What should your package prices be? There are two components to making that decision.
The first is philosophy, specifically about money and how you think about money, and how that affects your pricing. The second is in the technicalities of pricing. It’s not just about “charging more” but also about following a process that leads you from where you are to where you should be in pricing.
Thinking about pricing: The philosophy behind pricing
Every person grows up with a certain mindset on money. How your family dealt with money impacts how you approach money today. While there’s a lot of deep-seated philosophy around changing how people think about money, today we want to focus instead on “not shopping out of pocket” when it comes to money. What does that mean?
As trainers, we no longer value fitness training the way we used to. You’ve worked hard to gain the knowledge you have today, and you aren’t going to pay for what you already know.
That doesn’t mean other people aren’t willing to pay for that knowledge. Instead of thinking, “What would I pay for this?” recognize what the value of this knowledge is in what it provides to other people. It’s valuable to them.
What do you pay for now from a professional service? Hairstylists, electricians, plumbers—you pay them a high fee to do the work properly. That hairstylist can do their own hair without spending that money, or that electrician can wire their own electrical box without paying a lot. The same applies here.
As you approach your pricing, keep this in mind. Even if you’re not valuing your knowledge and skills, others are, probably even more so than you realize. You have to get into the mindset that others will pay for what you’re offering.
At first, you may feel more comfortable starting off with a lighter price and building upward. Do that for two clients. Then charge a bit more for the next two, and so on.
Yes, people will say no
You may have people who say no. Some will say you’re too expensive. Remember this, if you raise your price by 50 percent, and lose 25 percent of your clients, you’re working with fewer people but making twice as much.
Raise your prices with confidence. The best people will stay on and they will be more committed, and you’ll also have more time to work with them. If you price yourself too low, you’re not offering the best services to those clients, and that means they aren’t getting the results they should.
Want to offer services to those who cannot afford a higher price? Charge your clients a small percentage more. Then, use your extra time and resources to create free materials or volunteer for the community you want to serve.
Where to start versus where you want to go
First, don’t compare your Chapter 1 to someone else’s Chapter 10. Don’t copy them. You don’t know their background.
Instead, begin with the shortest path to get going. Price your online services in the same way as you have in the past, such as by sessions or services. It’s the shortest learning curve for you.
Sell months of coaching online based on the amount of time it’s going to take you. Factor in your Freedom Number (the amount of money you need to make monthly). This gives you an objective figure of how much your package needs to be.
Don’t think that’s the right price?
- Offer less so you can charge less, or …
- Get comfortable charging what you need to
- Be realistic about what your time is really worth
Once you get to a comfortable place, move away from selling months to selling packages—focus on selling results instead. Sell the transformation. The best trainers are selling the client the person they want to become.
Work your way up, selling packages at increasingly higher price points as you go. Do that until you reach the level you want to be at, knowing you are providing exceptional service. It takes time, but this process works well.
Start with tracking how much time you’re spending. Value that time and build in some buffer time if you’re the type of person to do extra for the client. Then, work through the process of building prices, so you’re delivering a better service to fewer clients.