This week is the art of pricing for your Personal Training business. We all start out with the intention to make a boat load of money doing what we love. Trainers charge $30-$100+ an hour – the range is huge. However, the real question you should ask yourself is “What is my hour worth?” This will lead to other questions such as:
- Do I train just for the money?
- Do I train because it’s my passion and money is secondary?
- Do I train to pay the bills?
You must be clear and precise about what you will charge. There is a reason you spent the time, energy and money to become a trainer and that reason supports the pricing you’ll set.
Once you have set a price for an hourly session, great! But, what if your client:
- Wants to train more than once per week? Do you have a different session price?
- Pre-purchases 30 sessions. Will you offer a discount? Will the sessions expire?
- Wants to commit for 6 months or a year. Do you have an iron clad cancellation policy?
- Wants to train with a friend? Do you offer a discounted rate or offer a doubles rate?
There are so many reasons you need to set your pricing before you get training. Winging it can be very overwhelming. Before you realize it Bob pays $30 a session, Melissa pays $45 and Fred pays $65! And don’t forget that clients will talk and may be unhappy to find out they are paying double someone else.
Here are a few questions to ask yourself before providing pricing:
- What is your base charge for a single session?
- Will you offer discounts for 2x per week commitment? Or 3x per week?
- Do you require a commitment term (like a gym membership) or is it month to month?
- Will pre-paid sessions expire if not used within a period of time?
- Does your client pre-pay or pay as they go?
- Do you offer a referral program discount?
There will always be questions and you may need to work and rework your pricing as you go. But, always remember “WHY” you charge the rates you do – so you can answer honestly when asked.