How to Determine The Price For Your Business/Service:
Our price calculator is designed to be simple and easy to use. It covers everything you need to price your personal training business
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How To Price Your Personal Training
One of the most challenging aspects to becoming a personal trainer is determining how much to charge for your personal training.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your personal training, it's critical that you first identify all of your costs and consequently mark up your personal training so you can factor in a profit.
The actual cost of your personal training may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your personal training, you'll want to create goals for revenue + how much profit you want your personal training business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your personal training is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your personal training fits best in the marketplace.
All of these factors play an equal part in pricing your personal training, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
More Tips On Pricing Your Personal Training
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful personal training business
8. Live Fit ($720K/year)
Chris Anderson (from Overland Park, Kansas, USA) started Live Fit almost 11 years ago.
Hey everyone! I am Chris and in March 2011 I started Live Fit. Live Fit is a personal training company that was created to change the standards in the personal training industry. Early on I focused on building a company that is not only based on results, as most fitness companies are, but that is also focused very heavily on relationships. Relationships create trust, trust creates buy-in, and buy-in leads to the accountability and dedication it takes to get results.
Last year (2019) we brought in over $760K in total revenue and there are no signs of us slowing down. In 2019 we completed right around 15,000 sessions and consistently trained over 150 clients per month with an average new client sign up rate of about 10 per month. In addition, we rock the marketing in our area and consistently rank #1 on Google search, SEO, and display ads for personal training. It has been a great decade and the sky is the limit as we continue to grow this amazing company.
9. Virtual Personal Trainer ($0/year)
Jose Alvarez (from ) started Virtual Personal Trainer about 8 years ago.
I am Jose Alvarez originally from Spain. I am a Ph.D. Scientist & Digital Nomad with 25+ years of National and International experience. I studied Biology, Food Technology, Nutrition, Industrial Engineering, and Data Science in different Universities in Spain. I am currently working as an IT freelancer, Research Specialist, and Innovation Consultant. I also manage my digital projects.
That is the moment when I started conceiving the idea of Virtual Personal Trainer, which was officially launched at the beginning of 2014. Virtual Personal Trainer a free website fully dedicated to weight loss, offering customized programs to achieve the healthiest (so-called ideal) body weight. On average, each month this site attracts about 4K new page views (2.5K new visitors). A second business model uses a bunch of Free and PRO Android mobile applications for which we have already reached more than 100K downloads. A third model uses franchising, and a fourth one uses affiliate marketing. Finally, I recently started a fifth and last model, based on publishing/hosting sponsored weight loss-related articles.
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