When you’re starting your personal training business, the question at the top of your mind is inevitably this:
How much should I charge for my services?
This is something that all personal trainers go through at the beginning, and some even struggle with finding the perfect pricing strategy throughout their careers.
Pricing can be tricky, but there are a few pricing principles that work like a charm that all personal trainers should follow.
Offer Pricing Tiers
It’s tempting to keep it simple and offer just one package.
With just one package, you don’t have to juggle two or three different types of clients and manage different kinds of invoicing and payment programs.
But offering only one package is a mistake.
Creating packages with different pricing tiers is a rock-solid pricing strategy that works. Here’s why:
1. Offering more than one package with different pricing “anchors” the prices: It’s difficult to know how much something is worth when it’s a standalone product. But when there is a basic version and a premium version, it gives clients the ability to see value relative to the other package.
2. Options are optimal: People love to have options. Even if they’ve already made up their mind of which package they want before they land on your pricing page, they like to know there is another option available. Offering 2-3 options will help solidify their decision. Just don’t give them too many!
So instead of just offering the one package, offer two or three different options to offer to your customers. You may find they always choose one, but that means the anchoring is at work.
Upgrade the basic package with an extra session, a bonus meal plan, or a more in-depth assessment initially. Your bottom line will thank you.
Don’t Be Afraid of Premium Pricing
As a personal trainer, you have an important job.
You’re not only working with your clients to improve their physical health, you’re helping them improve their mental and emotional health as well. You’re helping them see results in their bodies and their self-esteem.
To be effective, you have to know basic psychological principles, nutrition, and kinesiology, and every client you work with has unique needs.
So you deserve to be paid accordingly.
Yet many new serviced based small business owners shy away from premium pricing because they feel as if they have to compete with the competition by pricing low.
But setting your prices too low may be scaring some clients away.
Well, as consumers we tend to make decisions based on perceived value. If you’re reading this on a Macbook rather than a Chromebook, you know what I mean. You perceived the Macbook as a better quality product that would provide you higher value than the Chromebook, and while you may not have been aware of it, the price had a lot to do with that.
If we see a personal trainer who costs $300/month next to a personal trainer who costs $1,000/month, knowing nothing else about the trainer, who do you think will get you better results faster?
Most of us would assume the $1000/month trainer and choose to work with them.
So don’t be afraid to price higher and charge what you deserve. You offer amazing value to your clients, and the people you want to work with will be happy to pay for those results.
Offer Payment Plans
Personal training can be expensive.
As we discussed above, that’s okay! It’s worth it, and your clients know that. But because your sessions are usually a high-ticket item, sometimes it’s hard for people to come up with the money right away.
That’s where payment plans come in.
If you offer payment plans, you’ll notice an increase in the amount of clients who sign up to work with you. Some people like to see smaller amounts coming out of their accounts rather than the entire sum, and some people can only pay in installments, but payment plans for higher ticket items are a great idea.
Maybe you offer a plan of two payments over the course of one month, or maybe you split a three-month package to be recurring payments each month. No matter which way you cut it, they make sense.
Payment plans can be set up quite easily through PayPal or Stripe so you can collect the money without having to think about it.
Pricing can be tricky, but it doesn’t have to be a mystery forever.
If you implement these pricing principles when you’re setting your rates, you’ll be able to work with your dream clients, make a bigger impact, and earn the money you deserve for your hard work.