When setting up your own business, one of the most difficult decisions is knowing how much to charge for your services – charge too little and you’ll be selling yourself short, charge too much and potential customers will go elsewhere.
Either way, your venture won’t be a success.
So, if you’re starting out as a personal trainer, how will you know how much to charge? Here are five top tips to make sure you offer the right service at the right price…
Check out the competition
When you start out as a personal trainer, you’ll be up against a lot of competition, from established outfits to start-ups like yourself. So it makes sense to take a look at the prices your direct competitors are charging and what services they’re offering for the money.
A word of warning though, don’t just undercut the competition - people are naturally suspicious of anything that seems too good to be true and if you charge too little you’ll find it hard to make ends meet.
So take a look at the competition, compare their level of service and typical clientele to yours and then set your price accordingly.
Life as a personal trainer means working outside of the nine-to-five, so it might be a good idea to consider off-peak pricing for times of the day and the week that are quieter than others.
Not only can this fill up quiet times of the week but it can also attract clients who may not be able to afford your normal rate.
If you find you’re training certain groups of people who are of similar age, fitness and/or income levels, for instance, those in retirement or students, it might be worth considering group discounts.
So if you charge individuals £30 an hour, you could do the same work out for a group of four and charge them £10 each. That way you’ll be offering the same level of service to clients and actually earn £10 an hour more while still giving them a great deal – remember, you’re selling units of your time, and you need to make the best use of that time.
Offering a discounted rate for block bookings is also a good idea as, once again, it gives you the opportunity to make the most of your time and also ensure repeat business. However, you need to make sure you don’t give away too much of your time - if you offer ten sessions for the price of nine, for instance, you’re effectively losing 10% of your potential earnings.
Cancellations are a nightmare, but the way you handle them is vital to the success of your business and word-of-mouth recommendations among clients.
And so while cancellations are an inconvenience and you need to establish and set a cancellation policy, you also need to be flexible - a little give and take will do your reputation and word-of-mouth recommendations no harm at all.