In order for you to build your client base, you need to be able to provide them amazing services at competitive rates. You won’t want to offer something at twice the price your competition offers it, or you’re going to fall behind and lose a lot of clients – and money.
But how do you determine a competitive rate for your business and know that you’re charging the correct amount of money?
1 – See What Your Competition Charges
The best thing to do is to check out how much your competition is charging and for what.
Free, Low Cost and Per-Donation Readings – Are typically offered by students or newbies to gain experience or readers that don’t believe in charging for their psychic services.
Average Priced Readings – Currently Tarot card readings range from $25 and up per-spread or $5+ per-card. Phone and chat reading rates range from $1.99 to $10.99 per-minute with around $5.99 being the average rate. In person and Skype readings tend to cost a little more and fluxuate with location. In Michigan a one-hour face-to-face reading cost $55 but a more common price range is $100 on the low end, $120 average and $200 or more on the high end.
Mid To High Priced Readings – Charge several hundreds of dollars per-hour and are typically well known but not super famous. The reader may have a good reputation in their town and have extra fees due to renting an actual location, hiring staff or are well known online though a popular blog or radio show.
Most Expensive High Priced Readings – Are reserved for the super famous and come down to supply and demand. Some celebrity psychics have a waiting list for years ahead and to avoid booking clients 30 years out start a one-hour session at $800 or more.
Starting out your competition might be getting $100-$120 per hour, so if you offer the same psychic service for $90-$110 per hour for the same quality, you’re got some advantage.
However, you need to be carful not to turn your fees into a race to the bottom, or else you’re going to force the market down to lower prices, hurting everyone involved in it.
2 – Estimate Your Worth
You need to calculate how much you and your services are worth and what would be a fair price to pay for them. You can’t give away your experience, expertise and talents at incredibly cheap rates, just because the competition is doing it.
As far as you know, the competition might be completely ineffective or use other means to attain additional funds. Make sure you only use the competition as a guideline, and go from there. Play with the figures and see what rates make you feel like your being paid adequately for your time and effort.
3 – Check Your Profit Margins
The last thing you need to do to charge competitive prices for your services is to check the profit you’ll have per session, and expect at the end of each month and year.
You’ll want to aim for a profit margin of at least 60%-70%, so if you charge, $100 per hour, your expenses should be around $25, so you get a profit of $75 per session. Once your giving several readings a day you will be on your way to having an increased and reliable income.
Just make sure you offer quality in what you do and that you actually satisfy your customers. If you do so, they’ll keep on coming back for more over the years. If you’re actually charging competitive rates, they’ll even refer you to their friends and family.
As a Psychic Medium with over a decade of experience in sacred studies, I’ve nurtured my curiosity through advanced studies in Esoteric Studies, Metaphysics, Mediumship, Angelology, Reiki, World Religions, and Ordination. Alongside my extensive education, I offer a diverse range of spiritual and healing services, including Psychic and Mediumship Readings, Tarot Card Readings, and more at my studio in Traverse City, Michigan. Additionally, I extend my services to small groups and events throughout Northern Michigan and the United States via phone.