Well, now that’s a question to behold! and usually one answered through trial and error over time, with experience. But if you are anything like us, then waiting around to find out the hard way may seem pointless, so we thought we would lend a helping hand to get you started.
Let’s start with saying…It’s OK if you don’t hit the nail on the head first time, but when it comes to setting your own rates as a personal trainer, having the correct expectations based on informed research and the market in which you are trying to target, is important. It can stand between you converting clients or losing them in the fitness industry, and we all need that bread and butter to make it out there in the big wide world.
Please understand that just because your mate Colin charges upwards of £150 an hour, throws the word celebrity around occasionally, does not necessarily mean you can charge the same, especially if your situations differ. Regardless of personal training being a luxury, this does not mean you can always charge copious amounts. Understanding your personal worth is the key to setting the right rates. There is no one size fits all when crunching numbers, so to find the answer you have to examine a few things first such as…
- How much experience do you have?
- What qualifications do you have?
- Who are you targeting? Need help check our previous post for tips. https://projects.codeartssolution.in/ptworkspace/5-top-tips-to-market-yourself-and-a-pt/
- Where are you located?
- How many people have you worked with so far?
- Are your clients pleased with their results?
- How confident are you in your consultation practices?
- What are you comfortable charging?
Once you have answered these questions you can start building market research, seeing how other local businesses in your industry price themselves. Explore what you may need to work up to in which to achieve the same level of success. It always helps to be in the know with the market and your competition, and this will help create rates in line with what clients will expect to pay in your area.
Before finalising your rates make sure you have factored in your living costs, rent of the gym or studio and taxes. Also if you work with a package system which decreases your hourly rate with an increase in sessions or larger packages, check your margins because little losses here and there can add up at the end of the month.
Rate Structures you can explore
Standard hourly rates – Setting your rates per hour for which you charge the same to all clients across the board.
Flexible rates– Dependant on the client and what goals they are seeking. If you have to travel or pay more to train in a specific location or specialist facility, then these charges can be factored in.
Packages– Sessions which are grouped together which the client can choose, such as ( 4, 8, 12, 24). Sometimes trainers may wish to discount larger packages to make them more attractive.
We hope you found this helpful.
Thanks for reading
PT Workspace Team
P.S If you are interested in finding out about personal training or studio hire at PT Workspace you can contact info@ptwporkspace.co.uk. In addition, why not take a look at some of the personal trainers who already work with us here.