Howard Wong78227

Business coaches are in the business to help people and to make a living. Given the explosion within this industry, there are a lot of people in the business coaching industry worldwide. However, research suggests that most do not exceed $50,000 annually and less than 10 out of every 100 make over $100,000 a year.

If you are a business coach or executive coach and wish to increase sales, then maybe it is time to construct a coaching fee schedule that looks at ALL of your time and not just billable hours. These 7 reasons may help to convince you the importance of such a schedule.

1. Real businesses Have Pricing Schedules: Have you ever visited a grocery store or retail store without knowing the price at checkout. There may be discrepancies in the price due to bar coding, but you always know the price. The price is not subject to negotiation. Why should you be any different?
2. Coaching Fee Schedule Reinforces Your Value: When you lack a coaching fee schedule, you have subconsciously diminished your value. You begin to give fees or prices without totally understanding all of the time needed within the current coaching project or consulting project.
3. Coaching Fee Schedule Creates Consistency: We live in a very small world. People know people and people talk to other people. By having an establish and committed to writing coaching fees schedule, you create consistency so that no one can inadvertently slip and share a fee that may be lower or higher than the one you quoted.
4. Coaching Fee Schedule Establishes a Foundation for Additional Product Creation: As more and more business coaches and executive coaches offer products from coaching programs to e-books or reports, these services and products need to be in alignment. Price schedules or fee schedules allow for uniformity within all the services and products you offer. For example, you give someone a fee on coaching. A commitment is made and then the new client visits your website and sees a different price or cost for a comparable service. This discrepancy can potentially begin to build suspicion within your client and damage your overall relationship.
5. Coaching Fee Schedule Allows Your to Raise Your Prices Systematically: Once you become busier, available time is reduced. By having a fixed fee schedule, you can anticipate this capacity issue and let your clients know that by a specific date you will be increasing your coaching fees.
6. Coaching Fee Schedule Works with Your Strategic Plan: The growth of your coaching business should be predicated upon your strategic plan. You can use the fee schedule for future growth projections as well as financial projections.
7. Why Wouldn't You Have an Established Coaching Fee Schedule: You have spent a lot of time working your business. Then should not you receive compensation for that time? A consistently applied fee schedule helps you to determine your actual expended work efforts including time researching, working on a clients additional needs to working on your website or other marketing strategies.

Of course you could do what many business coaches and executive coaches do, use the spray and pray approach to their coaching fees. Spray your price or fee and pray that it sticks. However, a solidly constructed fee schedule will provide far more value even if it takes some precious time to develop. Take the time now to establish your fee schedule if you truly want to get to where you want to be.

Simply speaking, leaders are readers. If you enjoyed this article, sign up for Power Choices and join over 1,000 valued subscribers who receive this unique monthly newsletter designed to help your business life while improving your interpersonal skills.

Leanne Hoagland-Smith, M.S. is a speaker and Indianapolis business coach & Chicago business coach who has written hundreds of articles with a focus on improving individual and organizational performance through excellence in leadership to executable strategic plans.

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