Is It Time To Increase Your Prices? HERE IS HOW ??

Picking your pricing when starting can be super tricky

You check out what the competition is doing & pick something similar right?

Over the years, I have listened to mentors & copied the competition

?? & both of those times, I was costing my business big time

My first mentor told me to charge ￡350pm, which I really struggled to sell

Then when we opened the studio, I dropped to ￡50, because I, well… I HAVE NO IDEA WHY ??

It wasn’t until the bank balance really struggled to stay in the positive & many arguments with Holly

That something had to change & change fast

So here is how we changed everything over the course of 3 months…

1?? I finally looked at the P&L statement, this was like a punch in the face & a clear as day reason we didn’t make money

2?? We worked out the average outgoing from the last 6 months = roughly ￡12kpm

3?? Next we got the calculator out & started playing with a load of numbers

- How much does VAT & Tax eat into the price

- How many clients could we max coach

- What would be the smallest number of clients we could handle

And a few other ones

It worked out that if we charged ￡120 a month for 3 sessions a week, then we would need 100 minimum to maintain a very small profit

Now we had the pricing sorted, here is what we did next

4?? We took the FEO up by ￡79 from ￡150 for the 6 weeks to ￡229

5?? We then changed the price for new people who joined after the 6 weeks

- ￡120 for 3 sessions a week

- ￡149 for unlimited sessions

?? Next was the worst part…

Telling our current clients things were changing a LOT ??

But before we did, we made a few big changes in the gym

? We got MyZone

? We got 2 SkiErgs, 2 Rowing Machines on interest-free finance

? We installed 4 more rigs with benches, bars & plates

Then sent out the email to each individual client

Explaining we have invested a lot into new equipment, brought a brand new structure & accountability to the training

Plus that your memberships were going up in 3 months' time, and not by a little, by almost double ??

We did cave a little…

We said their price would be going up to ￡97, letting them know that new people would be paying more

And also, at that rate, they would also have access to unlimited sessions

The emails went out ??

And as you can guess…

About 70% all

Agreed ??

Some said it should have gone up ages ago

Others said they would see what the 3 months would turn into

And 2 canceled their memberships the next day ??♂?

This is one of the things we get you to do right away when you join us inside The Incubator coaching programme

To really fine-tune your memberships & pricing to ensure you are actually making a profit & growing your fitness business

You can learn more here —>> https://fitproincubator.com/

You got this ??

David :)