WW 203: 5 Pricing Mistakes Money Coaches Make - Solo Show

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Resources FROM THIS EPISODE

Feel frustrated with pricing your services? Join The Pricing Formula to help you start charging the right price!
Want the Online Coach’s Pricing Workbook for free? Leave a review for the podcast on iTunes, take a screenshot and email it to me at tess@wanderwealthy.com and I’ll send you the workbook for free as a thank you!
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Tag me on Instagram @tess_wicks to show yourself working through the pricing workbook. DM me your questions, thoughts, and feedback and I’ll send you a voice message with answers and so much love!
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A Quick Recap from this episode

If you want to build a thriving successful online coaching business, you have to price your services correctly. That’s why today’s episode is about the 5 biggest pricing mistakes that I see money coaches making and how to fix them, and this comes straight out of my Online Coach’s Pricing Workbook, so you’re getting a sneak peek into that resource!

So let’s dive in to the 5 pricing mistakes:

1. Pricing based on your gut.

I know that this one is kind of popular, and although your price should feel right, a big component of it feeling right is knowing that it makes sense for you and your business. Your gut isn’t a calculator, and if you try to price based on your gut you’ll either be pricing way out of the market or you’ll most likely vastly undercharge.

Your pricing not only needs to make sense for you and your numbers but it also needs to make you a profit after you’ve maintained your business and paid in your taxes. You want your price to feel aligned, but it can also feel uncomfortable to charge what you’re actually worth, so don’t start with your gut.

2. Thinking that what they’re offering is just how often they’re face-to-face with their clients.

So many coaches price their offerings based on a “per session” rate. They only think about the face-to-face calls that they have with the client, but so much time goes into the preparation for the call, the research you do for your clients, and all the other factors that go into you running a successful coaching business.

And remember that you have other costs to cover. Yes, at your previous job you may have gotten a certain pay rate or salary but the company you worked for was charging more (probably triple or quadruple) what you were getting paid for that job, because they have other expenses to cover and still want to make a profit.

3. Pricing based on competition.

I know it’s so hard to avert your eyes and not look at the prices of your competition. It’s an easy go-to when you don’t know what to charge or when you’re feeling that imposter syndrome set in.

So often we look at the prices of our competitors and then price our services a little bit lower, but that isn’t helping anyone. You have no idea what, if anything, went into choosing their pricing, so you could be setting a price based on already poor pricing.

4. Pricing based on affordability.

As money coaches we have a guilty conscience because we assume we know what people can and can’t afford. You can’t assume that you know that information. Often times, the people who on the surface don’t look like they can afford you tend to be the ones with cash stacked ready to jump into your program.

Keep your blinders up and make sure you’re focused on covering your costs and staying profitable. Don’t assume that just because you’re frequently looking into people’s finances that you know whether or not they’re ready to invest. Always assume that they CAN make it work and then deal with any objections or self-limitations that come up.

5. Pricing based on practically nothing.

This is the one where people just pick a price point that just sounds cool and throwing it out there. Yes, every once in a while this could work out, but the truth is you don’t know what’s going into this price point and that can hurt. When it comes to you justifying your price point (even if it’s just to yourself), you need to know what went in to creating the price that you charge.

Those are the 5 pricing mistakes that I see so often, and these mistakes can cost you customers and your confidence if you don’t fix them. Make sure you know your numbers and are charging according to what’s right for you and your coaching business.

Don’t forget that if you’re ready to keep your pricing simple and get some help making more sales, then it’s time for you to grab the Online Coach’s Pricing Workbook below!