Many gym owners and trainers struggle with setting the right prices for their services, often charging less than they should. Typically, this is due to a psychological barrier rather than the true value of their offerings.

It's common for trainers to undervalue their services because working out is part of their routine. They overlook that what seems easy for them can be a challenge for someone else.

So, what’s important for them to realize is that the value of a service isn't limited to the session itself. It also includes the years of knowledge and expertise that professionals bring to the table.

Like a plumber who has learned to fix a leak in minutes after years of practice, trainers have invested time and effort in honing their skills. That’s why, in this case, selling isn’t just a simple exchange of time for money; it's about the comprehensive value you provide.

The gym is more than just a place to work out; it's about the full range of solutions you provide your clients, like personalized plans and programs, coaching, dietary and supplement guidance, and the overall experience.

(Just remember how many clients have approached you over the years, grateful because your guidance helped them reduce or eliminate medications.)

These are all factors to consider when forming your prices. Also, a higher price often leads to the perception of higher quality. This piece of pricing psychology is something that gym owners should always keep in mind.

Ultimately, setting fees for gym services comes down to what clients are willing to pay for the expertise and outcomes offered. Your job is to clearly present all the benefits your gym offers, sometimes over-deliver, and then set your prices to match the value your clients receive.

So, if you're wondering whether you're undercharging and what your clients might be willing to pay, stay tuned. In this week's episode, Tim and Randy talk about adjusting prices, understanding pricing strategy, and the psychology behind it.

Join them to discover if it's time to rethink your pricing model, explore ways to improve your service, and learn how to set your prices to truly reflect the value you deliver and maximize your profits.

Let's get into the details!

Key Takeaways:

• Intro (00:00)
• Perceived vs. true cost/value (02:03)
• Underpricing in the fitness industry (08:09)
• Pricing and profit margins for personal training services (10:25)
• A story about a brilliant violinist playing in the subway for free (13:38)
• Gym owners struggle with charging more (15:54)
• What people are willing to pay for your services (19:53)
• The advantage of being the most expensive on the market (21:40)
• Recap (23:31)

Additional Resources:

- Business Accelerator Program winninggym.com/call

- Learn more about The Iron Circle 

- Business Talk with Fitness Professionals Facebook group 

- Jump on a call with Randy

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