How should you price your coaching services? Should you charge by the hour or create a retainer pricing model? Or something else?
Determining what your prices are and how you should structure your pricing model is an age-old question many coaches have asked themselves on a regular basis since the birth of the industry.
It is something we perpetually mull over and is often one of the most difficult decisions we make in our coaching businesses. While there are thousands of studies, opinions, and philosophies on the psychology of pricing, one of the most common opinions is that coaches should not charge their clients by the hour.
Mike Kim is a copywriting extraordinaire, business coach, and marketing strategist that specializes in personal branding and product launch strategies. Mike is the host of The Brand You Podcast and a professional speaker who has delivered powerful seminars and keynote presentations at industry-leading conferences such as Podcast Movement, Tribe Conference, and Social Media Marketing World
Today, I discuss whether coaches should charge their clients by the hour or set up retainer rates for their coaching packages and mastermind groups. I discuss how to weigh the benefits and potential consequences of charging your clients by the hour, the difference between an hourly rate and a profitable hourly rate, and share strategies you can use to calculate your hourly rate.
Mike also joins me to share his opinion on charging by the hour, the pros and cons of determining your hourly rate, and why he believes service providers should not set hourly rates when working with clients.
“Results don’t come as a result of an hourly chat. They come as a result of action points and steps to take.” – Matthew Kimberley
This week on Book Yourself Solid® Marketing For Coaches Podcast:
- Traditional ways to price your coaching packages, masterminds, and courses
- Weighing the benefits and challenges of charging by the hour
- Why Mike prefers pricing his copywriting services on a per-project basis instead of by the hour
- The difference between an hourly rate and a profitable hourly rate
- Developing ‘ground rules’ when working with clients on a monthly retainer basis
- The concept of Action-Based Coaching and creating bundled coaching services
- How to Get a Grip Podcast Episode 057: Mike Kim – Write, Speak, Date, Repeat
- The Alter Ego Effect: The Power of Secret Identities to Transform Your Life by Todd Herman
- The 90 Day Year
Connect with Mike Kim:
- Mike Kim Website
- The Brand You Podcast
- Mike Kim on LinkedIn
- Mike Kim on Instagram
- Mike Kim on Facebook
- Mike Kim on Twitter
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