You can see yourself in a beautiful hotel on the beach along with your retreat participants that traveled all the way to spend time with YOU! They came to see you, to learn from you and experience a breakthrough guided by you.
You have worked hard and long for this and you can feel the rewarding feeling of truly having made a difference in people’s lives.
But you also want to leave this experience knowing all that preparation and hard work was worth your time and effort. You need to be sure you get paid appropriately. But how do you do that? How do you charge for your time, expertise and energy?
Besides a strategy for your retreat, you need to have a budget strategy as well. This is typically not the most romantic part of your retreat planning but it is absolutely key to success! Here is how you develop a winning money making strategy for your retreat:
Don’t be shy about your worth!
This is usually an uncomfortable topic. Many retreat leaders are very modest and shy about the worth of their offering. Their main objective is to help people and not be too expensive. But let’s be realistic. How many hours and years have you spend to master your craft and expertise? How much of a difference are you going to make solving your client’s pressing issue? Ho much time have you spend planning this event? All of this needs to be considered.
Here is a simple formula of how to set your fee:
Hours Spend Planning + Hours Spend working during the Retreats x Hourly Fee = Your Retreat Fee
** it is important to note that this is your fee, your paycheck and NOT the total retreat cost.
As an example let's look at Maria who we helped plan her event. Maria held a breakthrough retreat for business coaches that were stuck in their business and she wasn’t sure how much to charge her participants.
Maria’s event was 3 days long during which she spend coaching the group, 1:1 sessions and activities. Maria spend 1 full week focusing on creating the program for her retreat, doing nothing else.
5 days x 8 hours = 40 Hours
3 day (retreat) x 10 hours = 30 hours
= 70 hours x $100 (Maria’s hourly)
= $7,000 Fee for her 3 day event. We told her to round it up to $10,000 to reach her 5 figure event goal.
Now, that may seem like a lot for a 3 day event BUT let’s divide this by the 15 participants she had. That is $666 per person for the event and $222 per day! That doesn’t sound that much anymore does it?
Be confident in what you are delivering and even more confident about your worth!
Have a Post Retreat Strategy that pays!
Your retreat and event should not be a one of money maker. It is important to have a program in place you can offer your participants after your retreat.
You have worked so hard over the course of the retreat to help your people. You would actually do them a disservice to just release them from this experience and hope for the best. Be there for them, support them as long as necessary and help continue their growth.
This could be a 1:1 coaching package, a 3 months group session or whatever else you have in mind.
Gradually during the event you can mentioned a follow up program and on the last day of working with them present your program to the group. Tell them how much you would love to continue the journey with them together and you can offer them a discount for signing up before they leave your retreat.
Want to dive in a little bit deeper or have more questions? Schedule a FREE Strategy Call here. We would love to chat with you!