How you price your transformational services is one of the toughest questions a coach, healer or expert has to answer. And a lot of pricing comes from fear.
Fear of charging too much.
Fear of being seen as greedy.
Fear of losing a potential client who ‘can’t afford it.’
Fear of not making enough.
Fear of being seen as a fraud (i.e. who are YOU to charge that much??)
And many more.
Today I want to give you a simple 3-part way to think about pricing your offerings to stay authentic and enthusiastic with prospective clients. When you quote your rates, you want to be able to do it proudly and confidently, both because you want to feel good about yourself and your offerings, and because it will make you more attractive to your ideal clients.
The three factors to consider are COST, PRICE, and VALUE.
It’s easy to get confused when you think about how to price your services, if you mix up VALUE and COST. Here’s a simple infographic to help make this clear.
The VALUE of the transformation that you provide is the top number. This is usually somewhere between thousands of dollars and ‘absolutely priceless.’
The COST to you of providing that transformation is usually pretty low. It may involve a few hours of your private time, and some training materials, often delivered in digital format so there are no printing costs.
Your PRICE should be somewhere in between those two.
If you set your PRICE at or just above the COST, you’re selling yourself short, and being underpaid. This usually leads to resentment or overwork, because you’re pricing yourself based on what you think you should earn for an hour or two of time, and disregarding your genius.
The real problem with a PRICE that is set that low, though, is what it does to your client. Your clients don’t realize the transformational value of what you’re providing, and tend to diminish the work that you do, and the results they’re getting. That’s a huge disservice to them!
There’s plenty of room to set your PRICE much higher than the COST to you, and still much lower than the VALUE that you provide, so you’re incredibly well-paid for what you do, and your client is getting massive value at the rate you’re charging.
To get the most out of this article, take these steps:
Ask: What’s the transformation that I provide worth?
(Write that at the top of a page).
Ask: What does it cost me to provide it?
(Write that at the bottom of the page).
Write:In the middle of the page, write a number that is between those two, and then write down the thoughts and beliefs that you have about that number. What fears or beliefs might keep you from charging that?