Setting your price point depends on a range of factors, the most important being the level of value you bring to the table. Yes, other factors such as location, time, type of session, and time of year can play a part, but value is first and foremost. Usually as your value and skill as a trainer goes up, so does demand, and thus, so does price. Now of course, this isn’t a direct relationship, and we all know some subpar trainers charging an arm and a leg, but it is a good rule of thumb: as value and results go up, price you can charge goes up as well. That’s exactly what this whole platform will help you do as a trainer/coach, increase your knowledge and value so you, in turn, become more valuable to the market.
Starting out, we typically can’t all charge a premium price for our product (if you’re looking to build clientele and build momentum somewhat quickly). For example, when I started out I was definitely under-charging myself, but it was to get me in front of a lot of people and get experience quick. This is the one time I would say it is acceptable to under value yourself a bit. Depending on your market, saturation of other trainers, and initial value you bring, you can set your starting price. Find a fair price where it is worth your time, but also cheaper than the other trainers in your area in order to get people in the door with you. Like I said, this will depend on area of the country/state you live in, as markets vary greatly in the basketball industry. If you charge what the other experienced trainers are charging, there is no reason for them to come to you at first as an inexperienced trainer.
Also note that this will differ between individual and group training as well. One mistake I made was setting my individual training price too acceptable. This made most people press for individuals since it wasn’t too much more than the groups, and as a result this hurt me financially because I was training more hours and still not making much money. Here is what I would recommend instead:
Make groups significantly cheaper than individuals. For example, maybe individuals are $60-70 dollars while groups are $25. This will funnel more people to your groups, allowing you to bring in more money per hour. But here’s the big benefit: MORE kids can easily get access to your training. By you filling the groups, kids will slowly funnel into the individual slots after they are exposed to you in the group sessions. So, instead of trying to grind to fill your individual sessions, you can fill your groups up with 6-8 kids, make way more per hour, AND get access to more kids.
You WILL have to increase your prices at a certain point—maybe even multiple points—and while this is never fun, it needs to be done if you ever want any type of freedom. Whenever demand increases significantly and availability to work with you becomes more slim, this is when you will have to up your prices.
I recommend raises the prices for any NEW clients at first, although once you hit a wall with that you will then have to increase prices for all existing clients. Most clients will understand, especially if the product you give is quality and constantly improving. At the end of the day, if you stretch yourself too thin and spend too many hours training to make enough money, your product will diminish and the clients you focus on won’t get the same results. Do not feel bad for increasing prices. This will allow you to invest more into yourself and give more to each client in each session.
A good rule of thumb is if you are easily filling your schedule and no one says no to your prices, you aren’t charging enough. Go value yourself and get to it.