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One of the most common questions I get is “How do I price myself for profit?” It’s incredibly important to have pricing that will allow your business to be sustainable long-term because if you don’t, your dream will die. The problem is, most coaches start out (especially in the Christian world) where they do not want to charge very much – if anything at all. Ultimately, you must decide whether or not you want to be an entrepreneur or a volunteer because running a business is a commitment and a lifestyle, and not just about doing fun things and having freedom.
So let’s talk about what you need in order to price yourself for profit…
DEFINE YOUR USER EXPERIENCE
First off, I think that really diving into the user experience is so incredibly important. I really like having different tiers in my offers, where people can pick their own path regarding what makes the most sense for them. That means that you can have a lower tier where the pricing is not quite as high, but what’s included would not have much value as a 1-1 offer with lots of personal coaching and perks. The most important thing is that you are giving options to your clients where they can pay more, or have a reason to invest in your program outside of just a basic option.
We could talk all day about the art of pricing psychology, but when I look at this I think the most important aspect is pricing your offer in a way that shows insane value. Bonuses are great because they really highlight the special pieces of your program that people don’t want to miss out on. Plus, if you can have an incredible amount of value at a price that feels like the customer is truly getting a heck of an opportunity, then you can’t go wrong. There is also an art to upsells and downsells, but that’s not something that you have to think about until you are selling one core offer consistently.
HIGH-TICKET VS. LOW-TICKET
Deciding whether or not you are going to sell a high-ticket or low-ticket program will actually make the most difference in regards to what you are selling. I always recommend starting with a high-ticket program (which would be at least $1-2k), because it’s much harder to sell a higher quantity of something than a lower quantity. In the past, I had discovered that it took just as much energy to sell a low-ticket program as a high-ticket program, which ultimately means the more lucrative path would obviously be to focus more energy on selling high-ticket.
That doesn’t mean you have to start charging a ridiculous amount at the beginning, but once again you have to look at if you are pricing yourself in a way that is profitable. Owning a business is not just about taking home all of the revenue that you bring in – your business will have expenses. Whether or not that is different apps and programs, building a team, advertising and more. You will have to account for all of these expansions that will come down the pipeline and affect your profitability + growth.
Overall, if God truly has called you to build a coaching business, you have a choice to do it in a sustainable way or an unsustainable way. If you choose not to price yourself for profit, your dreams will die and you won’t fully live out what God has called you to do. So you can even look at this in terms of obedience to what God is truly putting on your heart to create. Also know that the right people will pay for your program – the people that you have been called to set free will say “YES.”
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