Why Hypnotherapists Should Raise Their Rates

The median net worth of people 55 to 64 has climbed to nearly $250,000

— Front page story in USA Today, 5/21/2007

 

There is no reason any competent hypnotist shouldn’t be making a six figure income.  There are only 2 reasons I see that keep Hypnotherapists from making $100,000 a year and both are easily solved:

  1. Lack of good marketing
  2. Not charging enough

The second reason is extremely important, because even with the best marketing systems in place, if you are only charging $35 or $45 a session, you’ll have to kill yourself to make $100k/year.

And honestly, $100,000 is not much money these days.  Take out your business expenses and what you owe in taxes, and there isn’t much left over, especially if you have a family to feed.

Do The Math

Even if you work 6 days a week, you couldn’t see clients constantly during the day.  You need adminstrative time, accounting time, etc.

So let’s assume 6 hours a day you can see clients and a 5 day work week.  And allow 2 weeks for time off, conventions etc.

50 weeks x 5 days/week x 6 hours/day = 1500 hours you can see clients.

$100,000 / 1500 = $66.67 per hour

So to make 100k/year you would need to charge $67/hour. This assumes you actually get all 1500 hours booked. 

Now for a reality check…  unless you have a staff to handle phones, email, paperwork, paying bills, dealing with vendors, etc. etc. you’ll be luck to get 6 hours a day of client work in.  AND it assumes you have a constant stream of new clients too.

And there are sick days to be factored in, plus family emergencies, continuing education, and… you get the idea.

So let’s assume 75% of hours booked

1500 hours x .75 = 1125

now to make 100k/year it’s

$100,000 / 1125 = $88.89 per hour

Now let’s take out 2 weeks extra time for sick days and continuing education.

$100,000 / 1045 = $95.69 per hour

The point… if you aren’t charging at least $100/hour for your time, you will struggle to survive in this business.  And with all the good you do in this world, don’t you deserve to live well? 

I think you do.

Life is short. Dream big. Start now!

 

 

 

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