Dos and Don’ts of Raising Rates

The most important thing to do before increasing your fees is to research your market. Debrae Barensfeld, co-founder of Nitroforce Performance training Studio in Medina, Ohio, notes that certain demographic regions have price ceilings. “Before you choose your new rate, research your area and find out what others are charging.” Demographic region, cost of living, inflation, type of client, and your education and experience all affect pricing.

DOS

• Do “up your game” before raising rates. Be your best!
• Do practice what to say to clients ahead of time.
• Do allow people to buy extra sessions at the old rate until the new rate goes into effect.
• Do pick an effective date for the new price a month or two in the future.

DONT’S

• Don’t tell clients why you’re increasing rates, unless they ask.
• If they do ask why, don’t ramble on. Get to the point.
• Don’t give your clients a letter without delivering the news in person first.
• Don’t negotiate unless a client asks.

To read more about how to shift your money mindset and increase your fees, please see “Raising Rates” in the online IDEA Library or in the March 2016 print issue of IDEA Fitness Journal. If you cannot access the full article and would like to, please contact the IDEA Inspired Service Team at (800) 999-4332, ext. 7.