When moving any yoga or fitness practice online, as a fitness instructor, you will need to put a value on your time and intellectual property. This is often a difficult decision and you may find yourself asking, “What’s a fair price? “What is my experience and knowledge worth?” and so on. Keep in mind, as a business owner, it’s vital you’re comfortable charging what you are worth and if you are providing value to your clients, they’ll be happy to pay you fairly for your work.
In this post, we share the 5 key areas to consider when establishing the perfect price for your online wellness classes, sessions, and membership programs on Balance.
1. Structure Before Pricing
Student membership programs are not a one-size-fits-all approach. Membership pricing should reflect behaviors displayed by your students (i.e. how frequently they use the classes, do they prefer a pay-as-you-go model or a monthly/yearly subscription?). Memberships should also directly reflect the marketplace and your competitors.
Ultimately, how you package and market your classes, sessions and memberships have to be defined by your unique value proposition. What makes your classes different from other instructors and what is the greatest value you provide your students?
If other instructors increase their pricing, does that mean you have to increase yours as well? Don’t be afraid to ask for feedback from your students and gather their thoughts as well.
2. Know What Other Teachers are Charging and What They are Offering
Do some research and get to know your competitors. What are other instructors that are offering similar classes charging, and what are they offering to their students? This information should help you develop the price of your classes and sessions.
The key here is: if you offer a better membership experience, your pricing should reflect the value of that upgraded experience.
3. Know How Often People are Taking Your Classes
Having general knowledge of the usage levels of your students is a good start. However, as an instructor, it is even more beneficial to know the percentage levels of students taking your classes and their monthly traffic as well.
Understanding the base of usage levels will help you effectively establish pricing for your membership offers, covering an array of access, on Balance.
If you find that your profitability for your base of customers is too high compared to other instructors, you may need to adjust. On the other hand, some of your students may need a gentle push to spend a little bit more to get more access.
4. The Importance of a Single-Visit Price
What you charge for a single session shows what your students and Balance users define as your value. It’s critical not to devalue your offerings when structuring your classes, sessions, and membership pricing.
For example: If you charge $25 per class and your average student uses your classes 8 times a month, you could potentially offer a membership with two classes a week (8 total per month) and you offer a 10% discount for 8 classes. (8 X $25 X 90%) = $180 for 8 classes a month.
Unlimited classes would be priced differently, but it is important to keep tabs on what student is buying what and how often they are coming to your classes.
5. Always Consider Profit Margin
Lastly, when deciding on pricing, always consider profit margin. Have a clear understanding of what it costs you, as an instructor, to service and teach. Every time a student visits your class, consider it a prerequisite for how you should price your classes, sessions, and memberships. Following the simple “Let’s see how we do” method here does not qualify as a strategy for pricing.
Do your research and the math to make sure you understand the real cost of delivering your classes. Once you understand that knowledge, your pricing structure should come to light. Pricing is not a one-step process, each step should be taken with care and precaution so you don’t ruin your reputation or profits.
To learn more about the benefits of joining Balance as an instructor, please visit https://www.balance-withus.com/instructors and start your journey with our Starter pack today. If you have any further questions about pricing yourself as an instructor, we’d be happy to help. Please reach out to our customer service at info@balance-withus.com. This post was inspired by this post, ‘Tips on Gym Membership Pricing For Fitness Businesses’.