The fitness industry is one of the fastest growing industries in the world. Given the rate of obesity, diabetes, and other health complications that come from bad diet and low levels of physical activity, there is no sign of slowing down for gyms, personal trainers, and online coaches.
Let’s face it, online personal training is the rage right now. It gives the modern day health and fitness coach an opportunity to take their skills online, change more lives, and escape the time trap of working on the gym floor for the rest of their lives.
As an online health and fitness coach, you MUST know how to price your services or else you risk going out of business and losing their dream.
This article will teach you how to price your online coaching services no matter what level your business is at, whether you’re a startup or you’re already running an established six or even seven-figure online coaching business.
Having coached 1000s of health and fitness professionals over the years here’s the common problems and frustrations we’ve seen with coaches looking to grow and scale their fitness businesses…
If they don’t generate enough revenue, then they don’t have enough funds to reinvest in the business nor fund the lifestyle that they want.
This means that you’re actually making less and less money every single year, which puts your business and personal life at huge risk.
If you ever find yourself complaining about less talented or skilled coaches charging more than you, this article will open your eyes to how to charge what you’re worth and generate more profit in your online business.
If you take into account the amount of time, money, and effort you put into educating yourself and mastering your craft….
What would you charge if you were only allowed to work with one client per year?
My guess is that it’s way more than what you’re charging right now.
Here’s the truth…People are willing to pay you a lot of money to solve their biggest health and body image issues.
Herein lies your opportunity to charge fairly for your services, make a small personal fortune, and change a lot of lives.
Let’s get to work and discuss your pricing strategy.
Fair exchange is all about solving problems for your clients. Whether they’re looking to lose weight, gain muscle, or improve their overall health, you have the expertise to help them achieve their goals. By providing value in the form of personalized workout plans, nutrition advice, and mental performance, you’re setting yourself up for fair exchange.
Pricing is a crucial component of fair exchange. You want to ensure that you’re charging a fair price for your services, but also one that reflects the value you provide.
Undercharging will stress you out and make you feel undervalued. You’ll attract the wrong kind of clients, work yourself to the bone, feel out of exchange and start to resent serving your clients.
Every fitness professional we’ve worked with has at some point undercharged for their services.
On the other hand, if you charge too much, your consumer will feel out of exchange because you haven’t met their expectations. They’ll leave and potentially damage your reputation.
To maintain a healthy coach-client relationship, it’s crucial to avoid both undercharging and overcharging. The key is to establish fair exchange, which means charging a reasonable price that reflects the value you provide.
Your pricing should be based on your experience, qualifications, and track record of delivering amazing client results.
As a general rule of thumb, coaches with less than two years of experience should price themselves slightly cheaper than coaches with more than two years of experience.
Coaches with a reputation for getting incredible results for clients can charge considerably more.
There are a range of different pricing strategies for online fitness coaching. Here’s what we’ve found to be the most effective strategies for online fitness coaches.
Standard Monthly Pricing: Charging a fixed membership fee every month
Who is it suitable for?
Upfront Pricing: Charging an upfront fee for three or six months coaching and then moving into a recurring monthly fee.
Split Payment: This is when you take your Upfront pricing and split it into 2 payments (usually 30-days apart).
Who is it suitable for?
When taking on a new client you must position your online coaching service as a long term insurance policy NOT the stereotypical 6-week crash diet.
The initial three months of working with a client should only be the beginning of a long-term transformational journey.
Essentially, the first three months of online coaching should enable the client to achieve quick wins. This could be anything from losing 10-20lbs of body fat, dropping a dress size to adding 25kg to a bench press. Your metrics of success should be unique to your target market.
The real transformational change happens when a client stays with you for longer than 3-months. This is when coaches can help clients integrate lifelong habits and beliefs that will lead to sustained progress and success.
The backend aspect of your coaching program is usually considered after 3-months. By providing ongoing support and value, coaches can create a loyal client base and establish themselves as leaders in the industry.
Building a strong backend for your coaching business is crucial for generating recurring revenue and building a supportive community.
An offer is asking someone if they would like your help…
If you want to grow a great business you need to make offers all the time.
Making an offer a day can be an effective way to keep your sales calendar full and bank balance healthy. By creating daily offers, you can stay top-of-mind with your target audience and generate a steady stream of leads and sales.
There are a million ways to make an offer everyday…
Thanks for reading coach, I hope this article has encouraged you to review your pricing strategies. If you need help building your offer and getting more clients it might be worth a chat with the team to see how we can help.