Raising Rates: Negotiating Deals
What would you do with an extra $6,000 a year in earnings? Pay off debt? Go on vacation? Save for a down payment on a home? Raising your session rates by $3 can make this additional money a reality, whether you charge $10 an hour or $125 an hour.
Two logical reasons to raise your personal training rates are having a full schedule and wanting to work less, meaning you are okay with losing clients and would even hope to do so. Other reasons include financial need and your accrued education and experience. Regardless of the reason, increasing fees requires a little courage and some planning; if you’re an independent contractor or owner, you are the only person who can give yourself a raise. If you’ve read this far, you likely have a reason of your own, so it’s time to put the wheels in motion!
Use this information to guide you to the next level of earning.
If you talk about raising rates in a manner that makes clients feel comfortable, they will tell you their concerns before they quit. “Do you have any questions?” or “Please talk to me if you have concerns” are two of the most important things to include in your script. Negotiate only if someone asks.
If a client does ask, you could do any of the following:
- Compromise on the amount (raise your session rate $2 instead of $3).
- Shorten each session by 10 minutes and charge the same.
- Pair the client with another client, lowering the rate and freeing up time for you.
- Switch the client to a time that you want to fill (if she is currently in a popular time slot).
- Offer to keep the rate the same if the client brings you a new regular client.
- Keep the cost the same if it’s worth it to you and you really like working with this client.
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.