Are you a boutique fitness or yoga studio owner looking to optimize your pricing strategy? Has it been a hot minute since you changed you prices and you actually can’t remember when you did so last? It might be time to audit and review your pricing and consider whether you are priced in a way that is encouraging commitment as much as possible and optimizing the lifetime value of your clients. I’ve been using a version of this checklist for 10+ years with my private consulting clients and it is tailored specifically for boutique fitness and yoga studios. It outlines exactly what I did to help grow my revenue 45% and many client friends have grown revenue similarly by changing pricing to better optimize commitment in this way.

I’m seeing a lot of new energy and enthusiasm in studios that remained open throughout the pandemic, and for those who are opening on the tail end of it. Ensuring your pricing aligns with the value you provide and is structured in a way to optimize retention and commitment can be a delicate balance. That's where this pricing audit checklist comes in.

Whether you're reassessing your current pricing structure or preparing to launch, this checklist will guide you through some of the essential steps to maximize revenue, retention, and joy for you and your clients.

Get Pricing Checklist

Instructions: Click here (or button above) for a google doc version of this checklist (go to File > Make a Copy) to have your own editable version to play with and check off as you complete tasks. Anyone else just love checking those boxes?

Pricing Strategy Checklist

Spring is a perfect time to audit pricing

Review Current Reality First

Run reports in your business management software for clues to help set the tone for this pricing deep dive.

Review current capacity. Do you have room for more people or are you near capacity on a regular basis?
Review current sales growth. Are you growing, maintaining, or are sales feeling flat or contracting?
If it’s been more than a year since you changed pricing, it’s probably time for a little adjustment. I’m sure your costs have gone up in the last year. Most studios I interact with change prices between 10-20% annually successfully.
👑 Review Pro Tip: If you are “full” and sales are “up” then it might be time to raise your prices across the board. If you are a newer business and/or have room for plenty more clients and visitors, perhaps you can be more aggressive with your new client introductory offer and/or membership options.

List Options In Spreadsheet

pricing worksheet — Seeing your options in a spreadsheet can really help with clarity

You want to clearly see the difference between each option on a per session basis and play with plugging in different numbers and see how everything fits together. Your overarching goal is to price in a way that optimizes and encourages customers to want to buy memberships of some kind. Here is a free pricing worksheet template you can make a copy of and use.

Differentiate Between Options

You should have at least a $3-$5 difference ($5-$10 for higher price points) between each option, on a per session basis, to truly encourage and reward people who are the most committed. Usually the bigger the difference, the better, in terms of revenue growth and retention improvement. Most studios I cross paths with often need to raise the single and package option prices to make the membership a better deal by far.

Optimize Membership Price

It should be the best deal on a per session basis by far! This strategy alone can really cultivate longevity and community. 👑 Pro tip: Look at your current best deal on a per session basis and move that per session price to your membership and reprice everything else from there.

Consider Membership Upsell

Optimizing member friends is the name of the game. These are my current member friends.

Offer an option for new clients that’s only available while they are on an intro offer or in their first month at your studio. For example, at my studio I said, “If you sign up for the membership before the intro offer expires you’ll get $20 off per month for at least a year”. Be more aggressive here if you have room to grow. This is Roxy’s favorite pricing strategy!

Review and Improve Intro Offer

Intro offers are generally a great way to make it easy for new clients to make a purchase choice. “For the price of 2 or 3 drop ins you might as well buy this intro pass”.👑 Pro tip: 1 month duration always out performs shorter duration options for intro offers retention wise. Changing this up from time to time is good too. I loved offering something different in the summer and in January.

Raise Single Session Price

I’ve never seen this hurt a business and it often needs to be higher than you are comfortable with. The people who most prefer the flexibility of a single session aren’t as price sensitive as you think they are. Sure, there is always a squeaky wheel client who may balk about this. Guess what, they don’t come to your business enough for you to take this too seriously! Put on your owner teflon outfit and shake these comments off! Money is a trigger and challenge for a lot of people. That doesn’t mean you shouldn’t make the choices that are necessary to help your business thrive more, right? You are in the business of creating space for soulful, movement community and giving the members the best deal on a per session basis is part of that. The single session people just don’t come enough to have a say in your pricing structure. I have faith in your ability to make the hard decisions that will keep your community thriving for the long term.

General Pricing Housekeeping

Head over to your business management software system and review your Sales by Service / Product report again.

Pricing is all about communicating your VALUE

Review what’s selling the most. If it’s your single session, I propose you can be more aggressive with membership (upsell) pricing!
Review what isn’t selling much. Can you deactivate any of these and / or hide them from your website and / or business management software?
Confirm 7 options or less per service offering category.
Look at your highest count package option, such as a 20 or 40 pack. If this package is the same price per session as your membership, change the price so the membership seems like the better deal. Or maybe even get rid of it.

Consider Payroll

Ensure that payroll isn’t going to change dramatically with any pricing changes. If you are worried or unsure, review your Payroll & Revenue Earned reports in your business management software and/or work with a consultant or coach for peace of mind. 👑 Pro tip: Don’t bonus teachers for students on introductory offers.

Make Changes Without Anarchy

Decide on pricing changes and the date you will have these changes done by. I love to change prices in January and/or June and announce the changes a month prior. “Accountability is the glue that ties commitment to results” is my favorite quote reminder on this from Bob Proctor. Who will do what, by when, to make this change happen? If you need hand holding and a listening ear, you know where I live and there is such a great network of fit biz friends out there to help you.
Announce changes in advance via email and/or social media. For example, “We are raising our package and single session prices as of DATE and you can stock up at the old price by clicking here.”
Day of changes, update actual prices in…

Business Management Software
Website
In Studio
Print Collateral

In conclusion, reviewing and thinking strategically about your pricing strategy for your boutique fitness or yoga studio is not just about setting numbers; it's about understanding the value you offer to your community and ensuring that your pricing reflects that value appropriately. By following the steps outlined in this checklist, you can gain clarity on your pricing strategy, focus more on optimizing commitment, and ultimately enhance the overall experience and lifespan for your clients. Remember, pricing is not static – it should evolve as your studio grows and evolves. Embrace the opportunity to fine-tune your pricing model, it can dramatically help retention and revenue both, and watch as it contributes to the continued success and sustainability of your studio for years to come.

✋Virtual High Five

Humans can be very triggered by money but have faith that you are making the best choices for the long term potential of your business.

Pricing Checklist For Boutique Fitness and Yoga Studios