When it comes to planning a retreat, setting the right price is essential. To ensure that you make a profit and cover all expenses, you need to have a clear budget and understand the value of your retreat. To help you calculate prices, here is a 6-step formula for setting the cost of your retreat. First, determine your minimum viable number of students (MVNS).
This is the minimum number of people you need to make your retreat worthwhile. If you set a price that will make a profit with this lower number, any additional participants will be an added bonus. Next, set your profit goals. This will help you determine the type of retreat you'll create, how many customers you'll need, and what expenses you can afford.
It's important to remember that retreat leaders often don't charge enough for their services or for their retreats. Third, consider the overall value of the retreat based on the results you promise your students. Make sure that your price reflects this value and that it is clear to potential participants. Fourth, factor in all expenses.
Break down all costs by participant and make sure that they are covered in the price of the retreat. Fifth, research retreat centers. If you are organizing your retreat at a resort or other location, make sure to compare prices and quality of services before making a decision. Finally, be aware of any hidden costs.
These can include taxes, insurance, and other fees that may not be included in the initial price. By following these steps, you can ensure that your retreat is priced correctly and that you make a profit while providing an amazing experience for your participants.