The following is taken from David’s interview with Bob Davies in 10 Super Coaches.
Roughly how much capital/money did you spend in the first 6-12 months, and on what?
Spent several thousand dollars in my certification program and other education, but most of my capital is geared towards marketing for the paid speaking engagements.
What did you charge your initial clients?
Now you’re bringing back memories. My first fee was $300 per month for four 30-minute calls plus an intake call of 90 minutes for an additional $300. Now my fee is $3,000 for the first month of coaching including the intake call followed by a fee of $1,500 per month for three 45-minute calls per month (non negotiable).
When did you first increase your fee, to what did you increase it, and why?
My fee increases all were linked to exposure and demands on my schedule. I first went from $300 to $350, then $450, then the big jump to my current fees over a period of about three years. I have the attitude that I want to be near the top of fees for coaching and that I never need a client but always want one.
The following is taken from David’s interview with Judy Feld in 10 Super Coaches.
What did you spend money on in the first 6-12 months? Could it be done for less?
Had the computer. Developed the website myself. Increased phone bill – that’s about it. Office supplies. Also… business cards and stationary. I don’t think it could have been done for less. My time and attention were the valuable commodities.
What did you charge your initial clients?
I think I began at $250 USD per month (in 1995) for three 30-minute telephone sessions. I always have offered a menu of options.
When did you first increase your fee, to what did you increase it, and why?
I have increased my fees about once a year. Supply and demand and expertise.
What advice would you give coaches about charging clients?
Offer a menu of options. People usually opt for the choice in the middle. Be consistent in your pricing. Don’t raise your fees on existing clients. Loyalty and longevity counts. I have clients I have been working with since 1996. We are partners.
The following is taken from David’s interview with Ernest F. Oriente in 10 Super Coaches.
Roughly how much capital/money did you spend in the first 6-12 months, and on what?
It was about $40,000. We had to buy a computer desk, a computer, phone, fax, cost for insurance, cost for telephone calls – we call all of our clients. We have a phone bill that’s quite sizeable. And so those were the costs.
Here’s the interesting part though, when we were billing about $100,000 – $200,000, our expenses were about $40-50,000. Then we grew it from $200,000 to $400,000.
In most businesses your expenses grow proportionately, but our expenses today are almost parallel to our expenses six and seven years ago. It still runs us about $40-55,000 a year to operate our business. A coaching business has fixed expenses so as you add more revenue all of that just flows straight to the bottom line.
