As someone who plans to set up group coaching during my first year as a coach, and would still be on a steep learning curve, could you suggest a rough correlation as to the cost for group coaching for an individual as compared to 1-1 coaching?
Setting up a coaching group in your first year as a coach is a great idea! It gives a more affordable rate for clients to access your coaching. They can get an experience of you, and you can receive more income per hour with a group. Once they get to know, like and trust you through working with you in the group, then you can enroll them in future VIP programs or individual coaching.
In general, the pricing for group coaching is roughly 30% of 1-1 coaching per person. So, if the investment for 1-1 coaching with you is $450/month, then the per-person rate for group coaching would be $150/month.
If you want to make it even easier for your ideal clients to register for the group, you could offer a ‘beta’ version. Make it free or low-fee, just to get your clients in the door and accessing your offering. When you think of the lifetime value of a client, this is a good idea, as they will be more prone to enroll in further coaching.
Offer a ‘beta’ version
When in conversation about your group, just mention that this is the ‘beta’ version or the initial launch, and you are offering an introductory pricing. This creates a sense of urgency for the person who wants to join, knowing that the pricing will likely go up in later groups.
When offering a ‘beta’ version, you can also justify a lower price point by letting the person know that you will be asking them for a testimonial, so that they can share what value they have received. This lets them know that they are contributing something for the price savings.
Valuing your worth
There are those that would say that if you charge less or offer savings, that you are not valuing your worth. I disagree with this. If your decision on what to charge is based on a feeling of unworthiness, then even larger investments will not cause you to value your worth.
If your decision to offer savings when you are beginning is based on a feeling of wanting to support others, create momentum in your business, and make it easy for clients to step into your world, then it is a shrewd business decision.
Offering groups in your first year of coaching can be a great idea to generate not only income, but new clients into your world. When you charge based on the lifetime value of the client; you make it easy for them to enroll in your groups.