Are My Prices Right? (All Teachers)
I know there’s another topic on how to broach putting prices up, but this one’s more about what to put them up to. I also know it’s often considered bad form for teachers or musicians to talk about what they do as just bare figures, but I’m taking the love of music and the satisfaction from teaching as a given!
I recently checked out a local competitor (singing only) who’s been advertising on Google Ads for quite a while now and she charges £35/half hour or £46/45 mins as well as having a second tier teacher who charges £25/half hour and £36/45 mins. With block booking options their cheapest equivalent hourly rate for the second tier teacher is £45/hour, almost double my £15/half hour and £25/hour. (So yes, I realise that answers my question seemingly – my prices are too low!)
This seems expensive to me, but maybe they’re appealing to a market that automatically places value on things with a higher price…? Also that higher price might mean they’re working less and making more if she’s actually getting customers.
Along these lines I actually had a parent who I couldn’t fit in offer £68/hour to travel to them to teach her seven year old daughter (that one was direct, sorry Matthew! 😉 ) in one of the more upmarket areas of town so there are those out there who will pay.
On the other hand, my current fee seems to be about average for guitar lessons!
So here are my questions if you care to answer any or all of them:
How much do you charge?
Have you tested different pricing? (premium pricing vs average)
If not, what makes you think that what you charge hits the sweet spot between clients gained and money made?
Should I put my prices up or my time down and offer just 45 minute sessions? Or both?
Should I have different prices for guitar and singing lessons?
All thoughts appreciated!