Raising Rates: Fear is the Real Issue
Do you cringe when you think about raising your rates, or do you get excited? Most trainers report a combination of both. Everyone wants to earn more money, but the potential risk can be a roadblock. The main reason fitness professionals don’t raise their rates is fear of loss: “What if I lose clients?”
Fear is normal. It’s human. Be okay with your fear, accept it, and then move forward. Fear is a belief, and it’s not always the truth. Don’t let it hold you back from earning what you’re worth. Close your eyes and breathe. Imagine yourself as one of your clients. Would you walk away from a price increase without discussion? Or would you give yourself a chance to negotiate and talk it over?
Think about people whose services you pay for—your hair stylist, massage therapist, babysitter or photographer. If they raised their rates, would you take your business elsewhere without discussing it? Or would you accept the increase because you value what they do?
“If you show the ability to help your clients reach their goals and they are reaching them, your clients will stay with you for a long time. Keep your value high,” says Ryan Pindroh, health and fitness supervisor at St. Vincent’s One Nineteen Health and Wellness, in Hoover, Alabama.
There are two main reasons people quit personal training when rates increase:
- They truly can’t afford to spend more money.
- They already wanted to quit, and this gave them an excuse.
You can negotiate deals to keep clients who can’t afford the raise, while letting the other ones go. You probably knew their hearts weren’t in it anyhow. Now you’ll have room for people who want what you offer. Wouldn’t you prefer to help people who value what you do, rather than beg for the business of those who don’t?
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.
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