| 4 Ways for Coaches and Consultants to Price Their Services. There are many ways for coaches and consultants to price their services. The simplest is to bill hourly, which is useful when you don't know how long a project will take. But there are drawbacks, such as the record keeping and level of scrutiny it invites. ("Why did this take eight hours instead of five?") Once you've built trust with a client, a better method is to use a monthly retainer: a flat fee for access to you. The risk is that clients may feel they own you and try to monopolize your time. If you offer set services — say, half-day strategy sessions or six-month coaching engagements — another option is to charge a flat fee for each of them. That way clients know exactly what they're getting and what it will cost. You could also try a pay-for-results model, in which you make nothing unless your client improves. Yes, it's risky, but if you're confident in your process, you can usually charge a premium. |
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| Today’s Tip |
| 4 Ways for Coaches and Consultants to Price Their Services |
| There are many ways for coaches and consultants to price their services. The simplest is to bill hourly, which is useful when you don't know how long a project will take. But there are drawbacks, such as the record keeping and level of scrutiny it invites. ("Why did this take eight hours instead of five?") Once you've built trust with a client, a better method is to use a monthly retainer: a flat fee for access to you. The risk is that clients may feel they own you and try to monopolize your time. If you offer set services — say, half-day strategy sessions or six-month coaching engagements — another option is to charge a flat fee for each of them. That way clients know exactly what they're getting and what it will cost. You could also try a pay-for-results model, in which you make nothing unless your client improves. Yes, it's risky, but if you're confident in your process, you can usually charge a premium. |
| This tip is adapted from “A Short Guide to Pricing Your Services as a Consultant or Coach,” by Dorie Clark et al. |
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