Is Your Pricing Structure Working For You?
When I ran outdoor bootcamps I charged £5 a session
It was easy for them to pay
But the issue was, I had no predictable income of what was coming in
1 person comes in – I make a fiver
10 people come in – I make 50 quid
And this was a big issue
We all have to work on getting the price right in our business
You might be starting out
Or you might have been going for a long time and made very little changes
Either way, it’s time to really start understanding your numbers
Is your price point paying you and keeping the business going?
If its not…there’s no point in having your own business
You could easily go and work in a supermarket and get by
But the reason we open our own businesses is because we want to do something different
But if the pricing structure isn’t in the place it needs to be, it will cost you big time
The Portal – when we first started we didn’t have to pay any VAT for FitPro
At £37 it was relatively easy, 20% was tax and I was the only staff member
We then increased it, we took staff members on & they put time & effort into it and the trainings
We then had to double the price to £96
To pay VAT, to pay tax & to pay the staff
And it’s exactly the same with the gym
We opened up at £50 a month
And back then it was just me & Holly
I ran the sessions & the marketing
She ran client care
But now, we have 2 full-time staff and 2 full-time client care assistants
Plus, SO much more equipment
We knew if we kept it at £50 a person we would need 250-300 members to make it work
So we’ve had to increase the price consistently to be in line with our outgoings
What’s the message?
Look at your numbers – and don’t be scared of putting your price up
One of our clients works 6 hours a week
He runs 6 sessions a week out of a rented community space
6am & 7am on Mon-Weds-Fri
Paying £160 a month
Pricing model – perfect
Business model – perfect
He understands his numbers ??
So have a look at your pricing model
And figure out what changes you need to make, to make it successful
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