Do you love talking money?
Yeah, that’s what I thought.
Prices, sales and money management are sometimes less-than-comfortable topics of conversations for new entrepreneurs, especially holistic entrepreneurs or wellness professionals.
It’s time to get comfortable with setting fair prices, that get you paid for your time and all your other expenses. And earning the income you deserve, while getting your clients kick-ass results. Because that’s what it’s all about. If your pricing strategy has been to look online and copy what other Nutritionists are charging, it’s time for a real strategy that works.
I know this can be an uncomfortable subject, especially if you are new in business. Maybe you don’t have any experience with sales, or maybe you haven’t made a sales or money plan for your business and feel lost when it comes to setting prices. Money mindset is a whole other topic, but just briefly I want you to start really getting comfortable with charging what you are worth and talking money.
We are in a very powerful position of being able to change people’s lives. I know sometimes holistic or wellness business people in particular feel there is a disconnect between helping people and making money.
But here’s the real deal.
Helping people in a genuine way that comes from a place of good intention, and making a good income are not mutually exclusive goals
And people who are sick and suffering are so grateful for what you know and what you can do for them, so please don’t be shy about offering what you can do and charging for it. You have a lot of power and knowledge, and the right clients are willing to pay for that.
Ok, so let’s get to it.
First things first. Don’t skip this part, it’s the most important step. Before you get to setting your programs and pricing, you need to know who your client is and what they need from you. Don’t spend a lot of time putting together they program that YOU want, do some surveying and market research, and offer programs and services your ideal clients want. What results do they want, what are their goals, how do they want their services delivered (online, in person, in a group, privately)? If you haven’t done an ideal client avatar exercise, this is the place to start. You can get my online exercise “Discovering Your Ideal Client Avatar” here.
Once you have your program(s) put together, you can start thinking about pricing. (Note: I’m going to use the word “program” to mean a set of sessions or services. It could be one-on-one or group, and be any combination of services, materials, products, etc.).
Here is the three part formula you can use to set prices for your Nutrition services.
1: What are your program costs?
These are your fixed, out of pocket costs. Did you hire someone to put together content, images, program guides or a membership site? Do you have a monthly fee for hosting videos? What is your advertising budget? Do you pay a VA to do any of your prep or customer service work? Is there any product included? These are all costs to consider when setting your prices.
2: How much time are you spending with the client?
How many hours will you spend TOTAL with your client, not just meeting with them in person? You need to include time to prep, write protocols, and do meal plans. For a typical new client consult, you will spend as much time researching and putting together their protocol as you do sitting down face-to-face with them. Do you provide email support? Access to you through a Facebook group you manage? These all take time. Time you need to be paid for.
3: How much do you want to make an hour?
Would you take a job for a company without knowing how much you’re being paid? Of course not. Yet so many practitioners are doing exactly that in their own businesses. Know what your hourly rate is, and charge it for all the time you spend on a client, not just their sessions.
Now take your expenses, your time cost and add them together.
This is your starting point for your program price. You may want to refine a little from here, offer a small discount for longer term packages, etc. but this is an excellent starting point.
When I go through this exercise in my own business, I use a simple spreadsheet to break out all my costs. I include client facing time, prep time, digital materials, email support, product if applicable, etc. It is simple but really works. And I’m going to share it with you!
I’ve got a bonus tip for you. Listen carefully, this part is really important.
If you are not making the sales or income you expect that does not mean your prices are too high.
Let me say it again: If you are not making the sales or income you expect, that does not mean your prices are too high.
Most likely this means there is a disconnect between your program or product and the audience you are reaching.Do not get fooled into thinking that slashing your prices is the answer to bringing in more clients. Before you re-evaluate your pricing, I encourage you to survey your audience and really make sure your offerings are in line with what they need and want.
Bargain basement prices attract tire kickers and people who are not as invested in doing the work. When you charge fair and reasonable prices that value what you do, you actually attract clients who are more invested in transforming their health, and these are the types of clients you want to work with. These are the people who get great results, and become walking billboards for your business. It’s win-win.
So download your free pricing calculator, get clear on who your ideal client is and what they want to experience when they work with you, and really start getting comfortable talking about money. Because you have something so valuable to offer, and there is an abundance of people out there who need what you do. Get out there and get to it!