How Much Should I Charge For My Personal Training Services?
In this article, i’m going to elaborate on a number of key factors that determine how much you should charge for your personal training services, wether you work online or offline.
But first, let’s zoom out and get some perspective. How much you charge depends upon the following factors;
- Living costs
- Level of competition
- Marketing Costs (Paid traffic, graphic design etc.)
- Staffing Costs (if you have them)
- Target Demographic
- Underlying Fees (bank, currency exchange etc.)
If you haven’t factored all of the above into your current pricing model consider these key principles when it comes to pricing your services…
PAY YOURSELF FIRST
Your business operates best when you are healthy, happy and wealthy. Before you set your price ask yourself…
What does it take to put a roof over my head, feed my family and live a decent lifestyle?
While paying yourself first may feel like the wrong thing to do. It’s important to realise that you are the vehicle that delivers your business. You need to look after yourself first before you can help anyone else. Think basic human needs like food, shelter (safety) and love (family). Once you’ve these important areas covered you’ll be in a much better position to deliver your service, keep customers happy and market yourself.
You operate best from a surplus of energy, financial stability and happiness. Moral, pay yourself first.
NEXT, COVER YOUR EXPENSES
What does it take to keep the business open?
What expenses are you paying on a day-to-day basis?
Every single expense needs to be factored into your pricing model. Remember, this golden rule…
Turnover is vanity. Profit is sanity.
THE DEMAND FOR YOUR SERVICES
The greater the demand for your service, the more you can charge.
How to you establish “High demand status”?
Get your target market faster results than the competition can. And, make sure you are consistent with your marketing. Showcase your results and add value as consistently as possible. If you need help with this a highly recommend checking out Super Strong Business.
Plain and simple.
THE SIZE OF THE PROBLEM DETERMINES THE PRICE TO SOLVE IT
If one of your prospects wants to lose a couple of pounds, it’s not a serious problem.
On the other hand, if you’re working with someone who has huge confidence issues and they’ve been trying to lose weight several times before or they’re an athlete wanting to win a competition. There’s a greater sense of urgency and value on achieving the solution.
You have to evaluate all these factors and that’s going to be different for everyone.
Another factor you need to consider when growing your business is marketing costs, especially when it comes to paid advertising and customer acquisition costs.
Do you know how much it costs you to get a new customer?
If you don’t – I urge you to stop going round in circles and winging your business.
That is incredibly important. You ideally want to be making more money than it costs to get a customer. Unless you have a strategic customer value journey (discussed later).
Do a competition analysis.
What are you providing that the competition doesn’t?
It might be qualifications, better results, more accountability or a superior training environment
You need to consistently demonstrate a higher level of perceived value than your competition.
Oh and for the record, fools compete on price. If you’re trying to grow your business by being cheap you will burn yourself out and attract the worst of the worst. No one values cheap. Good paying clients are out there – you just need to know your market like the back of your hand and put the right marketing in front of them.
Demographics include age group, geographical location and, culture.
For example, what you could charge in an economically developed city like Switzerland, London or New York is going to differ from what you could charge in a city like Belfast in Ireland where I’m from. The economic climate is different and subsequently the pricing needs to be adjusted.
Essentially, it’s a good idea to have a range of products/services and programs that range in cost from high too low. Some of these services/products could be a stepping stone to the next, and therefore be priced strategically to get ‘buy in’
Food for thought.
I hope you enjoyed this article.
P.S. Whenever you’re ready there are 4 ways you can work with me and my team to grow your fitness business.
- Watch My Free Mini Training On How To Scale Over 10k/Month Online!
Score your fitness business to uncover blind spots, cash leaks and growth opportunity – Click here
- Join Fitness Business Growth Kit
Everything you need to start and grow a wildly profitable online fitness business from scratch in just 8-Weeks. Perfect for online coaches and personal trainers stuck in and around 3k per month. – Click here.
- Join the World’s Biggest and Best Fitness Business Mastermind – Authority Network
Authority Network is where the most successful coaches in the fitness industry come to mastermind. If you know you’re playing too small and want to scale your fitness business over 10k per month by working smarter (not harder) – Click here.
- Apply to work with me Privately
If you’re currently doing 6-figures per year with your fitness business and want to scale further (but don’t know how) you can apply to join Power Room – Click here.