Raising prices has always been a weak point of mine. My mum instilled a strong sense of fairness in me and in combination with living on relatively little money throughout my 20s and knowing what it’s like to want to attend exciting events but unable to afford it, I developed a bit of resistance. Now I totally get many of you will say that undercharging for valuable services isn’t fair either, but still, I know many of you will struggle just like me and so I thought it’d be helpful to share my thoughts as I raised the prices for my Coaching Labs.
And perhaps before you read on, how to increase prices for your coaching business is MUCH more complex than raising ticket prices for events or memberships where many people are coming together, and really deserves a broader conversation spanning more levels than what I’m talking about here. I’ve got a blog post around how much to charge which will probably help you, but it’s most likely going to be a conversation. With groups it’s simpler. But yeah, back to the story:
As I’ve found myself spending more and more time on organising and running these Labs every month (every 1st Tuesday and the free socials every 3rd), I realized it’s not tenable long-term, so I’ve made a change in my ticket structure. They are now sold in 3 tiers (£20, £30 & £50) so that I can raise the revenue overall while still making sure that Labsters on a budget or in-training (or both) can get a cheap ticket early (as well as to introduce a bit of an incentive to book early or consider membership).
I hope you’ll find this solution fair. I’m open to feedback!
Coaching Lab is meant to be a place for coaches across the range to observe an inspiring session and discuss it after with plenty of time to let the work unfold properly and to ask any questions you like.
I offer a 20% discount on annual membership, which grants you access to all the available recordings from past events. Or you can pay monthly, secure the lowest price and still get access to all recorded coaching sessions and discussions.
Part of me is tempted to go all “Rich Litvin” on this, plan the events a year ahead and charge thousands of pounds per head (which, to be fair, is probably worth it), but I’m not willing and ready to go there yet. Maybe in 2022..