People Pay for What They Value…That Should Include You and Your Studio!

Jul 23, 2020

Have you ever wondered why Starbucks can charge up to $5 (or more, depending on the size) for a coffee drink?

You might say they’re charging for the convenience, or for the quality, or for the experience (when we were allowed to sit with others and enjoy the ambiance of the coffee shop). All of those answers are right.

Starbucks knows their customers value all of those things. And they set their prices accordingly.

They are not simply passing on the cost of the ingredients … as anyone who has ever brewed coffee at home can tell you.

They are charging on value.

So should you.

Set Your Tuition and Fees Based on the Value You Provide

I’ve had studio owners tell me they can’t raise their tuition because people are struggling right now and can’t afford it. Some may be. But are they all? Really?

Aren’t some of these same parents who “can’t afford it” still choosing to get Starbucks on a regular basis? Are they still choosing to indulge in other “non-essentials”? Many of them probably are.

People will find a way to pay for what they value.

If part of the value you provide is a safe, clean, healthy studio space, and it is now costing you more in time and supplies to keep your studio clean and disinfected after each class, then it’s okay to raise your tuition.

It’s okay to charge based on the value you provide.

I’m not saying you shouldn’t take a family’s struggles into consideration. If there are families who need help paying your fees, then, by all means, find a way to help those families. Help them hold fundraisers or get sponsors … there are plenty of ways you can help them afford their children’s tuition.

But don’t undervalue yourself and your studio based on the struggles of a few.

Stop Accepting Less Than What You Deserve

You have to first know and accept your own value so that you can ask for what you’re worth.

You are not just a dance teacher.

Nor are you are just an accidental business owner.

You are an expert who brings joy and value to your students. Your business — your dance studio, your staff, your off-site partners — is how you deliver that joy and value.

And, yes, it’s okay to accept money for that value you give your students and families.

Your ONE THING

Your ONE THING for this week is to make a list of everything that makes you valuable.

Write every single thing that comes to mind. Don’t edit yourself. Don’t second-guess or over-think. Simply sit down and write.

Perhaps start with writing “I am …” in the middle of a blank sheet of paper, and then fill in the rest of the page with phrases describing all the ways that you bring value to your studio, your students and their families, your staff, your community.

Your list can be messy. It can be rambling. It can be colorful. It will be perfect however it comes out. All you have to do is put pen to paper and let the words flow.

And then one more thing … celebrate that list. Let it sink in that you bring value into the world.

Own the fact that it is okay to charge accordingly. Because it is.

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