This is the third part in our guide to help you set your lesson rates. If you haven't already done so, make sure you have read:
This part will focus on the importance of reviewing your rates after you initially set them and how it impacts your earnings over your life. You will be given different strategies to ensure you're always getting paid a fair rate for your lessons. You will learn how to change your rates while keeping your existing students happy.
Why You Need To Review Your Rates
A dollar today doesn't have the same purchasing power it did ten or twenty years ago. When we consider inflation, a dollar today is worth less than a dollar ten years ago. As a guitar teacher this is important to understand because the income you're receiving from lessons today will actually be worth less in the future unless you review your rates regularly. The sad reality is that many guitar teachers are not earning what they deserve simply because they never considered reviewing their rates over time.
If you teach guitar full time or plan on teaching to make a living, setting your rates right is even more important as you will depend a great deal on your rates. When was the last time you reviewed your rates? Let's have a look at a hypothetical example so you can get an idea on the impact inflation has on the money you earn.