Realize Your Value: A Coach's Pricing Guide

In the world of coaching, determining the right price for your services can feel like running a marathon blindfolded. It's a delicate balance between what you believe your services are worth and what your clients are willing to pay. This often leads to a common pitfall among coaches - undervaluing their expertise and pricing their services too low. This post aims to help you shift your mindset about pricing and truly recognize the value you bring to the table.

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1. Recognizing Your Accumulated Wealth of Knowledge and Experience

As an endurance coach, the service you provide goes far beyond what meets the eye. Behind every training plan, every piece of advice, and every strategy lies a wealth of knowledge and experience. You're not merely selling a plan; you're selling a compressed version of the years you've spent in the trenches, the knowledge you've acquired, and the wisdom attained from countless successes and failures.

Every race you've participated in, every athlete you've observed, every win you've celebrated, and every setback you've encountered have shaped your expertise. These experiences have honed your ability to craft successful strategies, anticipate potential road blocks, and adapt plans to fit an athlete's unique needs. Each of these elements is a valuable asset, and they collectively form the basis of your service.

Your clients aren't paying merely for the end product—the training plan. They're investing in your long journey of growth and learning. This journey has enabled you to curate training plans optimally, saving them from missteps, wasted time, and suboptimal results. Therefore, when pricing your services, it's essential to factor in not just the tangible output but also the intangible expertise that shapes it.

2. The Expertise Gap

Remember that your clients aren't paying you because they can do what you do; they are paying you because they can't. You might think creating a customized training plan or analyzing an athlete's performance data is relatively simple, but that's because you've spent years learning how to do it effectively. Many things that seem obvious to you will be revolutionary to your clients.

3. Pricing Beyond Time

As coaches, it's easy to fall into the trap of pricing services based on the hours you spend. But consider an architect for a moment. Do the best architects charge based on the time it takes to draw up a set of blueprints? No, they charge for their expertise, their creativity, and their ability to design a structure that's both functional, practical and beautiful. They charge for their ability to envision and plan a building that stands the test of time.

Likewise, your pricing should go beyond the hours you put into creating a training plan. Your clients aren't paying for your time, but for the value you bring—the unique blend of your expertise and experience that enables you to create a highly personalized, effective training plan for them. They're paying for your ability to guide them toward their goals more efficiently and effectively than they could manage on their own.

Here’s another way of thinking about time. The more experienced you become as a coach, the faster you’ll be able to create a customized training plan for an individual athlete. As you get better and faster, do you think you should charge less because you can create a better result in less time? No, obviously you should be charging more.

4. The Cost of Underpricing

Underpricing your services can have serious repercussions. Not only does it impact your financial stability, but it also devalues your services in the eyes of potential clients. It can seem counter intuitive but if you're priced significantly lower than the market average, clients may perceive your services as inferior. Your pricing is a signal you give to potential clients about your experience and expertise.

5. You Are Not Your Client: Avoiding Personal Bias in Pricing

It's a common mistake to price your services based on what you would be willing to pay for them. This is a flawed approach because you are not your client. Your skills, knowledge, and understanding of the sport are far superior to your clients'. They are paying for the expertise that you've spent years developing. They are paying for the results they could not achieve on their own.

6. Shift the Perspective

To overcome this bias, shift your perspective. Put yourself in your clients' shoes. Consider their goals, the value they'll receive from your coaching, and the time, energy, and potential pitfalls they'll avoid with your guidance. The value you offer extends far beyond a training plan; you're providing a pathway to their aspirations.

7. Overcoming the Hesitation

If you find yourself hesitating, remember this: your services have a significant impact on the lives of your clients. You help them achieve their fitness goals, prepare for races, and improve their overall well-being. When priced appropriately, you affirm the value of your services and reinforce the value of the results your clients can expect.

Recognizing your value and adjusting your pricing accordingly is a mindset shift. It takes confidence and self-awareness to truly see your worth. Remember, your clients are investing in your expertise, your hard-earned wisdom, and the unique value you provide. It's time to give yourself the credit you deserve and price your services accordingly.

You can read more about pricing in our other posts “How to increase your prices” and “The Six Figure Endurance Coaching Framework” and "How to Portray you Value on your Coaching Website"