Life Coach Price Calculator: How To Price Your Life Coach?

Life Coach Price Calculator: How To Price Your Life Coach?

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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 life coaching business

We hope this calculator helps you make more money for your business.

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How To Price Your Life Coach

One of the most challenging aspects to starting a life coaching business is determining how much to charge for your life 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 life coach, it's critical that you first identify all of your costs and consequently mark up your life coach so you can factor in a profit.

The actual cost of your life coach may include things like:

  • The actual cost to make the product (ie. raw materials, supplies, manufacturer).
  • Shipping + overhead fees
  • Rent
  • 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 life coach, you'll want to create goals for revenue + how much profit you want your life coaching business to make.

This process is simpler than you may think:

  1. Think about your breakeven cost (by completing the above step).
  2. Create a revenue goal based on your break-even cost
  3. Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
  4. 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 life 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 life coach fits best in the marketplace.

All of these factors play an equal part in pricing your life 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.

More Tips On Pricing Your Life 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.

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Lauren Costanza, on starting Bluminary ($500/month) full story ➜

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Thanks for reading. We wish you success in your business endeavors.

Examples of a successful life coaching business

Grow Your Agency ($1.44M/year)

Iman Gadzhi from London, England, United Kingdom started Grow Your Agency about 4 years ago, a life coaching business.

  • Revenue: $120,000/ month
  • Founders: 1
  • Employees: 2
  • Location: London, England, United Kingdom

Hey everyone, my name is Iman Gadzhi! I am the founder of two core businesses: IAG Media and Grow Your Agency. The former is my B2B social media marketing agency (SMMA) where I deploy strategic marketing campaigns for global clients. The latter is my education company where I teach entrepreneurs how to start and scale a profitable SMMA with the course Agency Incubator.

My primary product is my online course. It’s an industry-leading and comprehensive course on how to create an SMMA business from scratch. So far, it has been my life’s work because so much has gone into it. I have a team that helps me do this, and I really enjoy helping my students become financially independent. My typical customers are self-starters fed up with the college route. They want to experiment with a proven online business model. In only two years, I’ve made over $1.2M in profit. Over 45 of my students make over six figures with their SMMA, and over 300 students have quit their regular jobs.

how-i-started-a-120k-month-online-course-for-social-media-marketing-agencies

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Iman Gadzhi, on starting Grow Your Agency ($120,000/month) full story ➜

Ascend Marketing, Inc ($180K/year)

Jim Ackerman from started Ascend Marketing, Inc about 22 years ago, a life coaching business.

  • Revenue: $15,000/ month
  • Founders: 1
  • Employees: 2
  • Location:

At Ascend Marketing, we help small businesses to get more customers who will pay them more money, more often, through educational and Coaching Programs. Our Flagship Principle-Centered Marketing Coaching Program comes with a unique 200% Return On Investment Guarantee.

I’m Jim Ackerman, the founder of the company and the developer of this 1-of-a-kind Coaching program.

We help start-up and established small businesses with their marketing, advertising, and sales systems. These are companies that are typically too small to be able to afford an advertising agency and are run by people whose expertise is virtually anything BUT marketing.

how-i-started-a-15k-month-marketing-coaching-program

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Jim Ackerman, on starting Ascend Marketing, Inc ($15,000/month) full story ➜

Personal Growth Base ($120K/year)

Sinem Günel from Vienna, Austria started Personal Growth Base over 1 year ago, a life coaching business.

  • Revenue: $10,000/ month
  • Founders: 2
  • Employees: 0
  • Location: Vienna, Austria

I’m Sinem, 22 years old, based in Vienna, Austria and I’m an entrepreneur, coach, and writer.

I started my entrepreneurial journey at the age of 19 by organizing personal development workshops for students. After my first projects, I knew that I wanted to be an entrepreneur for the rest of my life and started several side businesses besides my studies and a full-time internship: I created online courses, hosted workshops, and blogged on Medium.com.

