A Guide To Pricing Your Next Workshop Session

If you're an educator or subject-matter expert in any domain, chances are you've struggled with how to price your workshop sessions appropriately to get the best outcome for your efforts. I personally struggled with this a lot (still do sometimes!) because it can be subjective and vary greatly by context.

I'm here to breakdown the process of pricing your next workshop in five simple steps.

Map your direct and indirect expenses

Begin by meticulously mapping out your workshop's expenses. Direct costs include resources, materials, worksheets, and any specialised tools required for the workshop. Don't forget to account for expenses related to promotion, marketing, and travel costs, where applicable. This comprehensive overview will provide a clear picture of the investment required to make your workshop a success.

For example, if you're organising a graphic design workshop, direct expenses may include design software licenses, art supplies, and printed materials. Indirect expenses could encompass online advertising costs and venue rental fees.

Your formula for calculating these expenses could look something like this: (Price of 2 worksheets x number of attendees) + (Cost of visual aids) + (Online ad cost/ day x number of days) + (Cost of return travel) and so on...

These costs will look different for different circumstances and will also help you identify costs that can potentially be mitigated if needed.

Calculate an approximate hourly rate for your time

Your time is precious, and it's essential to account for it when pricing your workshop. Determine a reasonable hourly rate for both preparation and delivery. Consider the hours spent researching, creating content, and practicing your presentation. By valuing your time, you ensure that your pricing reflects the effort and dedication you put into delivering a high-quality workshop.

The hourly rate you set can be affected by a number of factors like the minimum wage where you are based, an average of how much you would get paid in similar roles with your background, and your own subjective brand and the value you place on it.

For instance, you may decide to charge Rs 1000 for one hour of your time. Let's assume you spent 6 hours preparing for the workshop and two hours delivering it, this brings your price for the value of your time to (6 x Rs 1000) + (2 x Rs 1000) = Rs 8000/-

Account for the value of your knowledge and expertise

Your expertise in the subject matter is a valuable asset, and it should be reflected in your pricing. Consider your technical knowledge, professional experience, and reputation within your field. A workshop led by someone with specialised skills and a proven track record can command higher fees due to the perceived value of their insights.

As an example, an experienced marketing strategist with 5-10 years of demonstrated experience may charge more for a workshop on advanced digital marketing techniques compared to a newcomer to the field.

This value can be reflected in the cost of your time discussed above.

Factor in miscellaneous costs

The next step includes accounting for any miscellaneous costs for the workshop. Consider factors like petty cash for short distances like taking a rickshaw from the metro station, boarding and lodging for sessions that span multiple days, or perhaps including a minimum cost for a meal for yourself or facilitators for workshops longer than 3 hours.

If you are providing additional services during your workshop like coffee or snacks for attendees, it is important to incorporate those costs. You can also charge an additional fee for these but recognising these costs is crucial.

Visualising your workshop will help you navigate any additional expenses you may incur.

Adjust for number of attendees and demand

Finally, the number of attendees and the market demand for your workshop should influence your pricing strategy.

A smaller group may necessitate a higher price per person to cover fixed costs effectively, while a larger group allows for a lower price point, potentially attracting more participants. Similarly, larger organisations may be working with larger budgets versus smaller groups and individuals. It all depends on your ultimate goal as well as market perception.

Consider the dynamics of your target market and adjust accordingly. This may take some trial and error as well as market research to arrive at a price that is suitable.

And there you have it, you have now successfully worked through the process of pricing your workshops. By mapping out expenses, accounting for expertise, factoring in the cost of your time, considering miscellaneous costs, and adjusting for the number of attendees and market dynamics, you can strike the perfect balance between value and profitability.

Remember, workshop pricing is an iterative process that may require periodic adjustments based on market trends, participant feedback, and your own evolving expertise. Continuously evaluate your pricing strategy to ensure it aligns with the value you provide and meets the needs of your target audience.

If you like this article and would like to book a session or workshop on youth leadership or social impact, reach me at [email protected]. I always welcome feedback and suggestions!