Getting the right cost for your client is tricky and there are no right or wrong ways to work out what you should be charging.
However, thinking about what we discussed in Finance for the Non-Financial Mind – we should ensure that we have sufficient income coming into the business to cover the expenses.
This simple calculator helps you to calculate what your ideal charge points are.
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Your final guideline figure should then be bench marked against the type of coaching that you deliver. Other factors such as
- Coaching Experience
- The outcome required
- Commitment (Eg one off session or block)
- Time of day (evening/weekend could be a premium)
- Your comfort about working with the client
Typically, life coaching for newly qualified coaches can be £30 to £50 per hour, increasing to perhaps £50 to £100 per hour for more experienced (Source : Animas Coaching). At the other end of the scale, executive coaches can secure more specific coaching at £200 to £500 per hour. So, as you can see, there are a huge number of variants.
It is also important to consider other overheads. Just paying your salary will not alone keep your business afloat. There are additional costs to consider such as internet costs, travel, meeting costs, your supervision, insurance, membership fees, marketing costs, learning, hosting costs, or any tax contributions that your company needs to make on your behalf.
When the final results come through, remember that this hourly rate ONLY pays you.