What Do You Consider in How Much Do You Charge (series) Part 3

She Means Fitness Business

How much do you charge? How much are you?

My first question is, How did you interpret that question?

Because you could think I’m going to dive into how to set your fees… and I am.

You might have had this question come up with a client and wonder, how do I answer that question. I’m going to answer that too.

You also could be asked this about something you’ve never even considered, like …

• How much would you charge for a presentation ? What are your speaking fees?
• How much would you charge to create a series of videos for our membership? Or organization or to provide the movement breaks at our corporate event?

If you haven’t thought about your response to any of these questions, or you really wonder how to set your fee structure when you’re starting or want to raise your rates, then this is for you.

I’m going to cover each of these in a little series because the two most popular workshops I’ve hosted in my career:

• Offer Creation lab
• Coaching Hotties: The HOW-TO for menopause fitness coaches & trainers

And within minutes, when I conduct a Business Better audit with our new Menopause Fitness Specialists, a couple things become clear. Many of us do not know where our biggest profit comes from.

We are not creating products and setting fees in a way that puts us in a profitable position. So let’s change that. You no longer need to believe that because you’re in a service-oriented business, or that you love it, that you can’t also make a profit and have a life you love.

That stops now, don’t you think?

Stay tuned for the How Much Do You Charge series.

Collaboration Opportunities Impacting How Much Do You Charge

They may say, “How much would you charge for creating a series of beginner videos for our site that we have access to.” They give you a description of what it is that they want.

What's your answer to that?

Listen to How Much Do You Charge Episode 3 to know what to do on collaboration opportunities!

1. Licensing and Use

• • You’re giving them the rights to use your materials on their site, giving you credit.
  • There is no licensing necessarily. They don't have to come back in 2 years to renew their license. You're just allowing them to use it.

2. Exclusivity

• • You might say, “Would you prefer exclusivity? I'm creating these programs and videos exclusively for you.”
  • Mentioning “I won't be using the programs and videos on my site. These will be exclusive and no one else will use them. No one else will have the opportunity. No one else will see them except on your side.”
  • That's going to be a much higher price. Considering the time to design, create, shoot, edit, is greater.

3. Limited Licensing Agreement

• • Or you allow them a licensing fee to use for X period of time.
  • They have to either renew it or have to discontinue use after the agreed period.

In any of these, when you're creating a brand, make sure that there's some kind of legal binding agreement, so it is written.

You should provide Clauses and Agreements that must be very clear on the details and both parties must sign. This now becomes a more expensive project. How much will it cost you to hire a lawyer for the documents? How much time will the process take? Or find a lawyer who can give you some templated formats, created and customized for you.

Value of Your Time and Effort in How Much Do You Charge

If you’re designing these programs, take the time to shoot and edit these videos. Consider the value of your time. If your time is worth $500 an hour, just an example, you also have to think, are there additional costs? If your team needs you to be doing something else entirely, you need to consider a contractor.

Consider the cost and time in doing the project yourself. Factor in the cost that would be incurred by you being away from your usual work. Or if you could create a product that would be making you passive income, then the cost of you doing this product or project may be extremely high.

So, there you have it. How much do you charge? From consumers, from collaborators, from corporations and businesses. I hope you now have an answer to those questions.

I look forward to hearing your response to this. If you've listened, if this was helpful, and or if you've been in an instance where this has come up for you, share with me. So we'll provide you with an opportunity to see a sample of how you respond.

Other Episodes You Might Like:

• Part 1 - Key Factors That Determine How Much Do You Charge
• Part 2 - Include Quality in How Much Do You Charge for a Potential Customer

Resources:

• Join The Menopause Fitness Fix to know what you need before you workout again!
• Join Flipping 50 Menopause Fitness Specialist to become a coach!
• Get the Flipping 50 Business Scorecard to guide you as a coach.
• Take the Quiz for support.