My mission is to inspire and empower people across the globe to invest in themselves and unleash their full potential and I’m reaching my goal through several different products and services such as seminars, books, and online courses and blogging.

how-i-started-a-10k-month-personal-growth-advice-business

-  
Sinem Günel, on starting Personal Growth Base ($10,000/month) full story ➜

Optimize Yourself ($120K/year)

Zack Arnold from Los Angeles, California, USA started Optimize Yourself about 7 years ago, a life coaching business.

  • Revenue: $10,000/ month
  • Founders: 1
  • Employees: 0
  • Location: Los Angeles, California, USA

My name is Zack Arnold, I’m an award-winning Hollywood film & television editor and documentary director (shows such as Cobra Kai, Empire, Burn Notice, Glee, Shooter, and more).

I’m also an avid Spartan Racer, an American Ninja Warrior (in training), and the founder of the Optimize Yourself program where I help creative professionals and entrepreneurs more effectively manage their time, energy, and attention so they can achieve their most meaningful goals...without burning out and sacrificing their health (and sanity) in the process.

how-i-generated-150k-with-an-online-coaching-side-project

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Zack Arnold, on starting Optimize Yourself ($10,000/month) full story ➜

JVI Mobile Marketing ($90K/year)

Jay Vics from Monahans, Texas, USA started JVI Mobile Marketing about 9 years ago, a life coaching business.

  • Revenue: $7,500/ month
  • Founders: 1
  • Employees: 1
  • Location: Monahans, Texas, USA

My name is Jay Vics, and I am a serial entrepreneur. My company name is JVI Mobile Marketing, and I have several productized services under that brand. Our Flagship product is a digital marketing consulting for small businesses.

We work with many different clients who want 3 similar things; More traffic, more sales, and more repeat business. They all have one major hurdle in common as well.

They don’t understand how or don’t have the time to market their business online.

how-i-started-a-7-5k-month-digital-marketing-coaching-and-consulting-business

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Jay Vics, on starting JVI Mobile Marketing ($7,500/month) full story ➜

Service Based Businesses ($72K/year)

Anthony Tumbiolo from Miami, Florida, USA started Service Based Businesses over 2 years ago, a life coaching business.

  • Revenue: $6,000/ month
  • Founders: 1
  • Employees: 0
  • Location: Miami, Florida, USA

Hey! I’m Anthony Tumbiolo and before I created ServiceBasedBusinesses.com I started, grew, and sold a multimillion-dollar digital agency called Jakt (you can read the story behind that here).

As I was growing my agency I didn’t really know many other running agencies or have anyone I could ask questions about various challenges I was facing.

So I decided to start the community I wish existed when I was first starting out.

ServiceBasedBusinesses.com (SBB) is a place where digital agency owners come together, connect, and where I personally help them by sharing everything I’ve learned through Q&As on sales, finances, back-office, and every other element needed to grow an agency.

There’s also a robust member resources portal where I release everything I used to run Jakt, like financial models, sales proposal templates, hiring processes and workflows, etc.

Members include marketing agencies, PR agencies, software design and development agencies and more. Members have revenues ranging from $100k/year to $2M+.

on-group-coaching-agency-owners-after-running-a-4m-business

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Anthony Tumbiolo, on starting Service Based Businesses ($6,000/month) full story ➜

GrowthMentor ($60K/year)

Foti Panagiotakopoulos from Albuquerque, New Mexico, USA started GrowthMentor over 2 years ago, a life coaching business.

  • Revenue: $5,000/ month
  • Founders: 2
  • Employees: 1
  • Location: Albuquerque, New Mexico, USA

Hi everyone! My name’s Fotis Panagiotakopoulos and I’m the founder of GrowthMentor, a platform where you can connect with vetted growth mentors for one-on-one calls.

Growth mentors are rigorously vetted with just around 5% being accepted onto the platform. We only accept mentors that have a high level of both hard and soft skills with an attitude that says “I genuinely enjoy helping and am not doing it just for the money.”

The mentors are primarily made up of growth marketers, product managers, founders, and startup veterans with years of experience. Over 2,500 mentorship calls have been booked on the platform to date.

how-i-launched-a-5k-month-platform-to-connect-with-growth-mentors

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Foti Panagiotakopoulos, on starting GrowthMentor ($5,000/month) full story ➜

Pat Walls,  Founder of Starter Story

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