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Business Coach or Executive Coach: These are the Top 7 Reasons Why You Need A Pricing Schedule

Written by: Leanne Hoagland-Smith

Article Overview: Are you a business coach or executive coach? Do you have a pricing schedule? If your goal is to increase sales, maybe this is the place to start.

Business Coach or Executive Coach: These are the Top 7 Reasons Why You Need A Pricing Schedule

Business coaches are in the business to help people and to make a living. Given the explosion within this industry, there are a lot of people in the coaching business coaching industry worldwide. However, research suggests that most do not exceed $50,000 annually and less than 10 out of every 100 make over $100,000 a year.

If you are a business coach or executive coach and wish to increase sales, then maybe it is time to construct a pricing schedule that looks at all of your time and not just billable hours. These 7 reasons may help to convince you the importance of such a schedule.

Reason #1: Real businesses Have Pricing Schedules
Have you ever visited a grocery store or retail store without knowing the price at checkout. There may be discrepancies in the price due to bar coding, but you always know the price. The price is not subject to negotiation.

Reason #2: Pricing Schedule Reinforces Your Value
When you lack a pricing schedule, you have subconsciously diminished your value. You begin to give prices without totally understanding all of the time needed within the current coaching project or consulting project.

Reason #3: Pricing Schedules Creates Consistency
We live in a very small world. People know people and people talk to other people. By having a pricing schedule, you create consistency so that no one can inadvertently slip and give a price that may be higher than the one you quoted.

Reason #4: Pricing Schedules Establish a Foundation for Additional Product Creation
As more and more business coaches and executive coaches offer products from coaching programs to e-books or reports, these services and products need to be in alignment. Pricing schedules allow for uniformity within all the services and products you offer. For example, you give someone a price on coaching. A commitment is made and then the new client visits your website and sees a different price for a comparable service. This discrepancy can potentially begin to build suspicion within your client and damage your overall relationship.

Reason #5: Pricing Schedules Allow You to Raise Your Prices Systematically
Once you become busier, available time is reduced. By having a fixed pricing schedule, you can anticipate this capacity issue and let your clients know that by a specific date you will be increasing your coaching fees.

Reason #6: Pricing Schedules Work with Your Strategic Plan
The growth of your coaching business should be predicated upon your strategic plan. You can use the pricing schedule for future growth projections as well as financial projections.

Reason #7: Why Wouldn’t You Have a Pricing Schedule
You have spent a lot of time working your business. Then should not you receive compensation for that time? A consistently applied pricing schedule helps you to determine your actual expended work efforts including time researching, working on a client’s additional needs to working on your website or other marketing strategies.

Of course you could do what many business coaches and executive coaches do, use the spray and pray approach. Spray your price and pray that it sticks. However, a solidly constructed pricing schedule will provide far more value even if it takes some precious time to develop.

If any of these reasons may sense to you, then take the time now to establish your pricing schedule if you truly want to get to where you want to be.

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Article Tags: alignment, billable hours, business coach, business coaches, business coaching, coaching project, comparable service, consistency, consulting project, discrepancies, discrepancy, e books, executive coach, executive coaches, grocery store, product creation, reason 2, reason 3, retail store, uniformity



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