Sitting with my foot elevated recovering from surgery, while one of my least favorite things to do, does give me a chance to catch up on some things.
And catching up on current trends while watching the news makes for an interesting morning.
Without getting into all the details, prices are going up, but you already knew that.
How about your prices? The price you charge for your services.
Chances are good you have been in survival mode for quite some time now, like most other businesses.
The stress to get back to normal has consumed pretty much everyone.
Fitness people typically struggle with the price of their services and raising rates is often met with great resistance.
Are you playing small?
When was the last time you raised your rates?
I recommend that you raise your rates a little bit every year.
Without raising the rates periodically, your business falls behind. Without raising rates, you’re playing small.
For a host of reasons, now is the time to plan your next rate increase.
A well executed rate increase requires some foresight and planning. Here are three steps to get you started:
- Research and understand how your operating expenses have changed in the last three years.
- Pick a date for your rate increase, ideally 60 days from now.
- Create a timeline from now to 30 days after your rate increase and identify when and how you will begin notifying people of the changes.
Your plan is essentially a mini-marketing plan. We all fear that we will lose people and turn people away if we raise our rates. A well thought out plan will go far to prevent any attrition and losses.
While there are no guarantees, I have never lost money when raising my rates. The trick is to carefully plan a strategy to tackle this challenge.
