Part 2: Who gets paid, how much and what does it cost to register?
Last time, we discussed the importance of surveying your members to determine what types of seminars they’d be interested in. Now that we know what our community wants, we can begin making it happen. The next step is to determine who will be teaching it. Are you able to or do you need to find someone else to teach? Is that person already working with you or do you need to find someone outside of the business? Here are some tips when answering those questions:
- If you are/have an expert – stay inside and boast about him/her. Having an instructor who is already involved in your business will go a long way in building credibility and providing more for your community. Trust is most likely already built with this individual and when members discover this instructor’s new seminar, they may be more likely to attend.
- If you’re not the expert or don’t have an expert – go outside. Building partnerships within the community offers up an awesome synergistic opportunity. You have the potential to not only provide for your member base, but also bring new people into your business.
Now let’s talk about pay. In order to determine how much we’re going to charge for registration, we have to determine the expenses for hosting this event. If you go outside for a specialty instructor, chances are they have set rates. Be sure to determine the credibility of those rates (is he/she worth the rate amount?). If you stay inside, then be sure to appropriately pay his/her worth. In the end, it MUST be worth everyone’s time and energy. Once you’ve nailed down the cost for instruction, you will then able to determine the price of registration.
Ah yes, the inevitable question, “how much should we charge?” Here’s the thing, there is no special formula to answer this (at least we haven’t found one yet). However, one thing is certain, the event must be profitable for your business. That said, the profit may be seen in your bank account, your business reputation or in the development of your community. Regardless where it’s found, profit must be present. Here are few tips that will help in your decision-making:
- Determine cost per person: Time, energy and money will be necessary, so to the best of your ability, estimate your total costs and divide them by the number of people you expect to attend.
- Determine your anticipated profit: This can include where and by how much you want to profit (bank account, community development, business credibility, etc.).
- Do your research: Understand what others are charging for similar services.
As mentioned earlier, there really isn’t a magical formula that will tell you what you should charge. But by understanding your costs, your profit motive and current marketplace, you’ll have reason and confidence in the price you set.
Now that we know what our community wants and have an idea of what to charge, we’ll cover how to plan for your seminar in our next post!
Specialty seminars and events are a great way to bring additional revenue into your gym. Looking for additional ways to run a more financially fit box? Get your copy of our free guide, Financial Management 101 for Affiliate Gyms
Guest post written by Beau Jackson, Axistence Athletics
From a small farm in Indiana to summiting Mt. Rainier, Beau has worked and participated in a variety of industries from the lowest to the highest of company positions. Currently, he is the Finance, Office, and Business Development Manager at Axistence Athletics, LLC and is hoping to pursue a Ph.D in Health & Behavior Sciences at the University of Colorado-Denver this fall. He enjoys pretty much every sport (especially soccer), has a passion for teaching, and lives an active existence with his fiancé Jennifer and dog Olie.