I know one personal trainer that charges $300/hour. I know others that charge $15/hr. Fifteen years ago in NYC I charged $125/hr, now, in my new home in Easton, PA, I charge $65/hr. Pricing is not simply making up a number in your head that you want to charge (or at least shouldn’t be). There are some important variables that should be considered when you are determining your price(s).
- Who is your target market? If my target market are the rich and famous, my prices will be higher than if I am seeking to address the needs of a low-income community.
- What weekly income do you need achieve and how many hours do you intend on working? Obviously, you need to price yourself so that you can make a living and still have time for a life.
- What value do you place on your time? Actually, let’s not think about time, based on all of your training and experience, what do you believe the value of your service is?
- What does the competition charge? While you can charge more than the competition (assuming you are worth it), it does play into how the public perceives the value.
- What is the perceived value by your target market? If their perception is that you are expensive and you still want to charge the premium price, you may have to educate your market why it’s worth what it is (and that will be more effective if you can show them vs tell them).
How you make your decision is very individual. This is the “art” of pricing. Some of the considerations will weigh more heavily than others based on your situation. The important thing is to consider each of the factors that play into deciding on a price. Determine your price, implement it, and, based on the response, re-evaluate it in six months.