How many times have you heard or read entrepreneurial advice, “Charge what you’re worth”? I can’t tell you how many times I attempted to follow that guidance and always ended up back in the same space, asking myself, “How do I know what I’m worth?”
I know your struggle.
You’re comparing prices of entrepreneurs in the same niche. You’re evaluating your services to others and trying to create an algorithm that will magically give you your worth. But here’s what you need to know: You are worth everything, but your services are worth what someone is willing to pay.
The beautiful part of owning a course or membership site is that you’re creating evergreen, recurring profit. You’ve already taken the first step to commit to your business and your future self by shifting your focus from client-based work that leaves you feeling more like a freelancer than a CEO for a course or membership site. Now, you can finally be present in moments with your family or partner and take on client work as passion projects because your recurring profit has freed you from working 12-hour days.
How To Price My Membership Site
For the solopreneurs manning a membership site, you’re the community building, live call facilitating, action-taker who wants to provide the platform for your students to grow. The digital community you’ve built or are building is an essential part of your service. Students who buy into membership sites desire a community with which they can connect. Those students are also investing in live calls or webinars that you lead and address questions, share news and ideas, and give guidance on the best next steps.
With a membership site, each student makes a monthly investment into your system and content. That payment is recurring profit that appears in your bank account each month. Membership site price points generally range from $27 a month to $197. To determine where you fall in that range, consider:
The end value your system offers to members.
The one-on-one coaching, live calls, and group support each member receives.
It also helps to discover what your target audience is willing to pay for your services. In this episode of my podcast, The Hey Haley Podcast, I explain the importance of having founding members for your course or membership site and how you can make money even as you develop the site idea.
How To Price My Course Site
If you know you don’t want to foster a community, or you’re not sure that’s the strategy you want to take for your business, a course site is the better option. Of course, there’s no wrong decision here. We’re creating recurring profit with either method – and you can always change it later if you want.
A course site pricing has a unique element not offered in a membership site. A course site price is higher than a membership price and is made in one payment or completed with a payment plan option. The course site price point is typically $197 – $2,000. A community and live coaching are optional features of a course site.
Just as with a membership site, do not compare your product to the competition to develop pricing. Figure out what makes you stand out.
You’re a CEO, a business owner! How awesome is that? Whether you’ve decided on a course or membership site, you’re ready to create evergreen recurring profit. Want to dive even further into how to price your site? Sit in on my podcast episode Timeline and Math of Phasing Your Clients Out to Start a Course or Membership Site. I’m cheering you on for leaving the hustle-heavy lifestyle and becoming an unshakable entrepreneur. You can do this, and I’m here to help you each step of the way.