In today’s episode, we are going to talk about how to price your first coaching program.
Let’s dive in.
Hey guys, Dino Gomez here and you are listening to the Secrets of Coaching podcast, where we break down the nuances of growing a seven figure online coaching business and we are about to get started in 3 2 1. All right then today guys, we’re talking about how to price your first coaching program. All right. Because this is a question we get a lot from aspiring coaches or new coaches.
They come out with their first course, their second course or otherwise. There won’t be one coaching program. And they go, Dino what?
I don’t know what the price it at. Like, how much should I price it at? Like, I hear I should go high ticket. Should I go high ticket. Should I go low ticket. Should I go mid ticket. What’s the right price point. And so the answer to that guys is that well first off, I’ll start by saying it depends on your niche. Obviously quite a lot. Right.
What transformation you’re providing in your coaching services. As an example, if you are somebody who trains cats to do a cool trick or something like that, you’re probably not getting away with charging thousands of dollars for that type of coaching.
Right. But nonetheless, if you’re probably one of the main niches, health, wealth, relationships, and you’re teaching people how to make money, you’re teaching people, helping them what their relationships are, you’re helping them with their health. With your first coaching program, I always recommend and again, there’s coaches that do this the complete opposite way that I do.
But let me explain to you why I love this methodology. All right. So what I recommend doing for your first coaching program is starting low ticket.
All right, starting low ticket. And there’s several reasons why.
Now I’m a huge proponent of high ticket. You guys have heard me talk about that.
A bunch on this show that you have to have a high ticket coaching service is an absolute must to scale your business and to get your clients better results and things like that.
But for your first coaching program, guys start on the lower pricing. All right, if you have like a course or something like that, start it at a couple hundred bucks, not a couple thousand. All right. And here is why. Right now at this point you’re establishing yourself as a coach. All right. And you need to learn. You need to grow. Right. You need to become a better coach. And you need to learn more about your audience, really what they’re struggling with, what questions they have. And you have a new program that’s not refined yet. It’s put together maybe it’s put together based on what you think people need to learn or the steps in which they will be able to learn it.
Maybe you’re teaching it live no matter what you’re doing, right. Start on the lower pricing end.
And here is why you want to build your resume. All right? You want to have more customers and clients and you want momentum.
Momentum is huge in life and entrepreneurship. We all know that, like, there’s those weeks and there’s those months where we’re just diving and everything, you know, cruising and which is like, boom, like everything’s so good.
And then all of a sudden life hits us with a more difficult week or month. Right. Maybe there’s family health issues and there’s other things happening. And you get in a fender bender, somebody crashes into you and you have to spend time dealing with that. Like there’s also difficult weeks and months and stuff like that outside of our control. But momentum is huge in life. And so especially with as entrepreneurs, as online coaches. Right. What we don’t want to do is come out with a coaching program and then all of a sudden, right out of the gate, we say it’s ten grand, right.
It’s going to be. And again, granted, there’s going to be some of you that could come out of the gate and charge ten grand and get it right. It might be because you have an awesome social network. It might be because you have an awesome resume behind you. It might be because of the niche that you’re in, but nonetheless, start on the lower end.
Like if you were planning, if you’re like this, my program, my coaching is it’s totally worth ten grand. Start with 30 grand. All right. And get to your ten grand. Right. It would be better in my opinion, for you to have five clients at two grand than just one at ten grand. All right. And the reason is for this is several, right. You’re going to get a lot of different feedback from different individuals so that you can refine and make your program better.
Right. They’re going to ask you questions. You would be like, oh, my gosh, that should be a module, because those questions keep coming up over and over again. So I’m going to make that a module so that they can just go to the module and those questions will no longer pop up. Right. And then on top of that, the more clients and customers you have, the more word of mouth you have. All right.
That’s going to help your program grow because you can have one high ticket client or if you’re charging two hundred dollars.
Right. You might all of a sudden with your first program launch, all of a sudden you have twenty or thirty clients in at two hundred dollars. Right. And what does that do now?
You have twenty or thirty soldiers out there marching around saying oh my gosh, Dino’s got a bad ass program like you guys need to join. Right.
And so there’s all these people out there to recommend your program for you to give you social proof. They also give you testimonials. Testimonials sell coaching programs. Right. Like proven results that you’ve helped other people get desired results that your target audience wants. Right. And so if you only just have one testimonial because you have one high ticket client, you know, that doesn’t do as much for you as if you have 10 or 20 testimonials because you sold low ticket to begin with.
And they all got amazing results and loved your training and the value. And also when you sell low ticket you’re going to have a great return on investment potentially. And so they’re going to say that was a screaming deal and you’re going to get raving testimonials. And now all of a sudden you can start raising your prices. All right. And that’s what I teach to our clients and that’s what we do inside of our programs as we start low.
Right. Because something magical happens as a brand new coach or entrepreneur. Right. And if you already have a background doing anything online, you can remember what it was like to land your first agency client. Right. Like you’re like, oh, my gosh. Like, this is insane, right? The feeling, the euphoria, like all of that stuff is just massive. Right. And all of a sudden you have this confidence and then that confidence carries over to your next sales call.
