Setting rates can be one of the trickiest part of operating your personal training business. Charge too much, and you may not see the quantity of clients you are looking for. On the other hand, charge too little, and you may not see the quality of clients you are looking for. In either of these cases, you’re missing out on some valuable clients and revenue. To meet your revenue and income goals, you’ll need to find that “sweet spot” where supply meets demand. But, now that you’ve done all the market research and have settled on your personal training rates, can you change them in the future?
What happens if a client you’ve worked with for years can no longer afford your rates?Whenever you consider changing your rates, you’ll need to revisit the market research you did to set your rates in the first place. This time, it’s important to consider both current as well as future clients. How sensitive to price changes and fluctuations are your clients? If you raise the prices of your personal training services even a little bit, will they stay or will they go? How elastic is the demand for your services as an Independent Personal Trainer?
- How many substitutes are there in the market?
- Is it a luxury or a necessity?
- How differentiated are you?
- Who is paying? What is the customer base?