Is it time to raise your rates? If you haven’t for a year or two and definitely since pre-pandemic I would absolutely recommend you look at this. I’m releasing this episode with a focus on end of year promotions and start of year implementation.  It’s the perfect time for a health professional to look at raising rates.  When you get started, you ask how much do I charge? There are a lot of things to consider in answering this question. A good rule of thumb though is always err on the high side. It’s much easier to reduce rates than raise your rates. So it all should be thoughtfully planned.  But it can also be constipating. There’s no other way to say it.  If you aren’t careful about your business plan you could be working for pennies per  hour. If you couldn’t even hire someone to work for you with commensurate education and qualifications for the rate you’re paying yourself, pump the brakes!  If you’re in any way reluctant to track numbers, look at the profit and loss statements, still find you don’t like sales or struggle with accepting money, this is a much needed episode. You may have a little work to do on your worthiness and relationship with money. So, as you listen, just do this: stay aware of any negativity related to the money conversation here.  Questions I Answer in this Episode: How much to raise your health business rates When to raise your rates How much notice to provide  How to deliver the message  How to justify raising rates in your health & fitness business 1. How Much  and When to Raise Your Rates Make it worth it. The last thing you want to do is raise them so little that you feel you need to raise them again. I try to raise rates no more frequently than 2 years.  2. When to Raise Your Rates Make it worth it. The last thing you want to do is raise them so little that you feel you need to raise them again. I try to raise rates no more frequently than 2 years.  3. How Much Notice to Provide Before Raising Your Rates When you’re raising your rates significantly, you give longer notice. For instance, I raised private coaching from $2000 per package to $5000. That’s significant. When I originally raised from $1000 package to $2000, that was still significant. I gave my community adequate notice so that those who’d always thought, I want to do private coaching but would “some day,” had a reason to do it today.  When it’s packages, say you sell by frequency of classes or training sessions and discount as they go up, beware. You’re already discounting. Every day. So if you raise rates make this worthwhile. Do you want to increase each session by $2.00 or by $5.00? If someone is buying a package of 20 sessions the package would increase then by one hundred dollars. If you’re talking about a $1000 package, $100 is not that significant. Psychologically it’s not going to deter many from purchase. Consider at least $200. Now you’ve increased your hourly rate by $10, giving you a significant raise, and keep listening because #5 is going to help you do this painlessly for the customer. 4. How to Deliver the Message About Rate Increase Send an email dedicated to this message. Don’t bury it in something else like so many trainers and health coaches bury offers.  If you’re selling something specific or have a very specific message, do not water it down.  Consider including a short video message from you. You’re going to want to listen to question 5 in order to do this smoothly.  Keep it short. Write a script. 5. How to Justify Raising Your Health & Fitness Business Rates This is the gold that I hope you’re still listening to get. Don’t just raise your rates without making it a win win for the customer and you. How can you increase the value of what THEY get when you raise your rates?  I  just got a letter from one of my lawyers. It read, “in accordance with our letter of engagement effective Jan 1, my rates will increase to ______.” Same service, different rate.  It’s accepted wit