Determining the right price for your seminars is just like determining how much you wish to sell the brownies you've baked. But instead of delicious chocolate pastries, what you're selling this time is the wisdom you're imparting to the audience.
Compute Costs
Naturally, the first thing you should aim for is your seminar price to offset your costs. That's why its important to calculate your expenses from day one. How much are you paying for the venue? Are you going to rent a sound system? Are you going to offer foods and drinks? Are you going to employ people to help you conduct the seminar? What about printing costs for materials? Do you have any marketing expenses?
As all these will reflect on your income tax report, its best to keep all receipts and related documents as proof for such figures.
Compute Discounts
Are you going to give discounts to people who are returning to listen for the second or third time or people who are bringing referrals with them? What about existing tie-ups you have with certain companies or organizations? You need to consider all these as they'll reduce the amount of money you can earn from your seminar fees.
Estimate Venue Capacity And Expected Attendance Rate
What's the maximum number of persons the venue will be capable of accommodating? How many persons do you expect to attend your seminar? You'll need to ask the venue manger for the first figure and make a calculated guess for the latter. The more people you expect to attend, the greater chance you can afford to reduce your seminar fee.
Compute Taxes
You didn't really think that your seminars could escape the IRS, did you? As long as you're earning more than peanuts from any legal activity, expect the IRS to ask for a slice from your occupational pie. With regard to taxes, you may need the help of an accountant to accurately determine how much you're expected to pay in terms of taxes.
Consider Industry Rates
Finally, we come to the part of determining the markup of your seminar fee. How much is Oprah charging these days for her seminars? What about Rick Warren or Robert Kiyosaki? Now, compare yourselves to them. Can you justify charging the same rates they do? Assess your capabilities honestly. What is a reasonable rate for the kind of seminar you're offering? Consider your topic as well. Is it something new; something that hasn't yet been discussed and is sure to catch peoples attention?
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