The global pandemic has changed the way most of us do everyday things. People have been introduced to Zoom meetings, podcasts and grocery delivery slots, and online exercise classes have become part of the norm. Virtual exercise has welcomed a different group of people into the fitness community – those seriously pushed for time, folks with caring obligations, the self-conscious and the gym curious.
For fitness providers, now is the perfect time for offering online tuition of all kinds. But if you’ve never held a virtual class before, or you’re adding to your repertoire, you’ll need to know how to price your service.
Here are 5 things to consider when you are working out what to charge for your fitness classes online.
Think about how many participants you want to teach. If you offer one-to-one classes then the costs will be passed onto a single client, but smaller group classes would lower the cost per person and potentially give you more income.
How does that work? Well, for a personal 1-2-1 class you could charge £40 as an example, but if you offer small group sessions for just 4 people at a time and ask £12 each, each client pays less and you earn and extra £8 a time.
Large classes with limitless participants can be offered at a lower cost per head, but think about how many you’ll need to make your target income? You could think that being cheap will encourage larger numbers, but is it really worth it to you? If you have 20 people logging in at £4 each, it’s the same to you as 16 logging in for £5 per head but you need 4 fewer clients each session which might be easier to achieve. So you need to consider if you’ll be able to fill the class at your selected price to get the profit margins you want.
Check your competitor prices
Sounds like a basic thing to do but checking out your competitors is key. Make sure you understand what others charge for the same service. Make a comprehensive list so you can make a good comparison, don’t just stop once you find one. There are no set rules when it comes to online classes – you will probably find a wide range of prices but you’ll notice a trend to give you a ball-park figure to work with. Take note of what others offer for their price such as the length of class, frequency, number of sessions a week and if there is a cap on the number of participants.
Block booking and packages
Consider whether you want to offer courses or block bookings at a discount. To get clients to pay upfront for a package of 5, 6 or 10 classes will help you with your finances but be aware that this comes with some complications.
Will your customers have to use their sessions for the same class each week or can they log in for your full programme of sessions? How much of a discount will you offer for booking multiple classes at a time and will this still give you the income you need? Clients will want to have the option to miss a session due to sickness or have a refund if they cancel.
Your cancellation policy must be clearly displayed and carefully thought out before you choose this option. There is no reason that discounts like this won’t work well, they simply require some planning.
Uniqueness and popularity
Be aware of the uniqueness of your classes. Straightforward HIIT sessions are more commonly found online so, without an unusual hook, you can’t charge much more than your competitors. But if you specialise in Kundalini Yoga, for example, then you are offering a niche product and can charge a premium rate.
Setting the price
The last thing to be aware of is that people will make an opinion of your classes based on the price. Offer your services too cheap and it will be considered an inferior product. Set your fees too high and clients will expect much more from you, and the extra cost will put off a large group of clients. There is a sweet spot – you just need to find it.
Luckily, you don’t need to think of everything by yourself. Gymcatch has made life easier for online fitness class providers with software that is simple to use. Take class bookings, manage waiting lists and collect payments with ease. If you’ve decided to use promo codes, passes and bundles to get things off the ground, then you can set all of these too – you have complete control. Get in touch for a free demo.
Ollie founded Gymcatch in 2015 with the aim of making participation in fitness easier for all. As founder, Ollie served as CEO since Gymcatch’s inception. He’s currently focused on growing the platform through strategic partnerships, corporate development and growing the team. Prior to founding Gymcatch, Ollie spent 10 years at Barclays, latterly as a Director covering the TMT sector. He gained an MBA with Honours from the University of Chicago in 2013 and higher class honours in Philosophy and International Relations from the University of Bristol. Outside of the office, Ollie enjoys travelling, playing and watching cricket and spending time with his young family. He supports a number of charities focused on increasing physical participation.