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BPL-10 Setting Your Rates 3: Changing Your Rates

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:

BPL-08 Setting Your Rates 1: Comparing the Competition

BPL-09 Setting Your Rates 2: Prepaid Lessons & Discounts

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.

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BPL-09 Setting Your Rates 2: Prepaid Lessons & Discounts

Using Prepaid lessons and discounts to your advantage

This guide will explain how you can use prepaid lessons and discounts to increase your income and attract new students. Detailed case studies and examples are included to help you set your rates properly. This is an important topic that many tutors get wrong so take your time reading through every point. If you set your rates wrong you could be missing out on thousands of dollars for years to come. When you set your rates the right way not only can you increase your income, but you can also attract new students and keep them happy.

If you haven't already, please read through BPL-08 Setting Your Rates 1: Comparing the Competition to work out your base rate.

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BPL-08 Setting Your Rates 1: Comparing the Competition

Why it’s important to compare what you offer to other tutors

What you set your lesson rates at will have the biggest impact on your income. Although that seems obvious, the truth is that many tutors don’t put serious thought into setting their rates. As a result, they either price themselves so low they don't make much money, or they set them so high that nobody wants to go with them. This guide will help you work out the best possible rate to charge your students.

This guide uses real life case studies to help you understand how to effectively set your rates.

In this part, we will look at how to find your local competitors and work out a way to offer a better service for students. After comparing your competition, you will be able to decide how to price your lessons to maximize your income, as well as keep your students satisfied. After you read through this guide, check out BPL-09 Setting Your Rates 2: Prepaid Lessons & Discounts for more specific strategies to increase your income.

Only Live and Teach Guitar Members have access to this resource and all other resources on the site.

If you're a member, please login to access this resource

If you're not a member yet, find out how our professional materials, resources and support can help you succeed as a guitar teacher here.

Please login or register to gain full access now