How did you decide what to charge for your Pilates sessions when you became an instructor? Did you set your rates that same as every Pilates instructor at your studio? Did you guess? When it comes to your Pilates business being successful and profitable, it’s not always about more clients or more offerings. It’s about charging the right prices for what your services offer.
When I ran my Group Classes webinar and my Rates, Revenue Streams and how to raise your rates webinar I received some of the same questions and concerns. “I have a home studio, so I feel I should charge less.” Or, “I’m a senior instructor, and a new instructor in town is charging more than I am.” The truth is there is no exact rate structure I can give you so that you can easily and confidently set your rates for your Pilates business. But, I can provide you advice on how to dive into your Pilates business to set prices that work for you.
When setting your Pilates studio/business rates keep in mind:
-How much training have you had
-How much continuing education do you do each year
-Your studio bills and overheard
-The amount of income you need for your life divided by the number of hours you can teach
-What is the cost of a session: distance to get there, utilities during that hour, equipment, etc. Determine the cost of a session and then add on to that amount to cover your pay (or your teachers pay), taxes and profit for the future.
-Your competitor’s pricing. Please don’t use this as a way to compete on price. You and your competitor are very different. And, the costs to run the services can be vastly different. But, you do need to know what your competitors are charging so that you can market your unique qualities and highlight the offerings that you have that is added value.
-Perceived value: what are your clients and future clients perception of the services you offer. How inspired are clients to work with you? How much can they trust you with their bodies needs and goals? This perceived value is key to converting new clients (as discussed in our course here).
The most important thing to remember is that you do owe it to yourself and your business to take time to do the research and make sure that your rates reflect your offerings, cover your costs, create profit for you to grow your business and most importantly stay in business.
Signs you may need to evaluate your rates
You haven’t raised them in two years
You hear things like “you’re a bargain.”
My fellow Pilates instructors your rates can be the difference between overworking, underpaying and staying in business. As you choose your prices for the sessions, you offer to keep the package options to a minimum. Only provide session types you want to teach and make sure you can say your rates out loud with confidence. If you feel unsteady in asking for what you are worth call me! We can work together on this.
Pilates pro’s, I have said it before in my “Never Apologize” for your rates blog. And, I will say it again, You are so worth what you charge. And, the world needs Pilates instructors so you need to be able to make a living doing what you love: Teaching Pilates.