How to Create a $5,000+ Coaching Package (Full Guide)

In this video, I'm going to teach you how to create a coaching package for $5,000 or more. Everyone wants to charge a ton for their coaching, but no one wants to put in the hard work of creating a package that's actually valuable enough to warrant those prices. And I've helped hundreds of coaches raise their rates to 5k, 10k, 20k or even more. And I'm going to teach you what I taught them in this video. Because there's really only three steps you need to follow to charge that much for your coaching. And it all fits into what I call the high end offer pyramid. Okay. There's three parts to the pyramid and whether you're a life coach, a business coach, an executive coach, you don't have to be special. You just have to follow these three steps and I promise you'll be able to charge more for your coaching. So let's dive in. Okay? So the high end offer pyramid. Each step of the pyramid depends on the foundation of the step below. And so the first part of the high end pyramid is your promise. Your promise is the thing that you're saying this person's gonna get if they work with you. Say, I'm going to deliver this result as part of our coaching together. That's the promise. The second step up is your packaging. What you actually put into your offer, the timeline that you work with people on. And the packaging is gonna depend on your promise, right? Because it's very different. If you're saying I'm gonna help you build a million dollar business that's probably not gonna happen in one month versus I'm gonna help you lose 10 pounds. That could be a two or three month package. So we got the package as step two and step three. At the top of the pyramid is your price. Your, your price depends on your promise. Because what you can charge depends on how much pain, frustration, desire there is for that result. And it also depends on your packaging, right? Because the more you include in your packaging, the longer you work with people, the more you're gonna have to realistically charge for that. So let's start with step one, getting clear on your promise. A lot of coaches get stuck on this because they aren't clear on their coaching niche, right? And they don't wanna pigeonhole themselves to just focus on one thing in their business. And I totally get that. What I would recommend to you is you creating a niched offer instead. So not niching down your entire brand, your entire self worth, all of you down to one thing, but just focusing on One offer you can sell and stand confidently behind. Okay, so how do you create a niched offer? There's really two things that we want to focus on. So the first thing we want to focus on is who do you want to support? Who can you give the most value to? Is there a group of people that you know better than other groups or that you have more access to? And it makes me think of this quote by Alex Hermosi, which is, solve rich people's problems, they pay better. Okay, so we want to choose a group of people that can actually afford to pay $5,000 or more to work with us. So we want to think about what's the group that. And it's usually people who are similar to us. Right. What's the group that we can add the most value to? So if you help with weight loss and you're a busy mom, maybe busy moms is a good group to help. You can probably give them a bit more value than just your average Joe or your teenage boy or whatever it is. So who do you want to support? Who can you best help? The second thing you want to get clear on is what you help the most with. So this should be a problem that is specific, it's tangible, it's compelling. People actually want to solve it. You don't have to educate them on why they should want to solve it. They already want to solve it. And an easy way to figure out this problem is to coach people on a problem that you've already solved for yourself. Okay. Because that's something that you'll be intimately familiar with. You'll know the frustration you were in, you'll know how you were thinking about it, and you also know what you did to get the result that you got. Okay? So the first step is we're getting clear on your promise. And what a promise means is it's saying, if you're this type of person with this type of problem, I can support you in getting this result. Obviously, we can't guarantee that every single person we work with is going to get a result because we're coaching. We're not actually doing it for them. It's up to them to take action. But we want to be able to say, hey, I can support you in this journey. I understand it, and I can use my coaching skills plus my expertise to help you get to this result. And if you want to charge $5,000 for the package, you're going to have to choose a problem or choose an outcome that's worth $5,000 to them or it's costing them $5,000 to not solve. And so here you want to think about it. We want to sell surgery, not prevention. So a preventative problem, like, hey, I want to build some healthy habits is very different from a surgical solution which is like, you have a wedding in three months, you want to lose £10, so you look good on this day that you're going to have photographers at and you're never going to get to redo. That's a surgical offer versus the healthy habits. Sort of like, let's learn to exercise, let's build some strength. That's a preventative offer. They haven't yet seen it as an urgent problem to