One of the most difficult questions when starting out as an online coach is “How much do I charge for my services?” Let’s be honest, we are all in this to make money, while of course helping others with their health and fitness goals.
I wrote recently about the importance of setting the right price—the key is to make sure you are charging enough to make it worth your effort, while also providing good value to clients. If you are just starting out, it’s important to remember that your initial fitness pricing is not always set in stone, sometimes some research and testing is required to find the perfect price for your program to keep new clients coming in, while also building a profitable business with your Trainerize app.
Here are 3 tips for how to establish your training plan pricing:
1. Do your research and check out the competition
Market research is always important in order to see where your services will fit in with what is already being offered in your niche or region. Keeping an eye on the competition is important; however, don’t set your pricing based on what others are charging! Price based on your own offering! What do you bring to the table? What are you offering, what are your programming services, what is your personal expertise and experience? These are the factors that should be taken into account when establishing your training plan pricing.
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2. Know your worth
One important lesson I learned early in my online training career is to know your worth. Don’t set your pricing based on the idea to get more clients by charging less. You want to put out a quality product, and you have to make a living. I have found that if I know that people are paying more for my services and I am making more for my services, I will put a lot more effort into ensuring client success.
Finding the magic number will take some testing of the market; however, my advice would be to always start with your pricing higher than lower. Why, you ask? It is always easier to discount your pricing than it is to raise your pricing! You can always offer discounts or decrease your pricing later if you find you are charging too much and not receiving enough interest in your products, but never sell yourself short!
3. People will pay for quality, and be more committed because of it
In my personal experience, I have found that if you charge more for your services, you will attract a more committed client. We all want as many success stories as we can get—as it helps with marketing in addition to helping clients! You also want to expand your client reach. If you are charging a premium (based on your experience) for your services, the clients who sign up will be more committed to your program because they have invested more money into you. Just remember the good old saying, “You get what you pay for,” which will stand true with your services. I personally would rather have five top quality high paying clients than 20 lower-paying, less committed clients. Right?
If you are having a hard time determining your program price, diversify your offering! It’s okay to offer a higher-priced premium product as well as a lower-priced product. Ensure that there is a huge difference between each of the offerings! Perhaps some of the lower-priced purchasers will eventually graduate to the premium after a few months of working with you.