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How to Charge What You’re Worth

I believe in free enterprise. I believe in charging a premium for your products, services, and expertise.

I believe in natural selection in all things… and in business that means society will always vote with their money by purchasing the products and services that deliver the most value to their lives.5390076853_5ce7fbdc83_m

That’s the beauty of a free-market. Build a better mousetrap, and the market will gladly pay you more for it, buy more of it, and tell others about it.

But if your product or service is crap, then it doesn’t matter how little you charge or how hard you market, you’ll always struggle in the market place and lose clients, money, and profits to your competitors.

A free-market is self-correcting.  That’s the beauty of a capitalistic system.

Nothing can be fairer.

A market where the inventor, entrepreneur, and the risk taker are rewarded for creating a better “thing” by making more profits and amassing greater amounts of wealth over their competitors or rivals.

Make no mistake about it – I’m a capitalist.

I’m in it to make a profit. It’s the only way I can help more people. And anyone who tells you capitalism is bad is full of crap, disillusioned, and is likely saying that because they tried to make ago of business, failed (like everyone does at first), and chose to give up and stay down.

I’ve learned long ago that those who solve problems and add value to society make the most money.

It’s a simple formula…

Vision + Freedom + Entrepreneurial spirit + Taking a risk = Money… lots of it.

There’s nothing wrong with lots of money because money solves the problem of not having money. And that’s a really good problem to solve.

The perfect capitalistic formula… add value, solve problems, make money.

And the moment that someone else thinks up a better mousetrap, THEY get the glory, and with that comes the money.

Like I said, that’s the beauty of a free-market. Competition makes all things better because it forces the imaginative entrepreneur to dream bigger, and take bigger risks – and with big risks, and big dreams come big rewards.

You’re an amazing trainer. At least I assume that you are because you read this blog and invest in yourself and your business.

So why do you care about what other trainers in your community are charging? For that matter why do you care what the big box gyms charge for their membership?

First off, you don’t even sell membership; you sell an outcome – results. It makes no sense to compete with the big box gyms on price.

All they sell is access to equipment. You sell actual results. Which do you think has greater value?

Lately, it seems that the trend in our industry is to keep cutting prices in hopes that you’ll get more clients with a lower price or that you’ll make more money on volume.

gym-equipmentThat’s a great model for big box gyms who have the square footage and only sell access. But it’s a stupid model for personal trainers who offer one-on-one training, group training or boot camp programs because YOU sell transformation – and that holds a whole heck of a lot more value than just access to a gym.

Whatever happened to delivering a premium service and charging a premium price for it?

Fact is, if you’re competing on price, then you’re NOT a good trainer… and you’re probably even a worse entrepreneur.

Listen, you deliver a service that saves lives and adds years of quality living to a person’s life. Don’t you think you deserve more for that?

What you do has irrefutably shown to deliver improved mental health, productivity, and an overall better quality of life. That’s huge! Shouldn’t you get paid a premium for that?

As a personal trainer YOU have the skill sets to help folks lose the weight that they couldn’t lose on their own. You help folks look, feel, and function more athletically.

That’s priceless considering the state of obesity and inactivity in today’s society.

You have the know how to help folks lower stress levels, lower blood pressure, lower their cholesterol, and lower their risk of heart disease –ALL WITHOUT MEDICATION, but you still continue to undercharge and compete on price?

There’s something fundamentally wrong with that logic.

Or, and maybe we should explore this fact… Maybe you’re just not a good trainer.

Maybe you don’t deliver the results.

Maybe you don’t know how to motivate, coach, and hold your clients accountable.

Maybe your training skills are sub par, but you keep fooling yourself into thinking that you’re actually a good trainer.badpersonaltrainer

Maybe proof of that is in the lack of testimonials that you have, the lack of referrals that you get, and the lack of client retention in your business.

Maybe you just don’t look the part. You can justify it all you want, but if you don’t look the part, you’re never going to achieve your full potential in this industry.

No one wants to look like or train with an out of shape fitness trainer.

But if you look the part, know your stuff, and deliver the results then there’s no reason why you should be under charging and competing on price.

It’s a free market. People will pay for a premium service.

Everyday folks pay for Starbucks coffee that’s 1600% more expensive than making coffee at home.

People will buy the Mercedes Benz, BMW, and Audi over Toyota, Honda, Ford, and Chevy all day long.

We choose the iPhone over the Android, which costs a fraction of what the iPhone costs.

More than enough people pay $155/month for an Equinox gym membership, which is why they keep opening up more locations around the country.

Think about that… if Equinox can sell access to a gym for $155 a month. What’s stopping you from charging that much or even twice that for actually delivering results?

During the last couple of months I’ve been consulting a fitness based reality show that will be airing on a huge network in a few months.

Now initially I wasn’t interested in doing this reality show so I kept ignoring their calls – I’m too busy as it is, love my life the way it is, and frankly I didn’t want to be in front of the camera.

So the production company interviewed others in the fitness industry to consult for the show, but they kept coming back to me because it was overwhelmingly obvious (their words) that I was the guy in the industry to turn to if you wanted to make your fitness business massively successful.

Finally, I agreed to the show, named my price, signed the contract and the rest is history.

Now, I’m not telling you any if this to impress you… I’m telling you this to impress upon you that people, or in this case, a huge network and production company are willing to pay a premium for best in class.

It’s the same way for our Fit Body Boot Camp locations…

When an FBBC location opens up, it doesn’t matter what the local gyms, training studios, or boot camps are charging. We have a training program that delivers results, holds our clients accountable, keeps them motivated and creates a community to be a part of.SantaBarbBootCamp

Every Fit Body Boot Camp franchise location is clean, modern, and packed with the right equipment and trainers to deliver awesome results and that’s why FBBC locations consistently command more than other group training programs and boot camps around.

YOU can do the same – but first, you’ve gotta become the best in class – deliver the goods – and pump out the before and after pictures and testimonials.

If you can’t deliver the goods now, then get good at it. Learn from the best trainers, study the best coaches and see how they motivate, and hold their athletes accountable. Your clients are YOUR athletes.

Study the best motivation coaches like Tony Robbins, and Zig Ziglar.

Learn the business of fitness and know it better than any other personal training business within 100 miles of your location.

Understand why people buy fitness, what it is they really want from a training program, how to sell them what they want, how to manage your business by the numbers, how to hire staff and leverage their skills, and how to grow your business no matter the competition, economy or demographics in your area.

Listen, you’re an awesome personal trainer. What you do changes lives… literally. Don’t under charge, don’t compete on price, and don’t give a shit about what everyone else is saying or doing.

Be the best at what you do. Deliver the results. Bring the energy to every workout that you deliver. Pump out testimonials and people will start talking about you and paying you what you’re really worth.

This entry was posted in Fitness Business Systems, Fitness Marketing Strategies, Mindset and Self Improvement and tagged , , , . Bookmark the permalink.

COMMENTS

  • Guest

    Great article. Best one I’ve seen in a while. True, all of it. Thanks for the inspiration.

  • Pauline

    I like that comment: “Access to a gym or delivering results.” Right On!

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