solve. If possible, we want to choose a problem. We want to choose a promise that has a financial arc. So it's always easier to sell money than to sell coaching. So we want to be able to say, this can either save you money or make you money. Now, I realize if you're a health coach or relationship coach, it might not have a financial roi, and that's okay. You can still make a ton of money. You can still charge $5,000 or more. But if you have a promise that you can deliver, that actually creates the money, it's going to be a lot easier to sell your coaching because you can say, hey, you're paying me, but you're going to get more money back on the other side. All right, we talked about the first rung on the pyramid, the first step, which was your promise. Once you're clear on that, we want to go up to step two, which is your pack. How are you actually putting together this offer? There are four main ways to structure a coaching engagement. You can sell single sessions, long term packages, a monthly retainer, or what I call the high end hybrid. So we're going to dive into each of them. I'll give you some of the pros and cons, and then I'll make a recommendation. So the first is single sessions. Single sessions are fine if you're getting started, right? You're saying, hey, it's 100 bucks a session. We meet for an hour and then they pay you and it's done. And they can either sign up for another session or not. This is fine when you're getting started because you don't really know how to sell yet. It's very low risk for the client and you can get your reps in. But the problem with single sessions is you have to keep selling them again and again and again. Right. If the person stops buying the single sessions, they stop Making progress. So it's much better to sell a long term package where the person's pre committed to spending a certain length of time with you and you're going to get better results that way. So the other nice thing about long term packages is you can get larger upfront payments. You can say, hey, you can pay me monthly or you can pay me upfront. And that's a big way. We're going to get to 5k because you're not going to make 5k on a single session probably unless you're very, very in demand. But you could make 5k on a 3 month package, a 6 month month package. And so I recommend starting off with a long term package because it's the easiest way to convey to the client, hey, what you're buying right now isn't coaching sessions, you're buying a result, right? You're buying working together with me for a length of time in order to accomplish this goal that you want to accomplish. One of the cons to a long term package is it doesn't have recurring revenue. Eventually they're going to get to the end of the package and you're going to have to either say bye to them or you know, resell them on another package. And so it's not as flexible with the timeline either. Like if you're working in three months periods, you're never going to work for four and a half months with something. So that's why I recommend combining a long term package with a monthly retainer. Monthly retainers are nice because it's a bit more of a flexible timeline. Ideally you're going to charge the client automatically each month on the same day and they'll keep going as long as it's useful or they'll tell you that they're ready to cancel. It gives you a more flexible timeline. But the problem with that is if you start with a monthly retainer, then the client could quit after the first month and really it's going to take six months to reach their goal, whether that has to do with their career or their health or their business. So I like to have a long term package upfront and then I like to enroll them into a monthly retainer for ongoing support. And I call this the high end hybrid because it's a hybrid between the long term packages and the monthly retainer. So the first thing you want to do when you put together this high end hybrid is you want to figure out what's the minimum length of time I need to deliver the promise that I made to this person you know is that 3 months, 6 months, 12 months. Obviously people are going to go at different pieces, but there's usually a minimum amount of time where you say, hey, if I don't have at least this long to work with someone, it's very unlikely I can help them achieve their goal. So if you're a business coach, maybe you work with someone until they hit 20k per month. If you're a career coach, maybe you work with someone until they find work that they love and actually land that next job. Now, at the end of the long term package, first we're just selling the long term package, the three six month thing. But at the end of that package when they're finishing up, we're gonna try and re enroll them into a monthly retainer. Obviously don't re enroll them into a retainer if they're complete and they don't need your help or you don't wanna keep working with them. But if it serves them, we wanna say, hey, you just worked with me for six months and we accomplished this goal, or we're right there, we just need a little bit more time. What I is that we work together on a month to month basis. So no long term commitment. Let's just start with the next month and you'll be billed automatically to continue getting my support and continue to build off the momentum that you have. This is really nice because a lot of people are concerned when they end