How to Determine The Price For Your Business/Service:
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How To Price Your Health And Wellness Coaching
One of the most challenging aspects to starting a health and wellness coaching business is determining how much to charge for your health and wellness coaching.
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 health and wellness coaching, it's critical that you first identify all of your costs and consequently mark up your health and wellness coaching so you can factor in a profit.
The actual cost of your health and wellness coaching 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 health and wellness coaching, you'll want to create goals for revenue + how much profit you want your health and wellness coaching business 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 health and wellness coaching 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 health and wellness coaching fits best in the marketplace.
All of these factors play an equal part in pricing your health and wellness coaching, 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.
More Tips On Pricing Your Health And Wellness Coaching
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 health and wellness coaching business
Holistic Wellness Coaching Academy ($180K/year)
Brittney Oliver from started Holistic Wellness Coaching Academy over 4 years ago, a health and wellness coaching business.
- Revenue: $15,000/ month
- Founders: 1
- Employees: 3
I am Brittney Oliver, better known as “Coach Britt” and I am the founder of the Holistic Wellness Coaching Academy school for Gut Health and Mindset Coaching. I am a two-time author, board-certified coach, and passionate entrepreneur.
In 2017 I launched an international Academy, based on my first book Buddha Belly with little to nothing as far as the financial startup goes and grew it into a six-figure business by year two.
HWCA was built in the scarce moments between motherhood demands in an attempt to find a piece of my own identity, something that I was passionate about that could add to my family’s income which was only $35,000 a year at the time! What started as a singular course on the microbiome, evolved into an international, full coach training academy which now has graduates all over the world.
Holistic Living Consulting LLC ($1.2K/year)
Cassandra Hill from Osceola started Holistic Living Consulting LLC over 3 years ago, a health and wellness coaching business.
- Revenue: $100/ month
- Founders: 1
- Employees: 1
- Location: Osceola
Cassandra Hill is a Holistic Wellness Coach, Life Coach, Author, and Speaker. Beyond the titles at the core of her heart, Cassandra is a woman who genuinely wants to help people.
Her business Holistic Living Consulting serves the professional woman who is busy building her business or career and has neglected herself. Holistic Living Consulting offers the following services:
- Virtual Holistic Wellness Coaching
- Virtual Life Coaching
- Healthy Living products
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