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As a personal trainer it can be hard to know how much to charge your clients for your services. Therefore, we have put together our top things to think about when deciding your pricing structure!
Competitive analysis is key when starting any business and scoping out price points. It is important to know what the personal trainer competition has to offer and at what price. Once you know the average price, you can decide where you want to sit in the market. You may decide to offer a premium service and therefore want to charge more or you may want to offer a similar price to the competition and stay competitive.
You need to think about the target market in your area. If you are going to be working within a wealthier town or city you may be able to charge a little more for your personal trainer service and similarly you do not want to price yourself at a point that people in the area cannot afford. Get to know your client base and what they would be willing to pay for your service.
When personal training there is always going to be some outgoings. It may be petrol to get to your clients, rent for gym space or equipment bought. You will also need to pay tax on any of earnings and any insurance or licensing so make sure you factor all of this in and are able to cover your costs and make a profit.
It may be a good idea to consider offering your customers better prices for booking your services in advance. Maybe 1 free training session when they pay for 10. This not only means you are able to guarantee the business but will persuade them into becoming a regular customer and they will feel like you are rewarding their loyalty as well as offering them a great service!
If you find you have placed your price wrong, don’t be afraid to change. If you have done enough research you should know the market well – if the average price for a personal trainer in your area rises, then do the same. You do not want to undersell your services and if you are offering exactly what your clients need and more then they will not mind paying the extra £’s to get it!
Once you’ve decided what to charge your clients it’s important to ensure you have full insurance cover. Our Personal Trainer Insurance covers you for things such as Public Liability, Professional Indemnity and lost and stolen equipment. Get a quote today for instant cover.