their coaching package. They're like, hey, I've really enjoyed getting support. I don't want to risk going without support. It's lower risk for the client to do a monthly retainer than to sign up for another big package because it's just month to month. And it's an even easier yes for them if you can lower the price a bit from the monthly price of your package. So for example, let's say you're charging, you know, 2K a month for your package or they pay up front and it's 5K. Now what you could do in the monthly retainer is instead of making it 2k a month and they get the same number of sessions, you could say, hey, instead of two sessions a month, we're just going to do one session a month and it's just 1k a month. So it's going to be a lot easier for them to stomach that, especially in comparison to what they've already been paying you monthly. They can just say, okay, great, I don't need as much support now and this is a much lower investment. So I'm Good, let's do it. The final thing you can consider here is adding a guarantee. Now, this is a controversial topic because a lot of people say, well, if you guarantee your code, then you're disempowering the client. And also what if they don't get the result and then you're refunding them, right? And you already spent all that time, this is going to be up to you. And it's more of an advanced move. But there's two types of guarantees. You can do an unconditional guarantee, meaning you just get your money back no matter what, or you can do a conditional guarantee, meaning in our contract I've said you need to do X, Y and Z in order to qualify for a guarantee. And the nice thing about a conditional guarantee is you can stipulate the things you know that they're going to need to do to get results. You can say, hey, you've got to show up to all of the sessions, you've got to take action in between on what we agree upon. You have to watch this specific training video and then actually go do what it says, right? So once you start to see patterns of your most successful clients, you can work that into a conditional guarantee and it'll lower the risk for potential clients. If you say, hey, at the three month mark out of six, if you haven't reached this milestone, you don't have to pay for the second half, or if you get to the six months and you still haven't reached the goal, I'll work with you for free until you do, assuming that you've met these three criteria. So this is something to experiment with, to play around with. It can be very, very effective if you're good at what you do. And you've got to be careful to not disempower the CL if you decide to use it. All right, so now we have the length of time for that initial package. It might be 3 months, 6 months, 12 months, something in between. We have to decide what we're doing each month as part of that package. So make a list of all the ways you could support them and then we're going to narrow it down so you might have, you know, we're going to meet three times a month for coaching calls. I'm going to give them email support in between calls. They're going to get access to this library of trainings that I've already created. Maybe there's like a retreat at the end if you're going really high end. So we're writing down all the options. And then we want to look at that and say, which of these are going to move them forward towards the promise I'm making, which might not be necessary, which might not be helpful, and am I willing to do all of these Right? So you're gonna put together a package that serves the promise that you created, which is why it's the second step up on the pyramid. And then once you have these bullet points, I recommend like 3 to 5 things max that you include in your package. Let's keep it really simple. Once you have those things, you can write those into your contract for, hey, here's what you get. And you can obviously share them on sales calls in terms of, hey, here's what we're doing during the six months to help you reach that goal that you have. If you want an example of pricing and packaging that my clients are using right now successfully, I' I put together three of them in a PDF and it's free. So you can go to the description, you can download it below if you want to see what are people charging? What are they including in the packages? What's an example of a promise? You can go look at that PDF and kind of reference that to build your own. All right, the final step is choosing your price. This is the top of the pyramid. We've gotten clear on your promise, we've gotten clear on your packaging, so now we have to actually put a price tag on it. So there's a few ways to choose your price. But remember, this whole video has been about can we get to 5k minimum in terms of what we're charging? That's what I'd consider a high end offer, 5K and beyond. There's a few ways we can figure out the price. The first is you can play the higher, lower game. I got this from Michael Neal. And what you do is you write down a price. So maybe you write down 5k next to your packaging, what you're going to deliver and your promise, and then you're going to look at that number and you're going to say, all right, my coaching package is 5K and you only get three options. You can say higher. I need it to be higher. Lower. That feels like too much or just right. So let's say you say higher, so then you date. All right, 5,500 lower, you know, 5,250. Just