And now you have experience because you closed somebody and now you can do your sales call, you can be like, yeah, I just closed Darran earlier this week and he’s joining and Sarah just joined 19 other people have joined. Right. Like all of that’s going to make it easier and easier for you to sell. Right. And then pretty soon you can start talking about how you have hundreds of clients because you’ve been selling them into a program that’s two or three hundred dollars.
Right. And all of that is like social proof in itself. Right. Hundreds of people have invested in your program. If somebody is considering, it’s on the fence of investing in your program, you can say, yeah, I’ve helped one hundred people do this. Right. That’s much stronger than I’ve helped two people do this at a high ticket price. Right. That very vastly different. So I’m a huge proponent and believer and we’ll happily argue or agree to disagree with somebody who thinks you should go high ticket from the start.
But I firmly believe you start low ticket, then you work your way up, right. You start raising your prices. You start at two or three hundred dollars if you have a course for the average coach out there. Right. You get twenty or thirty folks and maybe you only get five in, but still if you only get five in and just imagine if you’re charging thousands of dollars you might not have gotten a client at all.
All right. So now all of a sudden you have momentum, you have clients in. You have testimonials in. Your feedback, your program is getting better. Your confidence is going through the roof. You actually collected some payment some money rather than hunting around for that one client who wants to pay you fifty grand. Right. And so, so many good things come from this momentum wise. Right. And marketing and sales wise, word of mouth wise, referral wise, testimonial wise, all of those different things.
And so when you are launching your first program, guys, I highly recommend.
This is what I did with our original program, our Facebook ads program. Right. Is that I started it at five hundred dollars. Right. And then it went to a thousand dollars and then it went to three thousand dollars and then it went to five thousand dollars. And we continually raise the price and we continually made the program better and we brought in additional coaches. And you do want to make it a high ticket program. Right.
That is the goal, because then again, what you can do is you can scale your business, you have more profit margins, you can spend more money on ads to reach more people, to help more people. And you actually have the margins to do that. You can also bring in, again, additional coaches, that is what we did to make the program better so that our members get more support because we have over twelve hundred members in that particular program.
And I can’t answer all of their questions as a lot of clients. So we have five other coaches to help answer questions and give them support. And people rave about the support that we provide in that program because we have all the coaches. And so every question gets answered and we have twice weekly group coaching calls like you can pick which time you want to hop on a call with us and you’re going to have a coach like literally walk you through different things that you need help with.
Right. We can do all that because it’s high ticket. So, yes, high ticket is the way to go. Absolutely. One hundred percent. But when you’re starting, guys get momentum, get testimonials, get reviews, get clients, see those first payments come through on stripe or on paypal. All right. So that, you know, this is real, right? You’re testing the waters to make sure that you have a product and a message and marketing.
Right. That is dialed in and that people are willing to pay money for it. Right. And you won’t know that for a long time. If you are coming out of the gates trying to sell a thirty thousand dollar package, it’s going to take you a long time to find that right client with no resume behind you, with no testimonials behind you. All right. And so I want to go ahead and share that one, because that’s a popular question.
What should I sell for this? And again, it will depend on your niche, but regardless of what your niche is and what you would like to charge and what eventually should be charging. Right, start lower, get momentum, get testimonials, get referrals, get word of mouth, get your confidence up, get some revenue coming in, get proof of concept. And then raise your prices, all right, and so that’s what I want to share with you today, guys.
That is the way to grow and launch your first ever coaching program, or even if it’s a new program that’s we follow that recipe for new programs as well.
We start lower and then we raise our prices because we want to get the ball rolling. We want that momentum. All right. And momentum is everything right? You’re on the move in two directions in life. You’re moving up or moving down. There’s like no stagnant, like it’s like up or down. And so this is a way to make sure that you’re moving up and it keeps the business running. It keeps you excited about growing your coaching business because you see it’s working all right.
And there’s nothing that can disengage you from your efforts or make you want to quit if you just don’t have clients coming in. Right. And because you lose that steam and that momentum, that trust, that faith, which is so hard to build up to begin with, but you can lose all that if you’re trying to charge too much from the get go. All right.
And so that is it for this episode. Guys, I hope that was helpful for you.
Start low ticket, raise your prices, gets a high ticket because that’s better for both your clients and the coach when you’re selling high ticket. But do start low ticket even if you’re way over delivering value. And that will serve you greatly in terms of long term growth.
All right. So as always, guys, keep doing. Do have an absolute blast with your online business.
We will catch you guys in the next episode.
Hey, Dino Gomez here.
And if you enjoyed this episode, be sure to head on over to the secretsofcoaching.com for more resources, downloads, videos and cheatsheets to help you grow your online coaching business. All right. And if you picked up a cool tip or strategy from this particular episode, we would love a five star review where every single month we choose one lucky winner to win access to one of our coaching programs. All right. So that is it for this episode guys. We will see you in the next one, Bye bye