Episode 23: How To Raise Your Rates

You should be able to make a great living from 150 clients. The "low-rate, high-volume" approach doesn't work. Every week, I get on a phone call with a gym owner who sums up their failing business this way: "I just need more clients." Usually, they don't. As strong gyms begin to absorb weak ones, owners on the cusp of success are finding their way to our mentorship at an increasing rate. In many cases, one of the first orders of business is to increase rates and eliminate discounts. Usually, the gym owner is nervous about raising rates. Sometimes they realize it has to be done to save their business; these are the lucky ones, because the burden of choice has been removed from them. But with the strategy I'll outline below, the process is NEVER as bad as they think, and usually results in a large immediate gain. Shannan Garcia purchased Adamant CrossFit when the gym was at a low point. It had a great community, led by a charismatic coach...but wasn't even breaking even. Her plan was to wait a few months, then gradually raise rates. But we decided the change presented the perfect opportunity to make the business sustainable. So over the course of a weekend, Shannan implemented a multi-part strategy to make the gym sustainable long-term. You'll see the outline of that strategy below. But first, listen to Shannan's story, and ask yourself, "What do I really have to lose?"