If you're like most wellness professionals, getting paid is the last thing you want to focus on when it comes to your practice. Unlike other industries, where professionals actually expect to get paid, sometimes it seems like the wellness industry is built on a shaky framework of “I just want to help people.”
But, as we all know, rent and utilities unfortunately cannot be paid with good karma.
If detailed conversations about bowel movements don’t phase you, but the thought of asking your client to pay an overdue invoice gives you a panic-attack, this guide is for you.
Here is our step-by-step guide to pricing your services and programs.
1. Figure out how much money you need to make every month.
The very first question you should be asking when it comes to charging your clients actually has nothing to do with your clients or your services at all. You first need to determine the amount of money you need to be making from the get-go, and then price your services to meet that goal.
Many practitioners create an "a la cart" service menu competitively priced based on other, similar professionals in their area. But the problem is, they do this without knowing their competitor’s business model, revenue streams, or how busy they really are.
If you need to make $3,500 per month to meet your expenses and you plan on selling single intake sessions for $150, that means you will need to book over 23 new clients per month.
If this is realistic for you, great! But if not, you'll have to consider adjusting your pricing, and utilizing other revenue streams.
2. Get clear on the services you offer and who you want to serve.
When you’re just starting out, the idea of missing out on a potential client is terrifying. We get it.
Unfortunately, this fear often leads practitioners to create service menus that read more like restaurant menus, presenting tons of different options to fit different budgets and commitment levels. This is a huge problem because...
a) It's confusing for people, and confused minds don’t make decisions.
b) You are asking potential clients to find their own solution versus clearly presenting them with one.
While it may seem scary at first, limiting your services to just a couple options might actually encourage more sales - especially if you are selling the solution to a specific problem.
For this reason, consider working within a niche that you know well, like weight-loss, specific hormonal issues, food allergies, or anything else that speaks to you. The more specific the problem, the more easily you can market the solution!
For example, a simple service menu could offer 3 options for clients in 3 different scenarios, specifically addressing weight loss:
Option #1: 6-week online weight loss program
Including: meal plans, grocery lists, suggested supplements, and access to a private facebook community.
Option #2: 6-week in-person group weight loss program
Including: meal plans, grocery lists, suggested supplements, and weekly in-person group meetings.
Option #3: 6-week one-on-one weight loss program
Including: intake consultation, customized meal plans and grocery lists, personalized supplement protocol, and weekly private coaching.
Note: your offerings will vary based on your niche, whether you operate in-person or online, and other personal factors.
You will notice that services are grouped together as programs, with no option for one-off consultations. This means you have to book fewer clients per month, and that the clients you do book are highly motivated.
3. Put a price tag on it!
Now that you know how much you need to make, and have decided on what services you will be offering – it’s time to actually price your services.
We know this is scary! But keep in mind that pricing isn’t set in stone, and that you are allowed to make changes based on client response, and as your business evolves.
With that in mind, here are some pricing suggestions based on the above service menu, and how they could meet a required income of $3,500 per month.
Program: A 6-week online program
- This program should be designed for high-volume sales.
- The time you spend should be on program creation rather than on-going support.
- Think of this option as more of a product than a service, since people buying this program may not ever become one-on-one clients (though you may still want to offer an incentive to convert them).
- The more specific your solution is, the more you can charge here. For example, a generic weight loss program is worth less than a program that helps women with PCOS lose weight by addressing their specific hormone imbalances.
Program: A 6-week in-person group program
- What you charge should be largely dependent on how many participants the group will have, smaller groups are worth more than larger groups.
- Group members may require additional support outside of weekly meetings, so take this into consideration when pricing and designing the program.
- Group the participants together based on a niche. Running a group with clients who all have different needs will be exhausting for you and less valuable for them.
- Consider this service as potentially leading in to working one-on-one with you down the road, consider offering an incentive at the end of the program to convert clients.
Program: A 6-week one-on-one program
- Personalized programs require more time to create as they are "results-focused" for a specific individual.
- Private clients should receive additional support outside of weekly meetings. Decide in advance what this will look like and how you will provide them with the absolute best experience and value as possible.
- One-on-one clients are most likely to become raving fans and a source of word-of-mouth referrals, so ensure they meet their goals
To revisit our original goal of an income of $3,500 per month, you could easily meet that if you make it your goal to:
- Sell 5 copies of your online program at $140/each ($700)
- Run 1 in-person group with 5 participants paying $350/each + ($1750)
- Book 1 one-on-one client for $1,050
Grand Total = $3,500
🍾 throws confetti and pops champagne 🎉
Note that this is just ONE of many ways your sales could break down. Give thought to what is most realistic for your business.
Once you’ve started selling your programs, pay attention to what resonates most with your clients. For example, your online sales might ramp-up to a point where you no longer need to run small groups. Or, you may find that your word-of-mouth referrals bring in more one-on-one clients than expected and decide to secure an office space to accommodate them.
As your business grows, you might find yourself drawn toward a more specific niche or moving your online program into a subscription-based model. Keep an open mind, be confident and trust your gut!
Pricing is hard. And it may take a while to get it right. So above all else, remember that you are worthy, your knowledge has value, and you are entitled to pay your bills even if you “just want to help people.”