If you’ve been coaching for a while, the question of when you should raise your coaching prices might be something you’re pondering. There’s a whole bunch of reasons why and when you should raise your coaching prices and in this post we’re going to explore a few of them to help you make the decision for yourself and your business.
So, when should you raise your prices for your coaching services?
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Because you want to
Here’s a reminder that your prices are your prices and it’s up to you what you decide to charge. You can absolutely raise your prices with no need for justification at all.
However, I know some of us feel more comfortable when we have some reasoning behind it or maybe even a bit of a push so here’s a few more reasons as to why and when you should raise your prices.
You’re becoming fully booked
If you start to notice that all of your coaching slots are becoming booked out, maybe you’re about 70-80% full then that’s a good indicator that you’re ready to nudge up your prices. If you’re attracting clients at a good rate, an increase in price can make a lot of sense to maximise the profitability of your time.
Your confidence has grown
I don’t believe that pricing should be an exercise in charging as much as you feel you can get away with, but it totally makes sense to charge appropriately for the value you’re offering, and usually as we become more confident in the work we do and the results we get for people, we start and see that value more and more clearly.
Your level of expertise has increased
If you’ve recently invested a lot of time and money into learning new skills or knowledge that you bring into your coaching programme it absolutely makes sense to nudge up your prices to reflect that increase in value you’re bringing to the table.
The clients you’re currently attracting aren’t the right fit
If you start to become aware that the clients you’re working with aren’t the perfect fit, maybe that’s the stage in their journey they’re at, how much support they require, the kind of outcomes they’re aiming for etc then changing the price of your programme has the potential to shift the kind of clients you attract. Charging more doesn’t mean better ‘quality’ clients – but sometimes it really can shift something around how the coaching package is positioned – and that can have a big impact.
You want to change how the package is positioned in your business
And following on from the last point, a price increase can be a good idea if you want to change how the coaching package is positioned. This can be influenced by a number of other factors, for example, if you’ve increased the price of other offers in your business and your coaching package is the most intensive way to work with you, then it might make sense to raise the price of that package in turn. Maybe you want your coaching package to be more of a ‘high ticket’ offer, then obviously the price reflecting this would make sense.
You’ve made changes to the programme that increases the value of what you’re offering
If you’re making changes to the coaching package that shifts the value then reviewing the price is obviously going to make sense. Maybe you’re adding in more calls, more time supported or shifting the kind of outcomes the package supports people to achieve.
You want to make the same amount of money in less time
Increasing your prices can often mean you can generate the same amount of income but in less time. For the sake of simple maths, let’s say you decided to double your prices. That would mean to make the same amount as attracting 4 clients, you’d only need to work with 2 – hence, less time spent for the same amount of income. You need to consider if it feels realistic and aligned for you to do that and if you still feel you’d attract the clients at the new rate, but it can make a lot of sense to consider it – even if it’s not quite a doubling of prices!
You want to utilise ‘expansion’ pricing
I talk more about expansion pricing in this post about how much to charge for coaching sessions, but essentially this is based on the idea of charging in line with the edge of your comfort zone. It’s about pushing our pricing into that place of expansion so as we become more comfortable with our prices, we can expand them to the edge of that expanded comfort zone.
I’d love to know if these reasons why you should raise your coaching prices resonate with you, let me know in the comments if you’re considering a price rise.
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