How to Determine The Price For Your Business/Service:
Our price calculator is designed to be simple and easy to use. It covers everything you need to price your business coach
We hope this calculator helps you make more money for your business.
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How To Price Your Business Coach
One of the most challenging aspects to becoming a business coach is determining how much to charge for your business coach.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your business coach, it's critical that you first identify all of your costs and consequently mark up your business coach so you can factor in a profit.
The actual cost of your business coach may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your business coach, you'll want to create goals for revenue + how much profit you want your business coach to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your business coach is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your business coach fits best in the marketplace.
All of these factors play an equal part in pricing your business coach, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Learn more about starting a business coach:
Where to start?
More Tips On Pricing Your Business Coach
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful business coach
9. E-commerce Mentoring ($1.2M/year)
Kamil Sattar (from Telford, England, United Kingdom) started *E-commerce Mentoring * over 6 years ago.
Hello, my name is Kamil Sattar. I am an entrepreneur who’s developed many six-figure drop shipping businesses. I’ve also created systems to maximize opportunities in different markets and I’ve started companies in many industries. One of those companies specializes in helping people who are seeking to create drop ship companies of their own.
Of course, with every store that I open, I am able to learn new things. With every new thing that I learn, it helps me improve my system that I use to create these six and seven-figure stores and it helps me improve my process for helping others generate their stores.
10. The Mindset Society ($186K/year)
Claire Osborne (from London, UK) started The Mindset Society over 3 years ago.
Hi, I’m Claire Osborne and I’m the founder of The Mindset Society. I started the company during the first UK coronavirus lockdown as stress and anxiety were skyrocketing, and sadly many employers I was talking about were at a loss of how to help. It’s not surprising, helping people work through their thoughts and emotions and figure out how to solve personal and professional challenges needs independence and expertise that employers can’t offer on their own. That’s where the Mindset Society comes in.
I launched the company from my lounge, while in solo lockdown thanks to coronavirus, and not only has it given me meaning in this madness, it’s also averaged over $15k revenue a month since.
11. Thrivette ($120K/year)
Stacey Haynes (from Dallas, Texas, USA) started Thrivette about 5 years ago.
Hi y’all, I’m Stacey Haynes, founder of Thrivette, a community of people where we “Make Things Happen.” Our company offers consulting, as well as free resources in our Thrivette Lab, to help businesses grow. I have over 15 years of experience in the customer service/call center industry. My husband, Jason, is an architect turned web designer. We have had countless side hustles over the years to help fund our bigger dreams...real estate. People continued to ask us how we did it, so we started Thrivette as a way to compile information for people to reference anything from getting started with crowdfunding, to selling on large e-commerce platforms (Like Amazon, Etsy, and Shopify), to dealing with customers in real life as a landlord.
While we focus on consulting, we continue to grow the different facets of our company through merchandise we make to sell on sites like Etsy, Shopify, and Amazon. Most people say, concentrate on one thing and be an expert in it. We have a different philosophy. We believe that having multiple streams of income in a variety of areas is what’s right for us, and show people that as long as you are taking action and stopping when it no longer becomes profitable, that you can do what is right for you. We make about $10,000 per month for consulting and online merchandise combined.
12. eBiz Facts ($50.4K/year)
Niall Doherty (from Waterford, Ireland) started eBiz Facts almost 5 years ago.
My name is Niall Doherty and I started a website called eBizFacts.com, where I try to help people make money online.
So far, it seems to be working, if this graph of my affiliate income is any indication.
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