3 Simple Steps to Coaching Packages That Sell & Prices That Reach Your Money Goals
When you’re creating your coaching packages and setting your prices, it’s important to make sure that you’re setting yourself and your business up for long-term sustainability.
I created a three step process to walk you through that. So grab a journal and a pen and let’s get started!
First, we’re going to get clear on your money goals.
Then we’ll create a set of offers that your clients really want to buy, making them very easy to sell.
Third, we’ll set your prices so that they fill your bank account and are also 100% aligned with who you are.
Step 1: Get Clear On Your Revenue Goal
Before we start creating your offers that sell, we have to get clear on what your money goals are and what kind of revenue you need to bring into your business.
One of the biggest mistakes I see coaches and service providers making is this: being too afraid to look at their numbers. They don’t know how much they made in the last year. They don’t know how much they want to make. It’s all very wishy washy for them.
So as we’re establishing your money goals, we’re going to be as specific as possible, and we’re going to write it down.
The more specific you can be, the easier it’s going to be to actually hit your goals.
I want you to get really clear on what your revenue goal is, and that means knowing what your expenses are inside your business, what your business needs to be supported for growth, and how much you need in order to be supported on the personal side, too.
The other reason you want to be super specific with your revenue goals is so that you can actually write it down. There’s research that says when we write down our goals, we’re more likely to actually achieve them.
I think this is for two reasons.
The first is that when we have a specific goal written down, we can come up with a game plan and road map towards achieving it, instead of just winging it and hoping it happens.
But the second reason is that when we write down a specific goal, it gives us a chance for universal alignment, with the universe kind of supporting us and backing us up with what it can do to help us achieve our goals. And sometimes we have to be open to a little bit of a surprise. We can want one thing, and the universe wants something even better for us, and we have to be open to that.
One important thing I want you to remember about your specific, written-down revenue goals is this: You can always revise it.
It’s just a number. You can change it. So don’t get too stuck on it. Pick a number and move on.
Calculating Your Business Expenses
When you’re calculating your business expenses, I want you to set aside some time to really reflect on this. Sit down and go through all of your expenses. If you have a money coach or a financial advisor, maybe they can help you with this.
Here’s a few ideas of things you’ll want to make note of:
- Any subscription fees that you pay monthly or annually
- Marketing expenses and what it costs to put your stuff out there (this could be design, website fees, ads, etc)
- Any office expenses, if you rent an office, or use a co-working space, or work from home
- This includes things like your computer, internet, phone, heating
- Any costs for support or outsourcing, such as a VA or a bookkeeper
- If you host retreats or workshops, consider those expenses, such as the cost of you getting there, the facility, food, any other facilitators you bring in, etc
- Any education or training you invest in
- Your own coach
- Any conferences you want to go to this year
A lot of people think that their business doesn’t have overhead until they do this exercise, and then they realize “Holy shit, I have a ton of overhead and I wasn’t packaging that up into my prices!”
The Cost of Up-Leveling
After you calculate your business expenses in the present, I want you to make sure that you include the cost of up-leveling your business.
As you grow and as you level up, what are some of the next things that you know you’ll need to build into your business for expansion.
I want you to be fully supported in your business, and that includes supporting your business’s future as well as its present.
Adding It All Up to Your Money Goal
Now that you’ve got your business’s numbers, add in your personal numbers (I won’t tell you how to find that, because you might have a spouse or a partner to discuss that with).
Add them all together and you’ll get a clear idea of what kind of revenue you need to be making in your business to fully support both your business and yourself.
Here’s what it will look like:
Business Expenses + Up-Level Costs + Personal Numbers = Money Goal
I love this formula for finding your revenue goal, because it’s not some random number you pulled out of the air or based on any mental money gremlins in your head.
It’s based on concrete data and it’s designed to support your business and personal growth in the long-term.
Step 2. Create Offers That Sell
Now that we’ve got our money goal, we’re on to creating our offers. We’ve got to have something to sell, afterall, in order to reach that money goal.
As you’re creating your different offers and packages, there are a few things you need to keep in mind.
Know What They Get Out Of It
When people work with you, they’ll obviously be getting things. Some of these are tangible things, and you need to know what these are.
The tangible things could be X number of one on one sessions or some kind of deliverables from your work.
But it’s also important (dare I say more important?) to know the intangible things they’ll be getting from each offer.
What are the ideal outcomes? If someone were to follow the process and give their all, what would that look like? Where would they be by the end of working with you?
Do they become a coach or a healer that can suddenly pay the bills or travel around the world with their family? Do they regain their confidence and are able to go out into the world and find the love of their life, or quit their job and start a business that feels really good to them? Do they find their voice again and finally speak their truth to their family members, or get up on stage and give that talk they’ve been dreaming of giving?
These are the transformations, the “so what”s of working with you through your packages.
Be Able To Explain Each Package In One Sentence
I talk about packages and I talk about offers here, and to me, they’re kind of interchangeable terms. A package could be a workshop, it could be a course, it could be a one on one package of sessions.
They’re all packages, but no matter what, each package should have a clear core promise.
You should be able to summarize each offer with a sentence that explains what this is and who it’s for.
When you’re on a call with someone and you’re explaining your offers, you don’t want to have to go on and on for 5 or 10 minutes explaining how people can work with you.
And when people see your offers whether that’s on Facebook or your website or Instagram, you want them to be like “Yes, that’s for me. How do I get more?”
