How many of you want to host a workshop, but are uncertain on how to charge for your workshop?
I know that many of us are going online, hosting virtual workshops and virtual summits, so why am I talking about traveling to host a workshop?
Because when things start to open back up and we begin to meet again, one thing is for certain: as teachers and creatives who love sharing our gifts with the world, we need to calculate our time, energy, gas, and more to make sure we are breaking even when we want to put together a workshop.
This even includes hosting virtual workshops (minus the gas).
If you’re like me, then you’re playing a bigger game and whether you’re hosting an online or offline event, you need to know how much to charge for your time and travel expenses. If you know that you’re going to be traveling to host workshops, then this is vital to your success, time, and attracting the right set of clients.
How to Charge for Your Workshop
Charging for your workshop can seem like a daunting task because so many workshops are done for free or a minimum price. My 6-figure coach was charging $20/person for a 3-hour training once a month and she even included food!
So what’s a person to do?
One thing to consider is who is your ideal client is. Once you know who they are, then you need to get a few ideas of how much can they afford to come to your workshop if you were to charge. Also, consider how much your coaching services are as well and if you can make more money on the backend (which you most certainly will).
The Counselor’s Coach blog writes,
“You need to understand who your attendee is so that beyond your content and presentation focus, and your expertise, you also know when to schedule the event, how long the event will be, and the budget of your attendee. Like it or not, what your client can likely afford and when they can attend will inform your fee and your date.”
You should also remember that you’re going to be breaking down your cost by dividing your gas, time, and energy by person so the cost will become lower and more affordable, especially if you’re going after entrepreneurs. If your audience is corporate, you can charge at a higher price.
You can price your next meeting costs to understand just how much you can price your workshop with how much people make and how many will be attending the event.
Understanding Your Gas Budget
All workshops include your time and gas, no matter if you’re driving 5 miles or 50 miles to host your workshop. You need to understand your gas budget so this can be included in your cost.
If you have no idea how to get started with your fuel budget, then here’s a simple tool to start a budget for your fuel.
All you need is to have a basic understanding of how many miles per gallon your car gets, read your odometer before and after you go to your workshop, and start breaking it down from there.
Remember, business travel is deductible! Know how to break down your travel expenses, no matter if you’re driving or flying.
Calculating Your Time
The biggest expense is your time. How can you keep the cost down for your time that includes traveling?
There’s no right or wrong answer here. It boils down to what you feel is the right cost of your workshop. Then keep in mind how much money you can make on the backend.
One way to calculate your time and workshop cost is by dividing your hourly rate by how many people you want in your workshop. If you want 10 people for a one hour workshop and you charge $250/hour, then you can charge $25/person + travel expenses and materials (this will make the price jump up to $30-$40/person).
And there’s still no guarantee that you’ll get the 10 people you want, even after all the promotion you’ll do.
Jenna Rainey broke down how she charges for workshops and I think she has some smart ideas on how you can do the same, all while keeping your cost reasonable and making money with your next workshop, too.
Other Expenses to Consider
Here are a few more items to consider when calculating your workshop pice:
- Materials for Workshop
- Promotion time
- Workshop space (if not free)
- Advertisement (Facebook ads, etc)
- Saleable items (example: your books that you may have to order to sale at the end of your workshop)
Money from Your Workshop
You want to make sure that you can not only make money for the time you’re putting into your workshop but also from afterward too.
One key component is offering people a discovery call and offer them to work with you after attending your workshop. If your package is $3,000 and you sell one person into it, then you just made $3,000 + the total amount from your workshop.
Hosting a workshop helps you get more eyeballs onto your expertise, brand, and passion, without a huge commitment from your potential client. They get to have a taste of what it would be like if they work with you by getting tangible results immediately from what you’re teaching them.
What kind of workshop will you be hosting next? Let me know by commenting below or telling me on my Facebook Page!