Written by Kim Leggett (Clean Health Online Master Coach)
How do you price your services as you go off into the world of personal training?
If you’re struggling to price your coaching services, you’re not alone. One of the most common struggles that new personal trainers find as they start working is finding the right sweet spot so that they aren’t overcharging or undercharging for their services. On one hand charging too much will mean no clients and zero sales whilst charing too little will mean you are working to the bone for little return.
There is also no true industry standard – rates fluctuate based on the trainers experience, location, services, inclusions and personal opinion. As a result, there’s a wide range of pricing models to choose from.
So how much should you charge?
A great starting point would be to do some MARKET RESEARCH – turn to Google and look at what other trainers in the area (aka. Your competitors) are charging. Often you will find that rates can vary from anywhere between $30 to $150 a session, and with such a wide range between these two figures, how do you know where to place yourself?
How do you charge?
1. Hourly
You can change an hourly rate which means your client pays you as they go.
Although this might sound like a good option at first and is one that many new coaches adopt when they first get into the game – is actually a mistake. The downside of hourly rates is that it makes you LESS attractive to potential clients and makes it harder to sell your services as they sound expensive. A product or service needs to provide perceived VALUE to the client in order for them to have any buy in.
Hourly rates also make you sound like a commodity. Take shopping online for example, If I was looking to buying a pair of jeans, it would be really easy for me to compare the prices of each by looking them up on two different websites.
Similarly, when you offer coaching for say $50 an hour, it is VERY easy for clients to jump on and compare your hourly rate to see what another coach offers. Cue this conversation, “Another coach I know charges half that. Are you twice as good?” The customer’s focus is on the hourly rate.
2. Package
Price is based on a set package or program, i.e. a 12 week package with 3 sessions per week or a 3 phase training program.
Once you’ve decided HOW you want to price your services, it’s time to think of how you want to strategies your pricing. If you’re a new coach, penetration pricing may be the way to go. This is when you aim to ‘penetrate’ market by offering the lowest fee that you’re comfortable working for. For most new coaches this usually works best when offered as a package and can help you get PAYING clients ASAP.
As you gain more experience, you can then start to create the income you want by choosing your pricing. As you’ve worked with more clients, built your brand up and got some testimonials to show for your work – you’ll get consistent sales enquiries.
No matter how you decide to price you services, the number one takeaway is that you need to focus on the VALUE to the client. Clients will want to train with you as they believe you can do something for them. Always focus your presentation on client RESULTS. If you use an hourly rate, you are focusing on the PROCESS not the RESULTS – in other words, you are selling the WRONG thing.
Another way of offering the client value is by adding several tools together in a bundle. For example, offer a meal plan together with training or 24/7 support over meal – This description of services sounds a lot better than “we’ll coach twice a month”. It’s also a more complete process.
You can also price around value according to DIFFICULTY. This means if what makes the coaching valuable is how difficult something is to achieve but you can deliver these results – your price can reflect this.
You also have to think about your own EXPERTISE as how you view yourself, the expertise you bring and the results you will achieve with clients can be reflected in your fees.
Remember that there is no hard and fast rule about how to price your services but considering your own experience, skillset, the value you’re providing as well as the prices offered by your competitors can be a great start in paving your way to a successful and bankable business within the industry.
To learn more about how to structure your coaching services to maximize client results while also ensuring ongoing business success, click here & enrol into the Master Coach Program!
References:
- Fotinakis, A. (2018). Pricing your personal training services to become profitable and happy. Retrieved from: https://www.trainerize.com/blog/pricing-your-personal-training-services/
- Webb, K. (2015). How to price coaching services based on value. Retrieved from: https://keithwebb.com/how-to-price-coaching-services-based-on-value/
- Zhou, L. (2020). How should you price your coaching services? Retrieved from:https://www.luisazhou.com/2018/09/how-to-price-your-coaching-program/
