HOW TO BE CONFIDENT IN YOUR PRICING STRUCTURE?

In the world of owning a business, it can be challenging to find the right balance between setting competitive pricing and accurately reflecting the value you bring to your clients.

To help you navigate this process, I’ve gathered insights from other business masters and what I have known to work for clients which I am sharing the strategies which are proven to help you feel confident in determining the right pricing structure for your services.

Before I share these I want you to always have in mind your services are an investment.

1. Look at Both Sides of the Equation: Consider the impact your work with your clients has on their lives and what you need financially to continue serving them without stress. This will help you arrive at a price that feels right for you. How to do this: Work out what revenue and profit you want in a year and reverse backwards to what that looks like in regards to how many clients you need in a month.
2. Understand your Client's Context, Outcomes and Timeframes: Before setting a price, understand the intended outcome of your coaching, whether it's a single session, a short course, or a long-term agreement. How to do this: Invest time in a discovery call with your prospect to understand where they are at? Where they want to be? What is holding them back in achieving this?
3. Start with an exclusive A La Carte Approach: The conversation is changing on what success, happiness and exclusivity mean. I believe the world of coaching for example is unregulated and anyone can reel off a “certificate” from any website and say they are a coach. Be exclusive in what you offer. A question here to you is: If you are seen as cheap, what do you attract? If you are seen as luxury, what do you attract?
4. Invest in Building Your Credibility with awareness: Invest in certifications, client cases and testimonials, awards, and other credible sources BUT only if it serves your long-term vision. A question here to you is: are you doing it do feel good and being busy feels good or are you genuinely doing it to help move yourself and your clients forward by not having that gap in knowledge?
5. Offer Tiered Packages: Offer tiered packages catering to your ideal client and demographic, with the lowest cost for one to three months of coaching and the highest cost for the most expensive package. How to do this: always have options.
6. Tie Your Fees to Specific Results: Focus on the results the client is looking to achieve and tie your fees to that specific result.
7. Price for Advice Versus Action: Charge for providing advice and actually implementing the advice.
8. Charge for Availability and Accessibility: Base your pricing on your availability and accessibility to your clients. Why create a life of time freedom to meet others demands?
9. Avoid Per-Hour and Deliver Value: Offer packages that focus on overall value in terms of results, outcomes, and success, rather than per-hour fees. Your services will never be hourly. You are going to be transforming someones life and the impact of the experience with you will be profound and for life. Make sure your time is valued.
10. Solve Problems: Create a group of services that will solve a specific problem for your clients. Always be thinking what is their biggest problem right now? What is keeping them up at night? Solve this. 

By following these strategies, you'll be able to create a pricing investment structure that accurately reflects the value you bring to your clients.