When I first began teaching piano lessons I had no idea what my pricing should be. I didn’t understand the economics of it all, I honestly was just looking to make some money on the side while I was going to school. I started off at $30 for an hour lesson. I was in college, and most of my friends were working some retail job for a little above minimum wage, so I thought $30 was really good, and it probably was. But what I didn’t realize was I was leaving a lot of money on the table.
As self employed teachers, the single most valuable asset we have is our time. If you price your lessons low, you may get more students, but you will be working more and making less. Before we start thinking about what we should be charging for lessons, we need to understand how the market works.