Episode 57: How to Set Your Rates

Today’s episode is a re-run from a recent webinar entitled “How to Set Your Rates.”

In this episode, we talk about raising rates at your gym and the tactics and repercussions that go along with this action. I also lay out a plan for how to make this happen and perform a question and answer session.

In this Interview:

•Calculate the income you need for your perfect day.
•The top services and other revenue streams you need.
•The math behind raising costs.
•My story of starting my first gym.
•Why discounts should be eliminated!
•How to calculate gross income and profit margin.
•Question and answers from gym owners.

Timeline:

0:17 – How to set rates introduction.
2:06 – Poll of who is joining the webinar.
2:49 – Why should you eliminate discounts.
4:15 – My story of starting a gym.
6:36 – Hiring a business consultant.
7:10 – What is your perfect day?
8:25 – How much income do you need?
9:17 – How to calculate gross income and profit margin.
10:12 – Extrapolating your net goal to a gross goal.
11:22 – Client payment spectrum.
13:31 – What are your diverse revenue streams?
15:15 – What are the top services and other revenue streams?
17:54 – What is your premium service?
19:49 – The math behind raising costs.
26:13 – Using the Two Brain Business template.
27:14 – Explaining rate increase to clients.
28:57 – Pulling the trigger on a rate increase.
30:43 – How to apply the Two Brain methods to your business.
34:16 – Question and answer time.