A life coach can help you make positive changes in your life, but you still need to take responsibility for the changes you want to make. They won't do the work for you, so it's important to be committed to improving. The fees for professional coaching vary significantly, but there are ways to determine a realistic rate that aligns with the value clients find in your services. My training rates are based on my experience and the value I provide to help solve real problems that are slowing down or impeding my client's business.
Generally, life coaches base their fees on their training and years of experience. It's a good idea to use the International Coaching Federation fee card as a reference point and moderate it based on your niche offer. The rate for coaching depends on the duration of the coach's commitment, the number of training sessions you have, and the coach's hourly rate. Talk to people in your network who operate in a similar space to understand how companies are used to buying training programs.
Keep in mind that the hourly rate of a business coach or executive coach can be much higher than that of a life coach. Most coaches will charge fares within or above the industry standard to avoid being considered a bargain bus in the basement. In addition, many coaches include or exclude various additional elements and services in their packages, making it difficult to get an accurate picture of the average or overall prices of training packages. Hourly rates are quite simple and straightforward: the client pays you based on each hour of training they receive (see Chapter 1 for the key reasons why it's important to move away from this price category as soon as possible).
Most life coaches charge comparable rates to other helping professionals, such as therapists, physical therapists, massage therapists and acupuncturists, but there is more variability because the life coaching industry is less regulated. When determining fees for coaching commitments, consider the results that potential clients expect to obtain from the coaching engagement. That way, you can be certain that you are paid for the services you provide at the base rate, but you also have unlimited scalability with the revenue percentage. This is the pricing strategy or category that most coaches understand and is the reference price category for new coaches. Compare your rate based on what the industry average is for your specific market, as well as the level of person you're targeting. This will help ensure that you are charging a fair price for your services while still making a profit.
