matthew wengerd|bassist

The ClickForLessons blog had another interesting post (I was reading back into the archives) I thought worth mentioning. The issue of pricing lessons has always been a vexing one. How do you prevent undervaluing yourself without pricing yourself out of the market? I think these figures wouldn’t fly in my market:

If you want to make $100,000 this year, you can get 200 students to pay you $500 ($20 for half hour lessons, twice a month). You’d also be working your rear-end off - 6 days a week - and needing a support staff.

Or, you can have 60 students that will take two 1-hour lessons a month at $70 an hour. In the latter scenario, you could work Mon-Thurs and have a three day weekend every week - while making $100K. Typically, the person paying $70 vs. $20 also tends to be more serious and stay with you longer (thus avoiding churn and turnover).

I recently “gave myself a raise” and am charging $17/half, $30/hour. Upon obtaining my MM, it’s a sure bet that’ll go up. I could see charging $70 after a decade of pro experience, but don’t read the CFL blog and get the idea that you can demand those prices fresh out of school.

I do indeed like this reality check, though:

The average plumber charges $85 for a house call - whether it’s 10 minutes or an hour - then $85-$100 per hour thereafter. I’d say you’re adding more long-term value than my local plumber, wouldn’t you?

This entry was posted on Friday, July 27th, 2007 at 1:34 pm and is filed under Introductions, Links, Music. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.