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
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