How much could you earn as a PT?
One of the main perks of a career in personal training is being able to demand a higher-than-average hourly rate. But how much to charge? What are people willing to pay? What do you base it on?
Below are some things to consider when deciding just how much your time is worth…
- What are you spending?
It’s important to consider the bills that’ll be landing on your doormat each month. That’s everything from your insurance and taxes to advertising, gym rent and equipment. Make sure you know what’s leaving your account, and when, so there are no nasty surprises.
- How much do you need to make?
How much do you want to be able to spend at the end of the month? Factor in how many clients you’ll need to work with, and how often, to make sure you earn enough to cover your outgoings.
- How many clients will you have?
Take a look at your calendar: how many hours would you like to be putting in with clients? Then, given the amount you’re charging, how much would you be making? Take some time to play with the figures, ensuring you’re seeing enough clients at the right price to earn the money you need. Remember to factor in time for tasks that won’t be billable: admin, travel - and resting, too!
Now, to calculate your hourly baseline rate: calculate your total monthly overheads, then add your desired income or profit. Divide that by the number of billable hours you have in a month. There you have it: your hourly baseline!
If this looks too high, or too low, there are plenty of ways to change things to suit you. Look into how to reduce your overheads, or lower your desired income. Or take a look at other products and services you can sell to up your profits.
Remember, you can always change your prices if you change your mind later. Nothing is set in stone – it’s all up to you!