You're striving for success in Functional Training. How do you set your consulting rates effectively?

If you’ve developed deep expertise in your field, we recommend you don't use the hourly billing method. So, how do you actually come up with your hourly price? Step 1. Open up Google and search for the average salary for your position. Step 2. Enter the average salary in a salary to hourly converter. For work weeks per year, enter “48” (or however many weeks you want to work, subtracting the number of weeks you want to take off). Step 3. Round your new hourly rate up or down in $25 dollar increments. Example: A salary of $98,000 equates to a monthly pay of $8167, weekly pay of $2042, and an hourly wage of $102. ($102 = $100 per hour). This is your starting hourly fee. If you feel like it is too low, raise it. But don’t lower your fee.

Value-based pricing: 1. Calculate your worth: certifications, experience, and expertise 2. Consider the transformations you facilitate: strength, mobility, and overall health 3. Set rates that reflect the quality of your service and results Example: - Beginner trainers: $30-$50 per session - Experienced trainers: $50-$100 per session - Specialized trainers (e.g., rehabilitation): $100-$150 per session Remember: - Clients invest in their well-being, not just your time - Your expertise and guidance yield long-term results - Price your services accordingly to reflect the value you bring Confidently charge what you're worth and attract clients who value your expertise!

Well, I always recommend staying away from hourly work where you are trading time for money. Instead, I like to charge based on results and service provided. So an example is I will train you and give you a diet plan, etc. etc. at $xxx.xx for 90 days.

Market research: 1. Identify similar consultants and their rates 2. Consider factors like location, experience, and services offered 3. Find your sweet spot: competitive yet reflective of your expertise Example: - Group training sessions: $20-$40 per person - Private sessions: $50-$100 per hour - Package deals: 10% discount for 10 sessions Avoid extremes: - Undercutting: devalues your services and expertise - Overcharging: deters potential clients and hurts your reputation Aim for a balance: - Reflect your expertise and value - Attract clients willing to invest in quality services - Stay competitive and adaptable in the market Research, adjust, and confidently price your services!

Cost analysis: 1. Equipment and software expenses (e.g., $500 for fitness assessment tools) 2. Insurance premiums (e.g., $1,000 annually for liability insurance) 3. Continued education and certification costs (e.g., $500 for workshops) 4. Marketing and advertising expenses (e.g., $1,500 for website and social media) 5. Non-billable hours (e.g., 10 hours/week for admin tasks, travel, and planning) Example: - Total monthly expenses: $3,500 - Desired monthly income: $6,000 - Total hours available for billing: 80 hours/month - Rate calculation: $6,000 (income) + $3,500 (expenses) = $9,500 ÷ 80 hours = $118.75 per hour Set a rate that covers costs and provides a satisfactory income. Adjust as needed to ensure sustainability and growth.

Pricing flexibility: 1. Package deals: 10 sessions for $800 (save $200) 2. Group rates: $30 per person for 3+ clients 3. Sliding scale: discounts for long-term commitments (e.g.,3 months,6 months) 4. Frequency-based discounts: regular sessions (e.g., 2x/week) for a lower rate Example: - Bronze package:1 session/week for $60 - Silver package:2 sessions/week for $100 - Gold package:3 sessions/week for $140 Benefits: - Increased accessibility for a wider range of clients - Longer client retention and loyalty - More referrals & word-of-mouth marketing - Ability to tailor services to meet individual needs & budgets By offering flexible pricing options, you can make functional training more inclusive and attractive to a broader client base.

Pricing strategy options: 1. Hourly: $75-$150 per hour 2. Session-based: $60-$120 per session 3. Monthly packages: $200-$500 per month 4. Value-based: priced according to client goals and outcomes Example: - Basic package: $200/month (1 session/week) - Premium package: $500/month (3 sessions/week, personalized planning) Transparent pricing: - Clearly outline services and rates on your website - Explain pricing strategy to clients during initial consultation - Avoid hidden fees or surprises Benefits: - Builds trust and credibility with clients - Encourages commitment and investment in training - Reflects the value and expertise you bring to clients