The Rock Star’s Guide to Setting Fees

As a riding instructor, you probably consider yourself as far removed from rock star fame as possible. However, if you think like a rock star, you’ll make more money in your riding instruction career.

Evolution of a Rock Star

Most musicians do not become famous overnight. There might be a few exceptions, but the vast majority of rock stars work hard at their careers and suffer through myriad disappointments before finally hitting the big time.

Performing at open mic nights, recording demo CDs, begging managers for a moment of their time, working part-time jobs to put food on the table. These are all common in the backgrounds of famous rock stars. Some people refer to this as “paying one’s dues”.

Finally, just when it seems like it’s time to give up, a musician gets a major gig or catches the eye of a recording studio. Suddenly, the marketing begins, and they start to make a name. They might play small shows or open for bigger bands on tour, but they aren’t yet classified as rock stars.

In fact, it usually isn’t until a musician becomes a household name that the term “rock star” finally applies. Fame, fortune, groupies—the works. Suddenly, everything the musician has ever worked toward becomes a reality, and he or she is considered a hot commodity in the music industry.

But what does this have to do with riding instructors? And how can you learn from rock stars to make more money as a teacher?

Good Ol’ Supply and Demand

Before rock stars make it big, they first have to climb the rungs of success. They might not enjoy opening for larger acts or playing at sleazy night clubs, but they do it because they know it’s only temporary. Once they prove their talent, all that sacrifice will be worth it.

Theoretically, anyway.

The point is that every industry, from music to food service, is governed by the laws of supply and demand. When a rock star is unknown, he cannot charge nearly as much for products and performances as when he becomes famous.

Riding instructors must operate according to the same rules. When you are just starting your career and you don’t have much experience, you won’t be able to charge as much as a veteran instructor.

Following the Trends

If you are going to set fees like a riding instructor, you’ll have to adhere to the laws of supply and demand. This does not mean, however, that you have to undercharge for your valuable services.

Setting fees like a rock star means continually assessing the value of your services and adjusting your fees accordingly. When the demand increases for what you have to offer, the price goes up.

In other words, when you start getting groupies, it’s time to increase the price of your concert tickets.

It’s common sense, but you’d be surprised how many riding instructors charge too little for their riding lessons, and therefore never seem to make enough money. If you are getting new clients on a regular basis and retaining your old ones, increasing your prices is the next logical step.

Getting Started

When you first become a riding instructor, set your fees at the minimum charged in your industry. This will vary according to where you live; in some parts of the U.S., for example, amateur riding instructors might charge $15 per hour, while others might charge as much as $40 per hour from the outset.

To figure this out, start calling other riding instructors in your geographic location. Ask how much they charge for riding lessons and record the figures. Once you’ve recorded ten or twelve estimates, you’ll begin to see a pattern, and that is where you can begin.

Evaluating Your Prices

I recommend riding instructors evaluate their pricing schedule every six months. This doesn’t necessarily mean you should increase your prices twice a year; however, you should consider the trends of your business and start making plans for the future.

Continue reading this series on making money as a riding instructor as we explore new levels of the financial aspects of riding instruction.

Other Articles in the Series:

• Can Riding Instructors Make Money?
• The Rock Star’s Guide to Setting Fees
• Four Lessons from Students Who Don’t Pay
• The Secret to Increasing Riding Instructor Revenue
• Do You Make These Financial Mistakes?
• Warning: Do You Charge Too Little for Riding Lessons?
• Are You a Business Savvy Riding Instructor?

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