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Singapore Fitness Industry - Pricing Issues For Personal Trainers and Fitness Instructors

In Singapore, one of the most difficult decisions when running a personal training/fitness business is: how much to charge for your services.

If you charge too much, you risk losing potential clients. On the other hand, if you charge too little, you risk sending out the wrong signals about your own abilities, and end up also jeopardizing your own business profits.

In reality, here in Singapore, one-to-one fitness consultation rates, private training rates and group exercise rates range from anywhere from $50 - $300 per hour.

Before you even contemplate putting a cost on your services, do take some time to read the following comparisons and to carefully ponder over them:

Scenario 1: If You Charge At The LOWER END Of The Market Rate

Pros:

· Attractive to clients on a budget

· Appeal to the General Masses.

· No shortage of prospective low-to-mid-end clients

Cons:

· Arouse suspicions about your fitness qualifications.

· Arouse doubts about your professional abilities.

· NOT appealing to the Affluent Segment.

· May send the message that you are DESPERATE for business!

Scenario 2: If You Charge At The HIGHER END Of The Market Rate

Pros:

· Attractive to the Affluent, Celebrities & VIPs

· Shows your STATUS in the industry

· Reflects your SUPERIORITY over your peers · Shows that you are in HIGH DEMAND.

Cons:

· NOT affordable to those below the upper-middle classes

· LIMITED pool of potential clients

· Extra STRESS on yourself to prove that you are indeed worth every cent that the client is paying you!

From what you can see, it really does show that your pricing REFLECTS who you are - professionally!

Before you jump the gun and suggest that the safest route is to take the middle path - charging somewhere in-between the high and the low - which may make sense in a way; do bear in mind that it does give rise to a NEW problem: being classified as being AVERAGE or NOT MUCH DIFFERENT from the majority of your competitors. In other words, there is now NO compelling reason for a client to choose you over other similarly-priced competitors!

Lest you throw your arms up in despair, let us share with you a simple revelation: the trick to pricing your services actually lies in your preferred TARGET MARKET - in other words:

THE TYPE OF CLIENTS YOU ARE AIMING TO ATTRACT!

If you prefer to work with students, housewives, 'heartlanders' or the average man/woman on the streets, pitch your rates towards the lower half of the market scale to attract them; but do note that you have to make up for the lower profits by going for QUANTITY ( more clients = more profits).

On the other hand, charge at the higher end if you are more comfortable working with expatriates, senior executives or media personalities. Be prepared for relatively fewer clients, but you'll make-up for it by going for QUALITY ( fewer clients but higher fees ).

Correspondingly, you may even have a range of pricings to cater to different socio-economic groups. For instance, 'special rates' for students, retirees and those staying in HDB flats.

Whatever it is, do remember also to merge the above criteria with your own PROFESSIONAL QUALIFICATIONS and EXPERIENCE when deciding upon your final charges.

Well, there you have it. Hopefully, the above will greatly aid you in Pricing Yourself Right!

About the Author

This article is contributed by Casey Tan - the in-house fitness writer of http://www.SingaporeFitnessNetwork.com As a keen observer of the fitness industry in Singapore and of fitness trends all around the world, Casey takes great delight in sharing his perspectives on fitness with his readers. Casey can be reached at http://www.SingaporeFitnessNetwork.com  - Singapore's leading fitness portal that connects fitness professionals with fitness clients.

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This entry was posted on Sunday, June 20th, 2010 at 2:08 pm and is filed under Fitness At Home . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.