Tutorial #3907

Know Your Worth

15 min - Tutorial
35 likes

Description

What story does the rate you charge your clients tell them about you as a teacher or studio owner? In this tutorial, Jared Kaplan discusses finance and how you can determine your rates. He talks about the importance of knowing all of your numbers and how you can use budgeting and forecasting tools to help you. By the end of the tutorial, you will be able to figure out your actual rate which will help you decide if you are being paid what you are worth.
What You'll Need: No props needed

About This Video

(Level N/A)
(Pace N/A)
Nov 17, 2019
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Transcript

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Okay, so we're going to talk about everyone's favorite topic, money, finances. I want to start by saying really simply, you determine your own worth. I can say it again. You determine ...

Pilates, It's Your Business! - Playlist 4: Walk the Walk

Comments

Another great discussion! And it came at a great time as I am considering a rate increase. I’ve not increased in 11 years. As far as budgeting, Luckily my dad taught me at a young age about budgeting! He said “make it a habit not to spend more in a week than is coming”! He also told me I have champagne taste on a beer budget so to find something I’m good at and make a good living.:) Jared, I wil definitely come see you the next time I’m in NY! Maybe in the spring! 🤗
BB
Great encouragement! I'm inspired to take a closer look at my "value" and assess where I can make some adjustments. I recently consolidated my schedule so I could stay in one location for several clients before moving on to the next and what a relief. Next?  forecasting!  Thank you Jared!
Connie Thank you! OMG - 11 years w/o a rate increase - that's bonkers! (and: I did the same, so I know personally the expense burden that causes!)   lol @ champagne on a beer budget!  The more you know ;)    Spring in NYC is amazing.
BB  Congrats on consolidating your schedule - that's GREAT!   Such a relief, right?  Let me know how the forecasting goes.  Keep up the good work - exciting stuff! 
(Edited by Moderator - Kristi Cooper on November 19, 2019)
Connie  I also did the no increase forever thing. In talking with one of the clients I was raising he gave me some great advice.  I told him I would be raising him $5 and was ready with all my reasoning (I've haven't raised my rates in x years, I'm a teacher trainer now etc...) He followed with "So you want to do this again next year? Why don't you charge me what you know you're worth and where you know you want to go now?"  It was a 27% increase and I did not lose one client over it. 
1 person likes this.
Oh I hear you Kristi! It’s like we’re so  afraid to initiate that rate increase! I actually had 2 clients tell me that I need to do the increase. And I’m still afraid to do it! It’s happening January 1!!! I so appreciate Pilates Anytime! I love the discussion based videos  not to mention all the great things I learn regarding  movement. Xxoo 
Thanks Jared for bringing focus to this financial exercise! Can you comment on teacher injury and how this affects our business? Many of us don’t have worker’s compensation insurance yet it’s hard to plan for an accident or injury. Also any suggestions on how to get a studio that we work for to increase prices. Not so easy when working in the suburbs without the large traffic of a big city.
(Edited by Moderator - Kristi Cooper on November 21, 2019)
Connie it is scary! I was going to raise my clients $5. My client convinced me to ask what I was really worth so they were all raised $15. I was scared for sure.
When another client said "You know Kristi, that's a 27% increase,"  I said, "Yes, I do. I apologize that I can no longer offer you the discount I've given you for the last x years."  He actually smiled  continued as my client and we never had to talk about it again. Good Luck to you. #doit
Thanks for the great info for instructors...would love to see some info regarding how to adjust your expectation on rates comparing working in a studio, doing in-homes, or renting space at a studio....having been both an independent instructor and a studio owner...there is a major difference! What are the benefits to working in a studio vs on your own...often working on your own seems much more financially solvent but with commute hours, marketing yourself, etc...it sometimes works out much differently!  Would also love to see some tutorials for studio owners!

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