December
21
2016

Episode 57: How To Raise Your Rates

By Chris 1

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

 

Plus:

 

  • 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

 

 

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State of the Industry, 2017 (And What I Learned in 2016) – Two-Brain Business

[…] More callers now ask me, “How do I raise my rates?” than “How do I get more […]

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