Successfully selling your services as a personal trainer will involve giving some serious thought to your pricing structure. It is an area littered with pitfalls…price yourself too high and you may preclude many potential clients, price yourself too low and you could end up working around the clock and still not make a decent living.
So, how can you get it right and where should you start?
First of all you must realise that price is one of the major elements in the marketing mix and therefore has a significant impact on the success of your business. Your success will depend on your ability to set your price at the correct level for you target audience. To achieve this you should consider a number of external factors.
Check out the competition, in detail. What services are they offering and at what price, do they run any discounts or special offers?
You should also consider the demographics of your potential customers. Depending on your target market you can make a judgment about the level of disposable income they may have and whether or not, for example, special offers will be an attractive proposition for them.
Of course, right now, with the threat of recession, the economic climate will also have an impact on what you can charge. On the flip side, however, demand for personal trainers has never been higher. The industry continues to grow as more people recognise that investment in their wellbeing should not be viewed as a luxury item anymore.
Now that you have a price in mind you should cross check it against your internal costs. These are all the costs that you incur to be able to provide the service you give. Everything must be covered by the price that you charge, including mileage and car depreciation, tax and national insurance, marketing costs, club fees, professional costs such as accountancy fees, training, association memberships, equipment, venue hire and the list goes on.
It really is worth investing some time and energy in this aspect of your business planning as, if you can get the bottom line right, you’ll be right on course for building up a successful business.