Question from a coach – How do I raise my fees as a coach?

Question – How do I make changes to my fees and how do I know my fees are just right?

Jennifer – Good questions! As a new or experienced coach, your fees are inevitably going to go up. Your effectiveness and confidence will consistently grow through skill-building and experience. You may earn a credential, you’ll have business changes, or your time and demands will shift. All of these are valid reasons to raise your fees.

And on the rare occasion you may even need to lower your fees. Changes in the economy, the current situation in the world, or maybe you’re just not converting clients at the rate you’d like can all cause you to reevaluate your fees. (This is why I recommend keeping your fees close to your chest and not publishing them on your site.)
Obviously you always want to maintain integrity, however, there is going to be a point when you choose to modify your rates.

When you have new clients, that's the easiest time to raise your fees. But for your current clients, I recommend you give them a month or 60-day notice. You can tell them, “I just want to give you a heads up that October 1st my fees are going to go up and here's what they will be.” And of course, the client gets to say yes or no to that.

As for how to know if your fees are just right, I like to use a little conversion test. Track the percentage of prospects that say yes to your fees versus those that say no. In the early phases of your practice maybe you want a 100% or 90% yes (conversion) rate. But as you get busier you may shoot for a more balanced percentage.  

In my practice I like a 70% conversion rate. This way I feel like I’m getting the business I need without giving my services away too cheaply. Hope this helps!