I have gotten several questions from you lovelies about how to price your online workshops. The weather is blossoming and people are ready to get back to some form of normalcy, which includes networking through education.
Hosting an online event gives you the freedom of time, low cost with expenses and to have a playback recording for your community who is unable to attend LIVE.
I know what you are thinking…that you are seeing so many people giving away their expertise for free. How can you compete with that? You want to charge high enough to make money, but not too high that people can’t afford it; what is that sweet spot?
Here are four tips on how to charge for your next online workshop
TIP 1: WHO IS YOUR IDEAL CUSTOMER
Before you set your price, consider who is your ideal customer for the workshop and what is your goal for them? Do you want customers as a one-off (only for this workshop) or is this workshop an introduction to your services/products and you hope to sell them something else?
For example: say you are a mindset coach and you are hosting a workshop to land clients for your high ticket program. You can’t charge $30.00 per ticket and try to sell them a $3,000 coaching program; chances are the workshop customer will not be able to afford the high ticket offer. Know your target market!
TIP 2: SET A BUDGET FIRST
Online workshops have expenses no matter how small or simple it may be. Create a budget sheet to list out all of your anticipated expenses; leave nothing out. You want to ensure you are calculating all your expenses so you can charge enough to cover expenses plus a profit.
Keep it super simple. Create an excel sheet in your Google Drive, list out your categories topics and fill in your expenses.
TIP 3: CALCULATING YOUR TIME
Time is your biggest investment with no financial return, so always remember to charge for your time. Even if it’s your business, your workshop – you still have to get paid for it. Your time is an expense. Calculate your hourly rate x how many hours you work on creating the workshop foundation, editing, designing,etc.
Now remember for the administrative stuff (i.e, Social media, design, marketing, etc.) don’t charge your hourly rate; charge the rate of a Virtual Assistant.
You have your expenses listed out including your time and any miscellaneous costs that may arise. So, how do you price your online workshop:
Think about how many people do you want to attend your online workshop, small and intimate 25-30 or 50 to 100 people.
Let’s go down the middle and say you want to have 50 people at your event. You calculate your current expenses, plus your hourly rate to host the event. If the event is two hours you charge 3 hours (pre & post production).
50 people attending
Expenses: $800.00
Hourly Rate: $100/per hour x 3 =$300
Your total for expenses + hourly rate would give you $1,100; then divide your total by number of attendees 50 and it gives you ($1,100/50) $22.00 per ticket. Now add your profit margin of 60% and your total becomes $35.20 ($22.50+60%). This is how you price your online workshop.
Now at this point you can round down to an even $35 or round up to $40 or higher depending on your customer you are attempting to reach. For high price customers you would want to be in the $80-$90 ticket range.
TIP 4: POST WORKSHOP
Congratulations, your workshop is complete.
You had an amazing turnout and everything was a success. 24 hours post workshop, you want to send out thank you emails to everyone that attended. Yes, you should have their emails; if you don’t shame on you.
Thank them for attending and to check you out on your social pages. Also ask them to provide feedback and testimonials. Three days later, send out another email offering them 25% off your products/services that are valid for a limited time and only to workshop attendees.
In closing, how to charge for your next online workshop does not have to be complicated. Simply identify your audience, set your budget, calculate your time to create and host the workshop and keep the conversation going once it’s over.
Need help launching/pricing your online workshop. Let’s chat on ways I can help you.
