How Much Does A life Coach Cost?
To answer this question I’d like for you to read this post through the lens of the following two idioms:
1. A thing is worth what someone will pay for it
2. You get what you pay for
I worked for Papa John’s International as a Vice President late in the 1990s. When I took over a failing market, one of the things I changed immediately was the price of the pizza. You might know Papa Johns unique selling proposition, “Better Ingredients, Better Pizza.” Well in the market I was charged with turning around the previous leadership was charging as little as $3.99 for a large two topping pizza.
What Makes a Great Pizza?
You say great price right? Wrong. Pizza stores are held to a food cost and labor cost standard. Both are a percentage of revenue. If the food cost standard is 32% and this standard is the same for a pie sold for $3.99 as a pie sold for $6.99, which is the better pizza? If the labor cost is 25% of revenue, who has the better service (all things being equal of course) the store selling pizzas for $3.99 or $6.99. So, if you want to sell better pizza and provide better service you must sell pizza at a higher price.
How Much Does a Life Coach Cost?
Back to coaching. If someone invests $50,000 in training and business development, should they charge more than someone who has no training? How much more? If they have training, don’t you think you will get better results? If the life coach is 22 years old, do you think you will get better results from someone who is 60? Or, will you get results from someone who has really lived a life? Or, has experienced death of a loved one? Divorce? Financial Success? Financial failure? Or job loss? Or career change? I would think these things certainly effect the answer to, “How much does a life coach cost?” Wouldn’t you? Maybe your asking, should I hire a life coach?
In a similar vain, you probably wouldn’t hire a 60 year old to coach your 13 year old adolescent son or daughter. Why? Because the 22 year old is closer to the problems and will probably relate better to the 13 year old.
What Should You Really Pay For A Good Life Coach?
Now, what should you pay for a life coach? Do you want a $3.99 pizza or a $12.99 pizza? You want a coach who has significant training or someone who hung a shingle and proclaims they are a life coach?
If you want to hire me you aren’t going to get a $3.99 pizza. I charge based on a deliverable, not an hourly rate. I usually charge people based on a 3-month to one-year contract but minimum 2 months. There is the exception. There are people who just need a tune up or a Laser coaching session who I will charge by the hour. This is the rare case. My current rates are $450 per month but I deliver…pardon the pun. One caveat; I am restarting my coaching business because I moved from Washington, DC to Florida. In DC my rates were double that. As demand increases so will my fees. It’s a simple supply and demand thing.
You can get an average coach for about $75 per hour. You can also get a coach for $50 per hour or lower. Honestly, you’re wasting your money if you hire someone at a lower rate. They’ve under-valued their services or they aren’t confident enough to charge what they’re worth. Do you want to hire someone who is insecure? Not me, but I won’t discount the value or worthiness of any coach.
For the record, Papa John would introduce me at a national stockholders meeting in 1998 as, “The catalyst that led Papa Johns through the most significant turnaround in Papa Johns history.” I still love their pizza and have very fond memories of my time there but mostly about the people with whom I worked.