Hey there everyone! Welcome back to another episode of The Female Empowered Podcast. Today, I am talking about one of my favorite topics – pricing.
We often see in our industry that the pricing is comparable to the other businesses in the market rather than according to their expenses, their capacity, and their profitability. It’s not your fault if you also practice this in your business, but, the truth is, if you need to generate $100 an hour to meet your expenses and pay yourself as a business owner but you are only charging $90, you will never hit your goal no matter how hard you work.
I wanted to talk about pricing in this episode so you can get some tips and guides on raising your prices this 2024.
This is one of the first things we look at when business owners join our programs. We will be getting into the nitty gritty of evaluating your pricing objectively, deciding if you need to raise your prices for profitability, how you can communicate a price update with your clients and your staff, and how you can respond to the reaction to the increase in your prices.
Let’s dive into:
- Introduction to today’s topic
- The very first thing that we check with our clients
- Reasons why small boutique fitness brands need to raise prices
- Checking which expenses have increased
- Looking at the biggest trends this 2024
- How to determine what kind of price increase is going to benefit your bottom line the most, and how to compute the profit margin and the price increase
- Looking at the costs of employing a person
- Importance of understanding your numbers and your profit margin
- How to compute your profit margin
- Why it’s important to do market analysis
- How to effectively communicate your change in pricing and some sample e-mail communications that we give our clients when we do price updates
- Reasons why you should raise your prices
If you are a business generating over $250,000 in annual revenue and you are ready to get the kind of system, structure, strategy, and deep dive into your numbers the way we do it at the Inner Circle, we still have three spots for the program. If you are interested, registration for the Inner Circle is still open! Head on over to: https://www.christagurka.com/mentorship.
Before I let you go, I created a template for you to see where you need to be to be profitable. Grab it by visiting https://www.christagurka.com/pricingtemplate.
Thanks for listening! If you enjoyed this episode, please leave a review for the show to help other female fitness and wellness professionals find our podcast!
Interested in being a guest on a future Female Friday episode? Email me at [email protected]!