Pricing your first offer (in fact any offer) can be one of the trickiest and scariest decisions when you're starting your own business.
Going from working in a 9-5 to working for yourself is a massive transition that so many of us under-estimate. Especially if you've been in a non-sales role where you've never had to talk about or ask for money.
So if you're worrying about how to even start charging people, I totally feel you. I was absolutely terrified of charging when I first started out as I'd never had to ‘sell’ anything in my corporate job.
So I started out working with people for free, but as I got better at coaching, I really felt like I needed to start charging. So I gradually built up the confidence to charge people and to increase my prices one client at a time.
So where do you even start with pricing?
There are a couple of things to remember:
1. In the early days, it's all about getting bums on seats.
The more people you can work with, the more confident you'll feel, the more you can refine your services and the more testimonials you can get.
So despite what some of the so-called gurus out there will tell you, you really don't need to feel the pressure to go all in and charge 'high ticket' prices at the start. An introductory discount helps you attract more people because it's such good value and it also relieves any pressure you might feel working with your first few clients.
2. You're no longer charging by the hour.
There are 3 brilliant reasons to package up your services rather than charge per hour or session. So there's a mindset shift that you need to go through to be comfortable charging for a transformation & results that your clients want to achieve (and that YOU can facilitate)
So, how do you work your price out?
Your ideal Introductory Offer package price point is the sweet spot between:
You giving your ideal client a big enough discount off your eventual price that they feel like it's an absolute no brainer and sign up immediately
The price being high enough that they feel 100% invested in what you're offering AKA they have skin in the game.
You both feeling really good about it
1. Decide on your eventual price.
Work out the number of hours it takes you to carry out each of the service elements of your offer, then multiply each one by your desired hourly rate. You’ll then have a rough package price. It's worth also doing some desk research into what your competitors are charging, but do not - I repeat - do not, go down a research rabbit hole and fill yourself with imposter syndrome. Limit yourself to 3 competitors max.
2. Discount it by 50-75%
Now, remember this amount is completely subjective and just a guide. Had I gone through this process right at the very start, I probably would have worked my price out as:
Eventual price: £1,000 - 75% discount = £250.
But would I have got as many bums on seats as I did at my £50 price? Maybe not. Who knows!? The whole point of getting paying clients for me was to build my confidence, get experience and collect testimonials. It was not about the money then! So, it really is up to you and your objective. There is no right or wrong answer. Obviously the lower the price, the easier it will be to attract potential clients, but just make sure it's not so low that neither of you value it.
The key here is to let the potential client know what a great deal they're getting, so they feel like they can't turn it down. Tell them that the usual price is XYZ, but because you're just starting your business you're offering all this value at X% off until X date. Adding in a deadline creates a sense of urgency.
Hopefully that's given you some ideas on how to price your introductory offer to help you get your first paying clients. If you want some help pulling it all together so you can start your business faster and with the added bonus of not having to be all over social media, then my 121 coaching is for you. Together we'll co-create a sexy offer that your ideal client can't resist and market it through your network alone, so you can get paying clients without work finding out.
So if you're ready to finally start building that side hustle and find the freedom and flexibility you're dreaming of, then let's talk.
Business Coach & Side Hustle Queen
Hi, I'm Lauren. I burnt out from the corporate world, hit rock bottom and used the experience to create my dream life. I now help passionate and ambitious women start and grow businesses. I'm living proof that you can - and deserve to - have it all.