As a new business, pricing your services is one of the most important decisions to make. Pricing can affect the type of clientele you attract, set the tone for your Establishment, and even establish your credibility within your community. Price too high and you might deter too many potential customers. Price too low and you might quickly find yourself overwhelmed and not be able to keep up with demand. Not sure where to even begin? Here are 3 things to consider when pricing your services.
1. Pricing your services based on your Experience Level
Depending on how many years’ experience you have within your particular industry will determine what you are able to charge for your services. A new graduate from Massage School will price their menu at a lower rate than a specialized and experienced therapist with decades in the industry. Here are a few questions to ask yourself to further set your prices :
- How long have you been practicing?
- Do you specialize in a specific type of Modality or Service?
- Do you have a steady list of regular clients/patients?
- Are you well sought after?
- Do you have any Social Proof? (Reviews, Testimonials, Case Studies)
2. Consider The Market when Pricing your Services
Doing a little bit of market research before you open is a crucial element before opening any business. Take a look at your competitors. This certainly does not mean you must charge the same but will give you a good starting point of how to initially price your services. In business, it’s easy to go up in prices but a sudden decrease in pricing gives the illusion to the public a sense of desperation. Listen to your clients. They will tell you everything you need to know about your business. After all, your business is about them, not you.
3. Pricing your Services Based on How you Package your Services
This is the luxury of owning your own business. You can structure your business however you please. We know of a therapist who doesn’t charge by the hour but by results. You can set your prices by time; Perhaps your practice caters to busy professionals who only have time for a quick 30min chair massage or you offer packages where your treatment requires a series of sessions. If you find that you are the only therapist offering this specific service in your area, you can certainly charge a premium price.
The possibilities are only limited by your imagination. In business, there is no “one size fits all” when it comes to running your unique business.
Here are some more creative ways to structure your services :
- Offer a specific allotted time (30, 60 and 90 min sessions)
- Price based on results or specific ailments
- Luxury services (home visits)
- Specific and Unique Modalities
- A series of sessions (Packages)
As a business owner, certain things need to be considered when pricing your services. As far as the rest goes, you are only limited by your creativity.
Grow Your Massage Therapy Practice
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1 thought on “3 Things to Consider when Pricing your Services”
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