Aloha!
Wanted to share a quick story from Unicorn Society Harry Morris from Fitness Studio 46.
He actually posted this in our private, members-only Facebook Group to encourage other members feeling nervous about increasing rates.
With his permission, I’m posting here so you can also learn more about what he did and how it went.
Check it out….
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We have more than doubled our rates, since joining BFU 
Here is our experience…
When we opened in 2019. A membership at Fitness Studio 46 was a mere £80-£120 per month for small group personal training.
… We were undercharging 
big time!
We weren’t able to pay ourselves as owners for the first 2/3 years. So, in an effort to save the gym, we joined Unicorn Society.
We needed to correct our pricing…
We did this with 5 Key Moves:
#1 In February 2023 we immediately began charging new members £158 – £198 (near double what we were charging) I still remember the first client to join on those rates, he didn’t even bat an eyelid. He then proceeded to refer his partner and best friend who also joined at the new rates! 
#2 In May 2023 we announced a price correction for current members. We jumped from £80 –> £117 and £120 —> £137. This was a 46% increase, but a relatively small dollar amount. (Rightly or Wrongly, I decided that this was part 1 of a 2 Part price increase for current members) 
I attribute losing 7 clients to that price increase within the billing cycle it took place 
However, we also signed 3 members at the new rate within the same month, which essentially meant no real change in revenue.
We operated like this for a year, signing new members at a much better rate than we lost an old member, which meant our profitability was increasing! 
#3 We updated our member agreement to include a policy on a yearly price increase on May 1st of every year, so we would never have to make a massive correction again.
#4 May 1st 2024 we implemented a small price increase for all New members at 3% bringing them up to £162 / £202 per month in alignment with the policy we created.
#5 May 1st 2024 we also performed another price correction for existing members. We jumped from £117 –> £137 and £137 —> £157. This was a 17% increase, and we lost just 1 member. From here, our member distribution is such that I can preserve the ‘old member rate’ with just a small yearly increase going forward, and remain profitable.
The end result of all of this.
• We now have more members paying NEW rates than OLD rates.
• Our monthly revenue has more than doubled.
• The quality of our member base has improved.
• We have a higher conversion rate from LBO —> Membership than when we were undercharging
• Our average customer spend is 65% more than when we first opened
• We now pay ourselves!
Price corrections and increases are scary!
But it can be done with class, candour and authenticity.
If we didn’t make these adjustments, our gym wouldn’t be here to tell the tale.
Thanks BFU
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And if you’re feeling inspired to take action?
You can get a detailed playbook on raising your rates below.
GET THE RAISE YOUR RATES PLAYBOOK
Believing in you, always,
Mark