Personal Training Business Finance Tip: Increasing Fees
Talking to a client about money can sometimes feel a bit uncomfortable. But there will come a time, that you will need to increase your fees.
Why?
Well because your expenses will go up, the cost of living will go up, petrol will go up Equipment will go up.
Here are a few tips to make the conversation a little easier.
1) Get your clients onto a direct debit system. That way a small % fee increase is easier to apply than if they are paying cash and you go from 80 a session to 84.50 a session and they have to start rummaging around for small change!
2) Secondly, have it in your T&Cs when they sign up, do a rate increase every year at the same time and always formally notify your clients by letter. if its just a few percent each year, they will come to expect it and its not going to come as a shock.
At the end of the day, they understand you are a small business owner. If you incur costs, they are not going to expect you to absorb them, so you will need to pass them on.
Justin is the Managing Director of Active Management, which he began January 2004. He offers coaching to businesses worldwide in everything from start up and design to marketing and sales systems. Justin also facilitates four Australian and New Zealand ‘fitness industry roundtables’ events, which allows him to see a huge cross section of business models.