How and When to Raise Your Rates | Health & Fitness Business

Is it time to raise your rates? If you haven’t for a year or two and definitely since pre-pandemic I would absolutely recommend you look at this. I’m releasing this episode with a focus on end of year promotions and start of year implementation. 

It’s the perfect time for a health professional to look at raising rates. 

When you get started, you ask how much do I charge? There are a lot of things to consider in answering this question. A good rule of thumb though is always err on the high side. It’s much easier to reduce rates than raise your rates. So it all should be thoughtfully planned. 

But it can also be constipating. There’s no other way to say it. 

If you aren’t careful about your business plan you could be working for pennies per  hour. If you couldn’t even hire someone to work for you with commensurate education and qualifications for the rate you’re paying yourself, pump the brakes! 

If you’re in any way reluctant to track numbers, look at the profit and loss statements, still find you don’t like sales or struggle with accepting money, this is a much needed episode. You may have a little work to do on your worthiness and relationship with money. So, as you listen, just do this: stay aware of any negativity related to the money conversation here. 

Questions I Answer in this Episode:

• How much to raise your health business rates
• When to raise your rates
• How much notice to provide 
• How to deliver the message 
• How to justify raising rates in your health & fitness business

1. How Much  and When to Raise Your Rates

Make it worth it. The last thing you want to do is raise them so little that you feel you need to raise them again. I try to raise rates no more frequently than 2 years. 

2. When to Raise Your Rates

Make it worth it. The last thing you want to do is raise them so little that you feel you need to raise them again. I try to raise rates no more frequently than 2 years. 

3. How Much Notice to Provide Before Raising Your Rates

When you’re raising your rates significantly, you give longer notice. For instance, I raised private coaching from $2000 per package to $5000. That’s significant. When I originally raised from $1000 package to $2000, that was still significant. I gave my community adequate notice so that those who’d always thought, I want to do private coaching but would “some day,” had a reason to do it today. 

When it’s packages, say you sell by frequency of classes or training sessions and discount as they go up, beware. You’re already discounting. Every day. So if you raise rates make this worthwhile. Do you want to increase each session by $2.00 or by $5.00? If someone is buying a package of 20 sessions the package would increase then by one hundred dollars. If you’re talking about a $1000 package, $100 is not that significant. Psychologically it’s not going to deter many from purchase. Consider at least $200. Now you’ve increased your hourly rate by $10, giving you a significant raise, and keep listening because #5 is going to help you do this painlessly for the customer.

4. How to Deliver the Message About Rate Increase

Send an email dedicated to this message. Don’t bury it in something else like so many trainers and health coaches bury offers. 

If you’re selling something specific or have a very specific message, do not water it down. 

Consider including a short video message from you. You’re going to want to listen to question 5 in order to do this smoothly. 

Keep it short. Write a script.

5. How to Justify Raising Your Health & Fitness Business Rates

This is the gold that I hope you’re still listening to get. Don’t just raise your rates without making it a win win for the customer and you. How can you increase the value of what THEY get when you raise your rates? 

I  just got a letter from one of my lawyers. It read, “in accordance with our letter of engagement effective Jan 1, my rates will increase to ______.”

Same service, different rate. 

It’s accepted with lawyers. It’s not accepted with health and fitness because there are too many choices. So you want to make it way too sweet to leave. What can you ADD? 

To make this make so much sense for YOU, what you add ideally will NOT negatively impact your time demands. You could add access to another course or tool you’ve already created but that normally did not come with it. 

You need to be sure that you’ve thought through current and well as new customers. Current customers will ask if they too get it. If they’ve been grandfathered in at an early adopter rate the answer may be no, but we’ll allow you to upgrade for (less than the product or service would usually sell for). 

I’ve increased the coaching time I spend or additional coaches spend with our clients. There’s a long term strategy to this and it’s not increased profit right away but it is retaining clients longer because they get a strong start. 

If you’re listening and you’d like to coach on our Flipping 50 team and are a Flipping 50 Menopause Fitness Specialist, reach out via [email protected] It’s one of the 3 ways Specialists can earn right away. 

There you have it. How to increase your health business rates so you can significantly increase your revenue and keep your stress and dropout rate to a minimum.

Other Episodes You Might Like: 

When to Raise Your Rates, Fitness & Health Coaches – Part I

https://www.fitnessmarketingmastery.com/raise-your-rates/

How to Raise Your Rates, Fitness & Health Coaches – Part II

https://www.fitnessmarketingmastery.com/how-to-raise-your-rates/

How to Charge More, Raise Your Health Coaching Rates, and Not Pee Your Pants Doing It

https://www.fitnessmarketingmastery.com/raise-your-health-coaching-rates/

Resources: 

Menopause Fitness Specialist™ Program: 

https://www.flippingfifty.com/menopause-fitness-specialist-program-2022/

Health & Fitness Business Scorecard: https://www.fitnessmarketingmastery.com/scorecard

Marketing to Women Copywriting Course: https://www.fitnessmarketingmastery.com/copywriting-course

WELLPROS mentorship group: https://www.flippingfifty.com/store/uncategorized/fit-pros-health-coaches-monthly-membership-founder/