right. So this is a way where you can tap into your intuition. Because the truth is pricing is something you choose. No one can tell you what to charge. It has to be Something you're gonna feel confident proposing, you might feel a little nervous, right? It makes sense. If it's kind of on the edge of your comfort zone, that's a good price. But if you're not confident in it, you're not gonna be able to sell with it. The second thing you can do to choose your pricing is to use the ROI test. So remember we talked about if your coaching has a financial return, then you can actually use that to build it into your promise. So if you charge 5K and you can say, hey, you only need to get two additional clients with my help as a business coach in order to make that money back, that's a great deal. Right? That makes sense. And so figure out what can you reasonably help them generate and what's that worth to them. If it's not a financial promise, you can still think of it through the lens of return on investment. You can say, hey, if I help someone lose 20 pounds, is that realistically worth 5k to them? If they've been struggling with it for their whole life, yes, that makes sense. And you can use that to sort of validate your pricing. On the other hand, if you're charging someone $5,000 to, like, teach them to knit and you're meeting with them once a year for two years to teach them, it doesn't make sense. Fit the promise. Once you actually get out into the wild with your offer and you're proposing this to people on sales calls and you're collecting some data, a great way to test your pricing is to look at your conversion rate. How many people end up clients out of the number of consults that you have. So if you convert 25% of consults into clients, that's a pretty good percentage, actually, all the way up to 50%, right? Half of the clients you talk to, you convert into clients. That's a good range, 25 to 50%. If you're falling into that range, your pricing probably is right for the moment. If you're converting fewer than 25%, less than one out of four clients, you either need to lower your pricing or you need to increase your sales and marketing skills. And if you're converting more than half of the people you talk to, your pricing actually might be too low. You might want to raise it even more. The final way that you can test your pricing is by using what I call the capacity equation. And it goes like this. Your capacity equals your monthly revenue goal divided by the monthly revenue you get from each client. So, for example, let's say your monthly revenue goal is $10,000 and you're charging $1,000 per client per month. That means you need 10 clients to reach your 10K goal. So that's your capacity is 10 and you can say, okay, if I'm working with 10 clients with the package I put together, is that reasonable? Am I going to burn out? Do I have enough time to deliver all of that? And if so, then that makes sense, the math makes sense. But if you're saying, hey, I have a goal of $20,000 and I'm charging $100 per client per month, that's a lot of clients, right? You're probably going to burn out. So make sure that the price you're charging makes sense with your income goal and the number of clients you're able to work with. Obviously, the more you charge, the fewer clients you have to work with. And that leaves you more time to get those clients better results. You can deliver more to each client, create better case studies, and that allows you to raise your pricing even more. So it ends up being an upward spiral the more you're able to charge. And this is why some of my most successful clients raised their rates significantly while they worked with me. So my client Angelina doubled her prices after she clarified her niche. Rachel quadrupled her prices and she filled her client roster in just two and a half months. My client Ryan had his first 10k month working with me after he raised his prices and now he's making 100k per month. Chase doubled his revenue while cutting his client hours in half. My client Corey landed her first $9,000 client in the first few months of working with me. And Max went from charging 125 an hour to selling 6k packages up front. So if they can do it, you can do it. But you got to follow these three steps. And if you want some support from me to take a look at your packaging, your pricing, your niche, then you can apply for a strategy session. So click the link below or go to gregfaxon.com apply and if you qualify, we'll hop on a call and I can take a look at this and kind of give you a second opinion on whether it makes sense and it's likely to work. And remember, if you want some examples of business coaching and life coaching packages that my clients are using right now, exactly what they're charging, what they're including, I've put together that PDF for you for free. It has three examples that you can use as a template to build your own packaging off of. So go to the description. Click that link to download the PDF and thank you for watching the video. Oh, one more thing before you go. If you want to charge 10 times more than your competitors, so if you want to take this to really the next level and be the most premium offering in your niche, then watch this video here because I break down exactly what you need to get right in order to do that to raise your rate significantly. So go click that video. I'll see you in the next one.