As a fitness business owner, when you’re first deciding what to charge, you’re probably not going to get it exactly right. Especially if you don’t have anyone guiding you.
Fortunately, with a lot of thought and a little experimentation, you can find the rates that work for you.
Wherever you land on prices, though, belief in your own value as a trainer is key. People won’t believe your worth if you don’t.
Setting Rates: Where to Start
It’s tough to figure out what to charge when you have no experience from which to create a baseline. In this scenario, you should figure out your desired income for the month or year and work backwards.
For example, if you want to make $100,000 this year, you need to average $8333 per month. And to make $8333 per month working 40 hours per week with no vacations, you need to make $416.5 per day. That would mean, if you have eight, one-hour sessions per day, you need to charge $52.08 per hour to make $100,000.
Of course, you may not always be booked up 8 hours per day which means you’ll have to adjust your rate upwards to account for those slow times.
Similarly, you’ll probably want to (or be forced to) take at least some time off. Again, you’ll need to increase your rate to account for that.
Be Clear on What You’re Worth
What you want to make and what you’re worth may be two different things.
And it’s as much a mistake to overvalue yourself as it is to undervalue yourself. But undervaluing yourself is usually even more damaging.
When you undervalue yourself, other people will undervalue you too.
In other words, no one’s going to assume you’re worth $150 per hour rather than $50 per hour. You have to tell them what you’re worth with confidence and then back it up with your work.
Salespeople have known this for a long time because selling (yourself or a product) is about transferring confidence. If you’re not clear and confident in your worth, your prospects won’t be either and you’ll lose them as customers, or you’ll get paid less than you’re worth.
Neither is a great outcome.
Say No to Discounts and Sales
As a fitness business owner—unless you’re running a big-box gym like Planet Fitness, Crunch, or LA Fitness—discounts and sales aren’t for you.
This actually builds off the previous point of knowing your worth. Sales and discounts communicate to prospects that you’re going to compete on price. And on the higher end of the fitness market, if you’re competing on price, you’re in trouble.
For one, you can’t beat big-box gyms by competing on price—that’s their speciality. And second, you shouldn’t want to beat big-box gyms on price.
As an independent fitness owner, you want to provide the best experience rather than the best price. And those two things are often mutually exclusive.
Making Payment Easy with The Bright App
Speaking of improved experiences, another way you can compete in a way that enables you to set high rates is with The Bright App.
The Bright App is an app designed by fitness business owners like you to make scheduling and payments easy for both you and your clients. Check it out and download the app for free on the Google Play or App Store now.