You want one clear sentence.
This can take some time to narrow down, but the more you listen to your clients, the more clear it will be.
Think Of Your Offers As A Funnel
Think about the shape of a funnel. The top of a funnel is wide, the bottom is very thin, and the pointy end is where the water comes out.
In an ideal world, clients should be able to move from one of your offers into the next.
This won’t always be the case, but think about the customer’s journey and how you can move them through.
You want to think about people moving down through your funnel, and the closer they get to the pointy end, the more access they get to you, and the more expensive it should be.
Now, this is a generalization, but it’s a really effective way to build your business so that you’re not going to be completely overworked. You don’t want to find yourself over-delivering all the time and undercharging. The funnel strategy is really helpful for that.
Use The 3-Tier Pricing Strategy
When you’re creating your packages, you typically want to have three offers.
Now, none of this is set in stone. You don’t have to follow this exact method. But I’ve found it to be really effective.
With your three different offers, you’ll have
- A small bite
- A signature offer
- VIP services
The small bite is some way that people can work with you that is small, manageable, and a taste of what it’s like to work with you. In an ideal world, after that small bite, they’re going to want to keep working with you.
This is for people who aren’t 100% sure that they want to commit, or mayb e they don’t have access to the funds for the higher level services.
It could be a one-off session, or a lower price group program. It could be a class you teach online or a book you’ve written. It’s something small for them to get to know you a bit.
The signature offer is the thing that you want to sell again and again and again. It’s the thing that you want most people to buy.
There are all kinds of ways you can think about this. It could be a middle-of-the-road kind of group coaching program that you teach online, and then if people want to work with you one on one, they have to upgrade.
You want to be selling two or three of your signature packages a month in order to hit your monthly revenue goal. (We’ll talk about that more in Step 3)
The VIP services are your higher level, premium services. If you’re a service provider, this could be more of the done-for-you type service or more of the white glove treatment. If you’re a coach, maybe this means more one on one time with you or more access and touchpoints with you.
One of the ways I like to come up with these offer levels is to play with cue cards. I’ll write down all the different ways I can work with people, and then shuffle them around to see what makes sense for my customers and how he or she wants to work with me and how I can move them through my funnel from one service to the next, or maybe how I can really serve them at exactly where they are.
Step 3. Set Prices That Honor Both You and Your Goals
When you set your prices, you want to make sure they align with your money goal. That’s the first thing, and that’s why we started with that in Step 1.
The next important thing with your pricing is that it should be in alignment with you and your inner self.
You’ll Need To Do The Inner Work
When you set your pricing, it should feel like a stretch.
You definitely want to push yourself, but at the same time it shouldn’t induce dry heaving.
If you feel nauseous or sick to your stomach with your pricing and you can barely get it across your tongue, then it’s not right. On the other hand, if it makes you feel like you’re selling yourself short, then that’s also not right.
Here’s the thing: When we’re setting our prices, sometimes it’s going to bring stuff up inside us.
You want to do that inner work to clean that up. Look at the ways that you’re potentially limiting yourself. Do that inner work so that you can feel in alignment with your prices.
You Need To Be Able To Bring Good Energy To Your Offers
It’s really important that you can get behind your prices, because the energy that you bring to your offers will be reflected back to you. So if you don’t feel good about it, they’re not going to sell. I guarantee you that.
If you don’t love your offers, it’s going to be really hard to sell them.
Remember, you’re not selling the number of sessions. You’re selling the transformation, the results, the experience of working with you and what that will do to your client’s life, and how it will help them. Whether it’s small or large, think about that outcome. That’s what you’re selling.
When People Invest In Something, They Show Up
Remember, higher prices allow you and your clients to be deeply invested in the work you’re doing together.
Lower prices is a way of giving your clients an easy out for not showing up and doing the work.
When we invest money in something, we step up. Give your clients the gift of that. You’re opening this door for transformation. Allow them to step in.
Also, make it an invitation that’s easy for them to step through. The energy you bring to an offer will be the energy that’s brought back to it.
I remember I used to try to sell my $5,000 coaching package, and no one was buying it. But I was so excited about my $500 session and everything we could do in 90 minutes, and of course people were buying those like crazy. I made it sound so good.
So I changed the energy I brought to my $5,000 offer and then all of a sudden I started selling them and booking those out.
So however you sell your offers, whether that’s on Facebook or on a webinar or on a call, your energy matters.
Separate Your Self Worth From Your Net Worth
A lot of us think our offers are about us, and we’re afraid to say that number because we’re afraid that it reflects our personal self worth.
But remember that it’s not really about you. It’s about your clients. It’s about how you serve them.
It’s important that we separate those things.
It’s about your clients and the outcomes you want for them. Do you want that transformation for them? If you do, then you need to open that door and let them step through.
We need to empower them to make that decision and step through that door with you. No matter what you’re doing, if you’re a coach or a service provider of some kind it doesn’t matter, you are opening a door to help them through.
These are the three steps to creating a coaching business that helps you reach your money goals and fills your bank account while also staying 100% in alignment with who you are.
If you’d like further support with creating offers for your business, check out the offer template in my Resource Center, and I’ll walk you through setting up your offers in more detail.
Did you have any aha’s or epiphanies as you were going through these steps? Let me know in the comments! I can’t wait to hear from you.
Hi, I'm Becky!
For Coaches and Leaders