Not Sure What to Charge for Your Coaching? Read On…
These Truisms Will Help You Decide What to Charge
- Start with the end in mind.
- Put the oxygen mask on yourself first.
- One size does not fit all.
Many solo coaches think along the lines of: “Well, I won’t have many expenses. The extra bedroom is my office, and I already have a phone, cell, computer, and printer, so I’m pretty well set.”
If you plan to make your living as a coach, you’ll want to reconsider this short-term outlook. Can you see yourself as your own employer? Many of us just want to help people. It’s challenging for heart centered coaches. You are both the employee, the coach, and… your own employer?
You’ve thought about expenses for a website, internet access and networking, etc. Yet there are some you may not have thought of. As your employer you’ll want to pay yourself a salary at least equal to what you got as an employee. You’ll want to include pay for vacation days, holidays, personal days, and all benefits past employers provided.
As your own employer continuing education, conferences, personal and business taxes are expenses you may not have thought about.
You’ll want to consider these things, among others, when you set your fees. Look at “What expenses will I really have?” Personalize your expenses. Do this and you’ll see why you don’t want to set your fees on what others are charging.
What Should I Charge? This is one of the 1st and most important questions to answer for coaches. If you’ve looked at any of the business plan templates online, you’ll see they’re not for you.
Be nice to yourself. Your past employment probably didn’t prepare you to be your own employer. Consider how good it will feel when you’ve learned how to pay yourself a salary like you had as an employee. Your fees cover business expenses and provide the lifestyle you envisioned when you became a coach. Then you can have even more energy for coaching.
Are you willing to see there may have been some things you didn’t know you didn’t know about making your living as a solo coach? If so, please watch the video on the Business Skills for Coaches website. It introduces you to the 1st skill you’ll want. That’s “how to set your fees”. The 2nd skill you’ll want is the “how to get your fees” part.
These 2 skills are the first steps to a stress-free coaching career and a better life. You’ll look at what you charge differently after you watch the video. I promise.
Above all, work smart and be persistent. You will succeed if you are committed to learning what you need to know. That way you can continue to help clients.
To your success,
The Coaches’ Consultant
For current and new coaches in training