A few things to consider spring to mind when it comes to increasing your prices:
1. Who is your service for? A gym is relatively cheap because they are competing to offer the lowest price for customers that want the cheapest option. Many people are looking for more though. More results, more guidance and more accountability. And they will pay more for that service. It’s okay to be ‘too expensive’ for some people.
2. Grandfathering is a good way to honour those who’ve been with you since the beginning. Simply keep them at their current rate and raise the price for any new members.
3. Not always, but usually, better quality clients will pay more. Charging more is a way to keep your best clients.
4. Try this exercise: What would your business look like if you charged 10 times what you charge now? What would you do differently? What would you do the same?
Increasing your prices can be another way to set yourself apart and to really lock-in who your service is for. Just make sure that the value someone is getting from you is equal to what they are spending.