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Episode 86: Payment Plans – What You Need to Know

Today we’re getting clear on the pros and cons of payment plans and key questions to ask yourself as you consider whether to offer payment plans in your coaching business.

86: Payment Plans - What You Need to Know

Should I offer a payment plan? How long should it be? What's the best approach to pricing it? Whenever I talk to a coach about pricing their offers we always come back to these questions about payment plans. There are a lot of factors to consider and balance when it comes to creating payment plans in your coaching business.

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Show Notes

Should I offer a payment plan? How long should it be? What’s the best approach to pricing it?

Whenever I talk to a coach about pricing their offers we always come back to these questions about payment plans.

There are a lot of factors to consider and balance when it comes to creating payment plans in your coaching business. Today we’re exploring the pros and the cons of payment plans and the three main considerations you need to keep in mind when deciding if and how to include payment plans in your business.

Topics covered

  • What does a payment plan look like?
  • The benefits of having a payment plan option for your coaching offers
  • Balancing accessibility with risk
  • Getting creative with the timing of a payment plan
  • An ethical approach to pricing your payment plans
  • How to mitigate the risks associated with payment plans

Resources mentioned

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TRANSCRIPT

 

Well hello my friend. Welcome to the Coach with Clarity Podcast. My name is Lee Chaix McDonough, I'm your host. And today I am really excited to dive into a topic that comes up all the time amongst my Coach with Clarity Members, my private coaching clients, and in the free Coach with Clarity Community. This is a great time to mention that if you're not already a part of the Coach with Clarity Community, my free Facebook group, I would love to connect with you over there, you can just head to CoachwithClarity.com/community. And that will bring you right to our Facebook group where you can answer three quick questions and request to join. It is such a fantastic community, and I am so honored to have the opportunity to connect with over 5 thousand new, veteran, and aspiring coaches over in the Facebook group. And I would love for you to join us there. So head on over to CoachwithClarity.com/community, and I look forward to getting to know you better over in the group. But let's get back to the topic at hand today, which is all about payment plans in your coaching business. Whenever I talk to a coach about pricing their coaching offers, and that might be private coaching services, group programs, a course, a membership, you name it, it runs the gamut. But it always comes back to this question of payment plans. Do I have to offer a payment plan? If so, when and how, and how many payments, and for how long? There's a lot to balance when it comes to creating payment plans in your business. So today, we are going to dive in and explore everything you need to know when it comes to payment plans. We're going to talk about the pros and the cons to payment plans, and I am going to share with you three main considerations you need to bear in mind when deciding if and how to include payment plans in your business. So my hope is that by the end of today's episode, you feel even more confident in your decision making ability about whether or not to have a payment plan. And then if you do decide to create one, you'll know everything you need to consider as you create the structure for that plan. So, are you ready? Okay, let's dive in. 

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