Raising prices can be both essential and concerning, so in this article, we'll look at best practices to make this as straightforward as possible.
As an experienced and highly qualified teacher and musician, you deserve to be paid a respectable sum for your work. Luckily, organisations such as the Musicians Union set a suggested amount that you can consider when deciding on your pricing.
When and Why Should I Consider Changing My Prices?
We suggest reviewing your price structure at least once a year to ensure it reflects your skill level and experience. Factors to consider include:
Cost of Living Increases: Ensure your rates keep pace with inflation.
Additional Skills and Qualifications: As you gain more expertise, your prices should reflect this growth.
Experience: Your value increases as you accumulate teaching experience.
How Should I Communicate Price Changes to My Current Students?
You know your students best, so tailor your communication approach to suit them. Here are some recommendations:
Advance Notice: Inform your students at least 30 days ahead of any price increases. This gives them time to purchase lesson blocks at your current rate and budget for the new rate.
Written or Face-to-Face: Choose the method that suits your relationship with your students. We can help with an email template if you would find it useful. Email support at [email protected] for help with this. Once you have adjusted the template to your style and information, let support know the students you wish to send it to, and we can ensure they receive it.
Details of Lesson Blocks: Mention that buying lessons in blocks can save them money. Blocks of 40 lessons are the most cost-effective purchase for the student and can be paid for over 12, 9, 6, or 3 monthly instalments. Any unused lessons can be refunded to the student.
Although you are raising your prices, your students may still be able to lower the amount they pay for lessons.
Maximising Student Savings
Keep in mind that if you use Lesson Offers, the price for students will be lower than for single lesson credits and blocks of 5, 10 or 20 credits due to the lower service fee.
If you use Lesson blocks, all students can achieve a better price per month if they switch to a 40-block of lessons. This offers the best price per lesson and can spread the cost of lessons over 12, 9, 6, or 3 monthly instalments. We know that students using larger products stay for longer, meaning more teaching and more income for you.
How Much Should I Charge?
Choose your hourly rate based on your experience, skill level, and preparation time.
The MU recommends a minimum rate, currently £44.00 per hour, which includes the marketing and administrative services provided by the platform.
Remember, your price should reflect the quality of your teaching. Setting your rates too low might suggest a lack of confidence in your skills and could drive down prices, affecting both you and your fellow music teachers.
Worried About Upsetting Students with a Price Increase?
When we talk to students, they often prioritise learning outcomes, teaching quality, and their relationship with their teacher over price. It's rare for students to react negatively to price changes if they are communicated well. Clear communication and advance notice can help ensure a smooth transition.