Setting up a coaching or mentoring program can significantly bring in extra income and help others achieve their goals. But how do you structure and price your program?
In this week's episode of the online business clinic, we'll discuss what a coaching and mentorship program is, how to structure your coaching and mentoring program for optimal results and how to land the perfect price for your coaching packages.
These are the strategies I teach my students inside my private paid program. But today, I'm sharing with them in hopes that it'll help you to become one step closer to creating a lifestyle and financial freedom for your family.
What is a coaching and mentoring program?
The coaching and mentoring program is designed to help people reach their full potential. It's usually led by an expert in the field, who guides and supports the individual as they work to achieve their goals.
Mentoring programs provide an opportunity for people to learn from more experienced individuals. Coaching programs help people improve their performance in a specific area.
A coaching and mentoring program is designed to support and develop people in their professional roles.
Who is the ideal client for your coaching and mentoring program?
This is a great question to ask yourself when designing your program. No one answer fits all businesses, as each company is unique.
However, some key characteristics to consider include: what role the client plays in their organization, what their development goals are, how much experience they have, and how coachable they are.
What are the benefits of a coaching and mentoring program?
While here on this channel, we talk a lot about passive income, the importance of setting up passive income streams, and how to do it (insert previous blog images and links about passive income here
And while a coaching and mentoring program is not a form of passive income, it is a great way to earn an income as it doesn't cost anything to get started or deliver and can be highly rewarding for both the mentor and mentee.
I've worked as a coach for the last ten-plus years, and in my opinion, it's one of the best jobs in the world.
Offering a coaching or mentoring program in addition to your automated online course helps keep you as the leader in your industry sharp.
It also allows you to improve your organization, communication, and professional development skills. Plus, the opportunity to pour into and shape future leaders.
How do you structure your coaching and mentoring program?
When it comes to structuring your coaching and mentoring program, there are many frameworks you can use. To help determine with structure is the right one for your program, move through the following steps:
Step 1: Identify the problem your program will solve for your ideal client.
Step 2: Identify and outline the essential skills your ideal client needs to succeed
Step 3: Define the timeline it'll take to walk your client step-by-step from start to finish.
Step 4: Decide if offering 1:1 coaching or Group Coaching will be more effective for you and your ideal client. *1:1 or group coaching
Stefor p 5: Determine how you'll deliver your coaching/mentoring *Weekly phone calls, video conferencing, in-person, etc.
Step 6: Price your program
How much should you charge for your coaching and mentoring program?
When landing on the perfect price for your coaching and mentoring program, I strongly encourage you to focus on the overall value that your client will receive in their lives.
If your program helps them solve a significant problem in a short period, you'll be in a great position to charge more.
If your program solves a minor problem in their life and there are plenty of other opportunities for your clients to go elsewhere, you're looking at a lower ticket opportunity.
Another factor to consider is, firstly, your experience level. If you're new to your industry and have only been coaching 1-3 years, you'll charge less than an industry expert of ten years.
Also, remember the type of client you want to work with. You might be an industry expert, and your program might solve a significant problem, but if your ideal client can't afford your rates, your program will be dead before you start.
Here's a quick bullet point list of things to consider when pricing your program:
Price According To Client Results.
Price According To Difficulty.
Price According To The Client's Ability To Pay.
Price According To Expertise You Provide.
Price According To The Client's Other Options.
If you've decided that your program will be a one-to-one coaching or mentorship program, you can charge more because you'll be offering direct and personalized coaching.
Based on your experience, you can charge between $150 and $650+ per hour.
If you're going to the group coaching program route, a general rule is that each individual pays 1/3rd of your regular one-to-one coaching rate.
If you charge $500 monthly for one-on-one coaching, you will charge about $150 for each person in your coaching group.
Choosing a price for your program doesn't have to draw out calculated things long. Just select a price, take it to market and test it. You can always change your pricing as you see fit.
When I first started fitness coaching, I charged a measly $5/session (I don't recommend this, even if you are brand new to the game, but over the years upped my rates up to $175.
As a life coach and business mentor doing this line of work for over ten years, I have clients who pay me up to $750/session.
It all depends on your skills, experience, and what your ideal client is willing to pay.
Then it's about taking it to market and testing the offer.
How do you market your coaching and mentoring program?
If you want to start or scale a coaching or mentorship business, then this is the place to be.
Be sure to subscribe because I share my best tips and strategies with you each week right here.
But, if you don't want to wait on my latest upload and have to puzzle piece each episode together to build your automated online coaching business, consider submitting your application to apply to work with me.
The right coach or mentor can help you navigate the challenges of entrepreneurship and give you the tools and support you need to succeed.
And I have a program that will teach you how to get paid to validate your coaching program idea. Then my team and I will work with you to convert your coaching program into two passive income streams, a digital course and a self-published book. Once complete, you'll click into automation sequences and have a fully operational online coaching business in 12 weeks or less.
For more info, head to MollyAnnLuna.com
WORK WITH MOLLY ANN: MOLLYANNLUNA.COM/APPLICATION
In the meantime, do be sure to tune into the next episode.