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Pricing & Profitability: What You Need to Know with Erin Haag
Manage episode 500177000 series 3456366
Alison interviews pricing and retreat expert Erin Haig, who discusses her journey from owning a Pilates studio to helping wellness professionals through her "Pricing Overhaul" method. Erin emphasizes the importance of financial empowerment for women, challenging societal pressures that lead to undervaluing services.
The discussion turns towards the taboo topic of pricing. Both Alison and Erin agree that many women in the industry often feel scarcity and unworthiness regarding financial success. Erin highlights a pervasive societal conditioning that leads women to believe their value lies solely in serving others while implying they should apologize for wanting financial stability or wealth. She challenges these beliefs, emphasizing the need for women to understand that financial success enhances their ability to contribute positively to their communities and elevate their impact.
Delving deeper into the retreat business, Erin addresses prevalent misconceptions about pricing. She emphasizes the importance of establishing profit margins that reflect the true value of experiences offered at retreats rather than solely basing pricing on the cost of accommodations.
Erin walks listeners through a clear pricing strategy: calculating operating expenses, payroll, and profit to find the necessary revenue needed per attendee. She encourages retreat leaders to avoid underpricing based on misconceptions about shared accommodations or accessibility, highlighting that a retreat's comprehensive value extends far beyond just the physical space.
Erin also tackles the idea of “proof of concept,” where some advise new retreat leaders to accept losses in initial offerings to gain experience and testimonials. She counters this by asserting that this mentality is misleading, as successful retreats can — and should — be profitable from the outset. Focusing on solid financial foundations empowers retreat leaders to sustain their services and generate further opportunities.
HIGHLIGHTS:
11:26 The Importance of Pricing
18:51 Balancing Profitability and Experience
20:34 Understanding Retreat Pricing
28:48 Overcoming Pricing Intimidation
33:47 Building Recurring Revenue
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