Part 1 – HOW MUCH SHOULD I CHARGE AS SCHOOL FEES (1)?
Most of us quote school fees to parents, and the next thing, they go away, only to get their children enrolled in schools that are even more expensive than ours. Sorry ma/sir, there’s something about your school fees that isn’t just right, There’s a psychology of pricing you need to learn! Conversely, and quite interesting too, some parents even leave because to them, your fee is too low to discharge what you have promised them. Parents are smart!
Every fee we charge parents in school begins with the bills we give them.The School Bill is more or less our invoice, detailing the services to be rendered and how much each service costs. These services are items that include Tuition, After School, Wears, Sports, ICT and so on. For most of us – at least the majority of us – there is a fixed bill for each class. That’s perhaps not good enough.
The problem is, parents will not pay you the moment they perceive that your bill isn’t commensurate with your worth! You can’t cajole them. Your school fee should be commensurate with what you have positioned to offer. I laugh, when school owners slash their fees just to entice parents, hoping to increase it when they come in. That’s error! School fees is very inelastic. It hardly changes over the years, irrespective of the economy. So, be careful and don’t get trapped!…
Attend this class to learn the Dynamics of school fees pricing.