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Thursday, January 15, 2015

THE BUSINESS OF PERSONAL TRAINING: Pricing Structure


http://yourhighestself.com.au/wp-content/uploads/2013/06/money-tree.jpg

One of the best, and simplest, ways to legitimize yourself as a personal trainer is to have a good pricing structure.  I'm not here to tell you how much you should charge for a personal training session.  We are in a free market economy; supply and demand.  There is only one of you and only so many hours in a week, so supply is limited.  If you are in high demand you can charge more for your services.  Low demand?  Well, you better get better at this training thing so you can make a living.

At CrossFit Syracuse, we have a very straight forward pricing structure.  We offer 30 minute, 45 minute and 60 minute personal training sessions.  Each session length has a set price.  We bill every session after the session is complete.

Some gyms give a discounted rate if someone pays for a certain amount of personal training sessions up front.  Many times they will give a greater discount, per session, if you purchase a greater amount of sessions.  This is a great business strategy; if your goal is to get a lot of money up front and hope that person stops training with you before they have used all the sessions they have paid for.  That way, you have gotten paid for not doing any work.

At CrossFit Syracuse, we are in the results business.  We don't want to lock you in to anything.  We want you to get results.  We know if you get results, you will be a client for many years.  We are also aspiring to be better trainers.  By locking a client in to 10 or 20 personal training sessions, you know you have that person for a given amount of time.  You can do a lackluster job early on, then try to impress them with your great training ability in their last couple sessions, so they will buy another 10 or 20 sessions.  At CrossFit Syracuse, we need to do our best each and every time we are in front of a client.  If we don't, we lose that business.

I have also heard of gyms selling training sessions at a given price, then if the person says no they lower the price.  If the person says no again, the price is lowered again.  There may be 4 or 5 tiers of pricing they will try to sell you.

This type of pricing diminishes your value as a trainer, and diminishes your clients' value.  If client A spends $100 and client B spends $80, this means client B is worth 80% of what client A is worth.  In this scenario you should give client B 80% effort.  Why does one person deserve only 80% of your effort?  This type of selling is also dishonest.  You are telling one person that one price is what you charge, while you are telling another person that a different price is what you charge.  You may be able to get away with this for a while, but eventually your clients will catch on.  They will wonder "why am I paying X while this other guy is paying Y"?

Use a straight forward pricing structure for your personal training business.  Having set prices for your services is the most honest and fair way to conduct your business.  You don't need to get cute with your prices to get clients, you simply need to offer great service.

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