While it’s tempting to just compare your prices with other teachers, your price point should in fact take into consideration a number of important factors that are specific to your studio and classes.
1) Keep Pricing Simple
Don't let your pricing be a barrier to trying your services! Most businesses make their pricing too complicated- and therefore, they are just going to buy the cheapest, lowest commitment options. Studies have shown that if you offer more than 7 options your consumers won't make a decision. Too many pricing options, packages, and offers creates confusion and indecisiveness.
2) Focus on Memberships
Drop-ins and even multi-class packages should be expensive. Memberships and high volume class packages should always be perceived as a great deal. Your clients will always want to purchase the cheapest, lowest commitment option- so make sure that your packages offer enough of a discount that it's a no brainer for even the client that comes to class with average frequency. If you're selling a lot of drop-ins- raise the price, or lower the price of bigger packages/memberships.
3) Class Length
Length should always be a consideration when setting your class price, whether your class is 30 minutes, an hour, or 3 hours. Ask yourself if you need a full hour to teach a topic, or if the class might actually be more structured and focused in a half hour.
4) Skill Level
Beginner classes represent a great opportunity to introduce new clients to your practice. Offer beginner classes at affordable rates and treat each class as an opportunity to create new client relationships. Tier your Intermediate, Advanced, and Masters classes to reflect the incremental value and class size.b
5) Private vs. Group
Personalized attention should command a premium. Offer both group and individual classes where clients can sign up for 1 on 1 time with you.
6) Your "Real World" Value!
Price it on the higher side if you are an established business or consistently have a class capacity above 70%
Price it on the lower side if you are new or your classes are not a full capacity.