So many clients and fellow entrepreneurs ask me this question all of the time.
I ask myself this question too.
Recently, I received a challenge from an online mentor to come up with a service or product that I could charge $10,000 for.
I racked my brain, emailed my inner circle of entrepreneurial Goddesses about my ideas and sat with the challenge. And sat. Nothing felt right. It felt contrived, not organic, which is the way I love working.
Some people, like Leonie Dawson, charge $1,000/hour for a biz coaching session. Danielle LaPorte disclosed that she charged $500/hour for her Fire Starter Sessions. I know someone who worked with Zen business master Max Simon for around $10,000. She is quite successful as far as I can tell.
I recently worked with the prolific scribe-to-the-blogstars Alexandra Franzen for $1,000. She’s written for LaPorte and Marie Forleo, no less! I got in just before she raised her prices to $1,500. And to be honest, she could charge more because she delivers the GOODS: you get 3-4 hours of 1-on-1 coaching and then she writes AMAZING copy that will blow everybody’s pants off! Let me tell you now: it was the best $1,000 I’ve ever spent. (Just read most of this website and you’ll get a taste of how rockin she is). And, it was the MOST I’ve ever spent on my business.
Then there are slimy-coach horror stories that make my blood boil. Two of my 1-on-1 clients disclosed to me that they dropped exorbitant amounts of money on business coaching, perhaps as much as my graduate education. Let’s just say WAY over $10,000. And, no ROI (return on investment) to speak of. They feel like they were had, in the worst way.
Don’t get me wrong, I’m not judging anyone or begrudging anyone the amount of money they believe they are worth. I fully embrace that each individual defines their services’/products’ monetary value.
However, with the range of prices all over the map, it’s nearly impossible to do the “comparison” method to choose your own fees. “I’m a Ph.D after all. Shouldn’t I be charging more?” Nope, doesn’t work.
After struggling with this for so long, I surrendered. And, I have a deeper sense of pricing for the first time in years.
- Yes, it’s a good idea to compare prices to others who are doing similar work.
- Sure, it’s savvy to research the market and get the skinny on salaries and benefits that are commensurate with your experience, expertise, education and so forth.
But, really the question, “How much should I charge?” asks us to go deeper. Dive beneath the surface.
So, I ask you now, “Who do you serve?”
Visualize the person/people you love that you are working with. The one you want to help so bad that it hurts. Can they pay $1,000? Or $500? Or $50?
Now, what about the person/people you want to serve in the future?
Is there a big gap?
I found that I’m working with exactly the person/people I love to work with: artists, healers, musicians, creatives and writers.
My Plunge package is $800 and I know that’s not unreasonable for the 4 hours of 1-on-1 coaching and the other 5 or 6 hours I take to create a marketing plan, help write copy and come up with inspired content creation. I feel great charging that amount. I feel respected and honored and ready to show up big and bright.
But still, for those I serve $800 is a nice chunk of change. Enough to make sure that they come to the table with their full, big and bright selves too. It’s also enough to make sure they implement the plans I draw up for their businesses.
For those who can’t drop $800, I have group coaching for 6 to 8 entrepreneurs that goes for $475. They have to share the time and the format is DIY … w/me to help guide and midwife their new business and marketing plans.
There are multiple ways to meet the challenge of how much to charge, like offering payment plans, but ultimately it comes down to knowing …
Who do you serve?
I’d love to hear what you think, so leave lots o’ comments below. How do you deal with pricing and charging?