment plan, which you’ll typically spread equally across the duration of your coaching program. When you create a payment plan for a client, you typically want to make the total cost more than if they made an in full payment. You do this because you’re taking on more risk by not collecting the in full payment.
4) You can also offer an extended plan but I would do this on a case by case basis for those that need those extra few months to make payments but that you know are good for the payments and really committed to doing the program.
The last thing I wanted to touch on was intensive pricing. You would probably offer an intensive if you wanted to give them a hint of what’s in the program in order to ultimately sell them into the program.
When you think of selling an intensive, you should be pricing it significantly more than if you broke down the in full price of your program by the amount of sessions that you give in the program. (Do not make the mistake that you’re charging per session, but when pricing an intensive, you’ll want to use this knowledge for pricing.)
As you can see there are a lot of different payment options and ways to think about this, but offering different options allows you to meet your clients where they’re at, while also being compensated accordingly for your coaching and any risks you’re taking on.
Don’t forget that if you’re ready to keep your pricing simple and get some help making more sales, then it’s time for you to grab the Online Coach’s Pricing Workbook below!
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